By Deployment- Segment Analysis
Cloud deployment is growing at a highest CAGR of 26.2% in the forecast period as it offers operational flexibility and real-time deployment ease to companies than on-premises deployment. It also offers numerous benefits, including reduced operational costs, simple deployment process, and higher scalability in terms of connected resources. Additionally, the cost-effective cloud-based solutions ease installation when compared to the on-premises solutions. The highest level of data security and reliability offered by the cloud deployment are increasing the share of cloud deployment in the forecast period. Moreover several companies have been developing advanced features to this technology. For instance, CallMiner’s cloud-based voice of the customer analytics platform automatically analyses contacts across all communication channels. Similarly companies such as Cloud9, Nice and so on have been developing advanced features in this deployment mode. Hence these advancements are analysed to drive the market growth in the forecast period 2020-2025.
By Industry Vertical – Segment Analysis
Telecommunication sector is growing at a CAGR of 25.25% in the forecast period. Speech Analytics has become increasingly popular in the telecom industry due to the huge amount of data being generated through the advent of the connected world concept. Initially the recorded calls were evaluated manually, but the rise of call volume is demanding the need for adequate and accurate evaluation, thereby leading to the adoption of speech analytics. Telecom service provider organizations are major end-users of speech analytics solutions worldwide. Various benefits such as increased margins, fraud reduction, risk minimization, service improvement, and customer satisfaction are leading to the acquisition of more customers and retention of customers, which are aiding the growth of the market in the industry. Particularly, cloud-based communication analytics are being adopted by organizations, which helps identify potential risks with real-time insights into customers; it can identify high-value customers and manage them accordingly across the customer life cycles to improve revenues. Hence these advantages are analyzed to drive the market in the forecast period 2020-2025.
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By Geography – Segment Analysis
North America dominated the market by a market share of more than 35% in 2019, owing to the presence of developed economies such as U.S and Canada. In these countries high penetration rate in healthcare, media & entertainment, government, defense, and aerospace applications is driving the speech analytics market. In addition, several companies have been investing heavily for the development of this technology in the form of acquisition, R&D and so on. In 2019, Amazon Web Services Inc. launched an artificial intelligence (AI)-powered speech analytics solution 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. Moreover, Cisco has invested 10% equity in speech analytics software firm Uniphore Software. Cisco believes that these speech analytic vendors will enhance their knowledge in deep technology in the area of speech recognition. It also believes that these innovations have the potential to capture the opportunity of a significant market in the forecast period 2020-2025.
Drivers – Speech Analytics Market
- Advancements in Speech analytics software
The demand for high accuracy of this technology is driving large enterprises and SMEs to adopt speech analytics solution from leading players. The demand for risk management solutions and cloud analytics is continuously increasing, owing to which the speech analytics market is anticipated to witness expansion over the coming years. In addition, speech analytics tools help organizations work on unstructured data acquired from customer interactions to enhance the experience of customers and gain a competitive advantage. Moreover, increasing focus to improve organizational market intelligence capabilities along with the prominence of voice in the multi-channel world are anticipated to be the key factors driving market growth in the forecast period 2020-2025.
- Growing adoption of speech analytics in BFSI and Telecommunications
Speech analytics has significant adoption in BFSI and Telecommunication owing to the increasing use of this solutions in order to enhance customer satisfaction, and ensure regulatory compliances. There are around 6000 contact centres in the UK, with new centres being established, with each passing year. Contact companies are increasingly using speech analytics to improve the customer service experience. In Germany, there are a large number of banks using speech analytics solutions to maximize customer satisfaction while minimizing the cost of delivering an outstanding customer experience. The retail and banking sectors have also been at the forefront of adoption of speech analytics based solutions mainly due to the growing need to improve customer retention, in a highly contested market space.
Challenges – Speech Analytics Market
- Lack of Awareness and Expensive tools
Although, Speech analytics is growing a significant rate, the lack of awareness about the various features of speech analytics tools and how tools affect business values will hinder the market growth. In addition speech analytic tools integrating with predictive analytics are expensive. These factors are anticipated to restrain the market growth during the forecast period.
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Technology launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Speech Analytics market. In 2019, the market of Speech Analytics industry outlook has been fragmented by several companies. Speech Analytics top 10 companies Almawave, Avaya, Calabrio, Callminer, Clarabridge, Genesys, HPE, Nice Systems, VOCI Technologies, Verint Systems among others.
- In 2019 – Nexidia was acquired by Nice Ltd. to bolster its Leadership in Cloud Customer Service Analytics.