Market Research Report
Speech Analytics Market Analysis By Type (Solution, Service), Deployment (On-Premise, Cloud), By Enterprise Size (Small & Medium Enterprise, Large Enterprise), End-Use (BFSI, Telecom, IT, Retail, Healthcare, Hospitality) & Segment Forecasts, 2014 - 2025
|Published by||Grand View Research, Inc.||Product code||408941|
|Published||Content info||117 Pages
Delivery time: 1-2 business days
|Speech Analytics Market Analysis By Type (Solution, Service), Deployment (On-Premise, Cloud), By Enterprise Size (Small & Medium Enterprise, Large Enterprise), End-Use (BFSI, Telecom, IT, Retail, Healthcare, Hospitality) & Segment Forecasts, 2014 - 2025|
|Published: April 30, 2015||Content info: 117 Pages||
The speech analytics market is expected to reach USD 1.64 billion by 2025, according to a new report by Grand View Research, Inc. The market is estimated to witness a robust growth exceeding a CAGR of 10% over the forecast period. This growth is ascribed to the increasing emphasis by organizations on improving the market intelligence capabilities along with the growing prominence of voice in the multi-channel world.
The number of contact centers is increasing, resulting in industry players to innovate speech analytics solutions, which help companies understand the changing customer requirements. The technology has been increasingly adopted in consumer electronics devices, including laptops, smartphones, and tablets, as it significantly increases the enterprise's scope as well as improves performance. This, in turn, has resulted in elevating adoption of speech analytics solutions worldwide. In addition, upcoming technologies, such as voice print authentication, are estimated to spur growth over the coming years.
Furthermore, the rising demand for risk management solutions and cloud analytics is also anticipated to favorably impact growth over the next nine years. These solutions offer several growth opportunities as this solution helps optimize performance and enhance customer experience. However, issues pertaining to lack of awareness and rise in cost may pose a challenge to the speech analytics market growth in the near future.