The global speech analytics market is expected to grow at a CAGR of 19.2% during the forecast period with its market size predicted to reach USD 2,963.5 million by 2024.
Industry Insights by Offering (Solution, Service [Professional, Managed]), by Deployment Type (On-Premises, Cloud-Based), by Enterprise Size (Small & Medium Enterprise, Large Enterprise), by Vertical (BFSI, Media & Entertainment, Manufacturing, Automotive, Healthcare, Energy & Utilities, Government, Retail, Others), by Application (Customer Experience Management, Call Monitoring, Agent Performance Monitoring, Risk & Compliance Management, Others)
Globally, speech analytics industry players are leveraging market growth through product launches, partnerships, mergers & acquisitions, and geographic expansion. For example, in August 2019, NICE Ltd. acquired Mattersight Corporation (cloud-based speech analytics software provider).
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Further, in June 2019, Amazon Web Services Inc. launched artificial intelligence (AI)-powered speech analytics for Amazon Connect that offers customer insights in real-time and enable agents to respond as per the customers need and enhance the overall customer experience.
BFSI category held largest share in the speech analytics market in 2018
On the basis of vertical, the global speech analytics market is divided into BFSI, hospitality, it & telecom, healthcare, media & entertainment, manufacturing, government, retail, and others. Of all, the BFSI category held largest share in the market in 2018, owing to the increasing use of speech analytics solutions by financial institutions, in order to enhance customer satisfaction, and ensure regulatory compliances.
Based on application, the global speech analytics market is categorized into customer experience management, call monitoring, agent performance monitoring, risk & compliance management, and others. Of all, the customer experience management category held the largest share in the market in 2018, owing to the growing need to analyze overall customer experience, and then forecast customer satisfaction score, which helps firms to improve their sales strategies.
Geographically, North America has accounted for the largest share in the speech analytics market, globally and is predicted to grow significantly during the forecast period. The growth of this market is attributed towards the existence of a large number of speech analytics solution vendors in the U.S., increasing the service industry, and increasing number of contact centers in the region.
Some of the key players operating in the global speech analytics market are Hewlett Packard Enterprise Company, Calabrio Inc., Clarabridge Inc., NICE Ltd., Verint Systems Inc., CallMiner Inc., Genesys Telecommunications Laboratories Inc., Avaya Holdings Corporation, Aspect Software Inc., Zoom International, and Castel Communications.
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In the primary data collection process, there are several sources interviewed in order to obtain precise quantitative and qualitative information for this study. The primary sources that are included for the data collection of this study comprises of manufacturers, commercial growers, industry consultants and others key industry experts. There are several others sources that helped in gaining insightful information about this market are CEOs, marketing and sales directors, vice presidents, and key opinion leaders from various key companies operating in the global speech analytics market. Primary research in this report has been conducted for estimating market size, market dynamics and strategies adopted by the key players in this market.
Secondary sources referred for this research report includes association for speech analytics, business filings such as financial statements, annual reports, investor presentations and trade associations. The secondary data has been used for estimating overall market size and growth of speech analytics market that has been authenticated with the supporting facts gathered through primary data collection.
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Global Speech Analytics Market Coverage
Offering Insight and Forecast 2014-2024
Deployment Type Insight and Forecast 2014-2024
Enterprise Size Insight and Forecast 2014-2024
Vertical Insight and Forecast 2014-2024
Application Insight and Forecast 2014-2024
Speech Analytics Market by Region
Rest of the World (RoW)
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