According to IMARC Group latest report titled “Speech Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on speech analytics industry size. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global speech analytics market size reached US$ 1.8 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 5.9 Billion by 2027, exhibiting a growth rate (CAGR) of 22% during 2022-2027.
Speech analytics, or interaction analytics, is a technology that leverages artificial intelligence to understand, process, and analyze human speech. It helps to collect customer information to improve communication and future interaction. In contact centers, speech analytics can record customer interactions to surface the intelligence essential for building effective cost containment and customer service strategies. It can identify cost drivers, trend analysis, identify strengths and weaknesses with processes and commodities, and helps to understand how the marketplace perceives contributions.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Market Trends:
The global market is majorly driven by the inability of human beings to record and decipher many customer concerns. In line with this, speech analytics tools help organizations automatically and intelligently evaluate unstructured data acquired from customer interactions to enhance customer experience, positively influencing the market growth. Furthermore, speech analytics saves costs and time, eliminating the requirement to conduct detailed surveys, thus catalyzing the market growth of speech analytics. Moreover, cloud-based real-time speech analytics are being rapidly deployed by enterprises to aid in quick and effective decision-making, thereby further propelling the market. Besides this, due to the growing requirement for risk and compliance management, organizations are increasingly adopting speech analytics for consumer management to retain their customers and attract new ones, thus, strengthening the market. Additionally, with more companies providing affordable on-premise and cloud speech analytics services, the market is expected to rise in small and medium enterprises, which is anticipated to fuel the industry growth in the forecast period.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- Almawave S.p.A.
- ASC Technologies AG
- Avaya
- Calabrio, Inc.
- CallMiner
- Clarabridge
- GemaTech
- Genesys
- inContact (NICE Systems)
- OnviSource Inc.
- OPEX Hosting
- Verint System Inc
Speech Analytics Market Segmentation:
Our report has categorized the market based on region, type, deployment, enterprise size and end use.
Breakup by Type:
- Solution
- Service
Breakup by Deployment:
- On-premises
- Cloud-based
Breakup by Enterprise Size:
- Small and Medium Enterprises
- Large Enterprises
Breakup by End Use:
- BFSI
- IT and Telecommunication
- Retail
- Healthcare
- Government
- Hospitality
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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