Global Speech Analytics Market Size, Trends, and Analysis - Forecasts To 2026 By Component (Solutions- Speech Engine/Indexing and Query Tools/ Reporting and Visualization Tools/ Workforce Optimization/ Others [Emotion Detection, Root Cause Analysis, and Quality Management], Services- Professional Services/ Managed Services), By Application (Sales and Marketing Management, Customer Experience Management, Agent Performance Monitoring, Competitive Intelligence, Call Monitoring, Risk and Compliance Management, Others), By Deployment Mode (Cloud, On-premises), By Organization Size (Large Enterprises, SMEs,), By Vertical (BFSI, IT and Telecom, Retail and eCommerce, Media and Entertainment, Energy and Utilities, Government, Travel and Hospitality, Healthcare and Life Sciences, Others), By Region (North America, Asia Pacific, CSA, Europe, and the Middle East and Africa); End-User Landscape, Company Market Share Analysis & Competitor Analysis
Speech analytics refers to the method of assessing recorded consumer calls for the collection of data. This is done to enhance communication with customers and potential engagement with clients. The way to measure that can be the customer's holding time, the response time, disconnection rates, and others. Every contact center has to communicate with multiple customers regularly. This quality analysis drawback which is that they only tell us what events have occurred during customer communication instead of telling us why it has even occurred. With the help of a speech analyst, one can automatically extract data from an unstructured data set. The competition between businesses, the need to maintain consumer relationships, technological innovation, and the rising number of call centers are the vital factors that influence the speech analytics market. A cloud-based real-time speech analytics solution that offers many opportunities for companies is another significant driving force for this speech analyst sector.
The two different categories include solutions and services. Solutions are further segregated into workforce optimization, speech engine, reporting and visualization tools, indexing and query tools, and others. The category of indexing and query tools under the solutions is the largest shareholder in terms of value over the estimated timeframe. To describe feelings, it will help extract words directly from the expression or search for terms in the inbuilt vocabulary. Hence, these solutions mainly assist the businesses in maintaining compliance needs and audits while providing the right individuals at the perfect time.
The seven segments are sales and marketing management, customer experience management, agent performance tracking, competitive intelligence, call tracking, and risk and compliance management, among others, according to the application study. In terms of revenue growth, the leading segment is the competitive intelligence segment with a high CAGR. This segment has significantly impacted the contact centers’ communication methods, causing improved performance of the enterprises. The speech engine helps to understand and comprehend conversations based on which outputs are extracted.
In the forecast period, the cloud deployment model is expected to exhibit the highest CAGR. It is comparatively less costly than the on-site implementation mode, so cost-effective solutions are provided to SMEs. This mode of deployment helps in gaining real-time information about clients, monitor high-value clients, work to enhance revenue generation, and evaluate risks accordingly. The users of cloud deployment options for speech analytics solutions have further propelled demand across various verticals.
SMEs are estimated to hold the largest market share in 2020 and are also expected to grow at a significant CAGR in the projected timeframe, as demand is driven by the growing prevalence of cloud analytics. This is due to the high proliferation and enhancement of customer experience of speech analytics tools for applications in security systems.
BFSI, IT and telecommunications, retail and e-commerce, media and entertainment, energy and utilities, government, travel and hospitality, healthcare, and life sciences, can be divided into nine divisions as per the vertical outlook. The telecommunications industry is estimated to occupy the largest share of the market in the forecast timeframe. The massive generation of data in this connected world concept is the major factor driving this segment. Companies such as telecom service providers are the leading end-users of speech analytics.
The prominent market segment is maintained based on revenue generation by the North American region. This is due to the increasing demand for quality customer support initiatives to improve the foundation of customer retention campaigns, increasing digital media investment, which are some of the major factors driving the market growth in the region. Furthermore, over the forecast timeframe, the Asia Pacific region is projected to be the segment with the fastest growth. This is attributable to major developments, the growing number of investments and centers for customer engagement, and the acceptance of various services and solutions across the region.
Talkdesk, Business Systems, Marchex, Tech Mahindra, Opentext, Voicebase, Tether, Invoca, Intelligent Voice, Eleven, Cognito, Kwantics, Speech Village, Batvoice AI, Castel, Aspect, Speech-I Ltd, Speechtech, Gnani.Ai, Observe.AI, Voci Technologies, Verint, Micro Focus, Google, Vonage, Calabrio, CallMiner, Clarabridge, Almawave, Enghouse Interactive, AWS, and Sabio, among others, are the major vendors competing in the speech analytics market.
Please note: This is not an exhaustive list of companies profiled in the report.
In July 2020, OpenText introduced its Microsoft Teams Content Services technology. This new integration allows being used for the management and control of information
In June 2020, a financial partner program was started with Wavenet and managed by Verint Systems. In Microsoft Teams, Verint’s Financial Compliance Technology was used to make voice and collaboration recordings to support businesses
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The Global Speech Analytics Market has been studied from the year 2019 till 2026. However, the CAGR provided in the report is from the year 2021 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Speech Analytics Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies and customer analytics.
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