According to a new market research report titled, ‘Speech Analytics Market by Component, Application, Organization Size, Deployment Mode, End-use Industry (IT & Telecommunication, BFSI, Retail & Consumer Goods, Healthcare & Life Sciences, Business Process Outsourcing)—Global Forecast to 2029’, the global speech analytics market is expected to register a CAGR of 20.1% from 2022 to 2029 to reach $14.1 billion by 2029.
Speech Analytics is the process of extracting meaningful
insights from audio recordings and analysing that data for relevant and
meaningful business intelligence. The key applications of speech analytics
include customer experience management, call monitoring and summarization,
sales and marketing management, risk and compliance management, sentiment
analysis, and fraud detection & security applications. Speech analytics
solutions are increasingly gaining traction due to their growing utilization
across numerous industries, including contact & call centres, healthcare
& life sciences, and media and entertainment.
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The growth of the global speech analytics market is driven
by factors such as the surge in demand for speech analytics to improve contact centre
operations, the emergence of speech analytics to enhance fraud detection, and
the rising demand for speech-based biometric systems during the COVID-19
pandemic. However, data privacy and security concerns represent a notable
restraint for market growth. The increasing demand for speech analytics in the
healthcare sector and the growing demand for cloud-based speech analytics
solutions to bolster customer retention are expected to offer significant
growth opportunities for the speech analytics market. Besides, limited use
cases of real-time speech analytics at present, pose a serious challenge to the
overall growth of the speech analytics market.
Impact of COVID-19 on the Speech Analytics Market
The COVID-19 pandemic created several challenges for the
speech analytics market due to the lockdowns imposed during the second and
third quarters of 2020. The pandemic lowered the financial capacity of end user
industries, which decreased the sales of speech analytics solutions and
services. However, in 2021, major industries, including call centres, BFSI,
retail, healthcare and life sciences, started recovering from the economic
setback suffered during the pandemic. The COVID-19 pandemic moderately impacted
the speech analytics market due to delayed and postponed orders for speech
analytics solutions; however, it started recovering rapidly from the last
quarter of 2020. Social distancing became the new norm, and these restrictions
had long-term effects on several areas, including the development,
distribution, and deployment of speech analytics solutions. Several companies
worldwide reduced employee contact and interaction and adapted to stringent
government guidelines to curb the spread of infection.
Different leading speech analytics providers leveraged a
strong portfolio of speech analytics solutions and enhanced their product
capabilities during the COVID-19 pandemic, consequently promoting the growth of
the speech analytics market. For instance, in 2022, NICE Ltd. (Israel) launched
the NICE NTR-X solution for compliance recording capture for communications
done via Zoom, including Zoom Meetings and Zoom Phone, a feature-rich cloud
phone solution. Furthermore, in 2021 NICE Ltd. (Israel) launched Enlighten XO,
a first-of-its-kind solution that automatically generates insights from human
conversations to build smart self-service with advanced AI.
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Speech analytics solution providers plan to capitalize on
the lucrative market growth opportunities resulting from the COVID-19 pandemic.
The speech analytics market is projected to transform drastically over the
coming years, with several leading companies growing rapidly through new
product launches, product enhancements, and partnerships and collaborations for
capitalizing on the market growth.
The global speech analytics market is segmented by component
(solutions [call centre software, reporting and visualization tools, quality
assurance & monitoring solutions, enterprise performance management
solutions, customer experience solutions, customer engagement solutions, other
solutions (root cause analysis solutions, customer journey management],
services [professional services, managed services]), application (customer
experience management, call monitoring and summarization, sales and marketing
management, risk and compliance management, sentiment analysis, fraud detection
and security application, other applications (quality assurance, real-time
alerting), organization size (small & medium-sized enterprises, large
enterprises), deployment mode (on-premise deployment, cloud-based deployment),
and end-use industry (IT & telecommunications, BFSI, retail & consumer
goods, healthcare & life sciences, government & public sector, travel
& hospitality, media & entertainment, business process outsourcing,
education, other end-use industries). The study also evaluates industry
competitors and analyzes the market at regional and country levels.
Based on component, the global speech analytics market is
segmented into solutions and services. In 2022, the solutions segment is
expected to account for the larger share of the speech analytics market. The
large share of this segment is attributed to the rising proliferation of speech
analytics software in call centers, the growing demand for reporting and visualization
tools across retail industries, and the increasing need for customer experience
and engagement solutions. Additionally, the speech analytics solutions segment
is expected to register the highest CAGR during the forecast period.
Based on application, the global speech analytics market is
segmented into customer experience management, call monitoring and
summarization, sales and marketing management, risk and compliance management,
sentiment analysis, fraud detection & security applications, and other applications
(quality assurance, real-time alerting). In 2022, the sales and marketing
management segment is expected to account for the largest share of the global
speech analytics market. The large share of this market segment is attributed
to the increasing need for improved customer experience in sales and marketing
departments, the rising need for speech analytics solutions to identify
effective patterns to close sales deals and develop a training program to
mentor other team members, rising demand of call monitoring solutions for
spotting competitive challenges, and growing need for identifying cross and
upsell opportunities.
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Based on organization size, the speech analytics market is
segmented into small & medium-sized enterprises and large enterprises. In
2022, the small & medium-sized enterprises segment is expected to account
for the larger share of the global speech analytics market. The large share of
this market segment is majorly attributed to the growing demand for improved
operational efficiency in small customer service environments, growing demand
for automating customer interactions in call centre operations, and the growing
proliferation of call recording and speech analytics technology in small
organizations. Additionally, this segment is expected to register the highest
CAGR during the forecast period.
Based on deployment mode, the speech analytics market is
segmented into on-premise deployment and cloud deployment. In 2022, the
cloud-based deployment segment is expected to account for a larger share of the
global speech analytics market. The large share of this market segment is
attributed to the growing demand for secure cloud-based speech analytics
software, the rising need for cloud-based communication solutions, the
increasing need to store and analyse data through cloud platforms, and the
growing benefits offered by highly sophisticated cloud-based speech analytics
software.
Based on end-use industry, the global speech analytics
market is segmented into IT & telecommunications, BFSI, retail &
consumer goods, healthcare & life sciences, government & public sector,
travel & hospitality, media & entertainment, business process
outsourcing, education, others (FMCG, automotive). In 2022, the IT &
telecommunications segment is expected to account for the largest share of the
global speech analytics market. The large share of this market segment is
attributed to increasing demand for speech analytics solutions by telecom
companies to gather more actionable information in less time, increasing demand
to boost customer retention by building loyalty and maintaining customer relationships,
and growing popularity for solutions to implement protocols to seize
opportunities for cross-selling and upselling in IT & telecom industry.
However, the business process outsourcing segment is expected to register the
highest CAGR during the forecast period. The growth of this segment is
attributed to factors such as the growing demand to resolve simpler customer
queries using AI-based chatbots and the increasing proliferation of speech
analytics solutions to monitor agent performance and assess call quality.
Based on geography, the global speech analytics market is
segmented into North America, Europe, Asia-Pacific, Latin America, and Middle
East & Africa. In 2022, North America is expected to account for the
largest share of the global speech analytics market. The large market share of
this region is attributed to the increasing adoption of emotion analysis
solutions in customer experience management; expansion of e-commerce platforms;
growing focus on customer satisfaction; rising demand for speech analytics
software to maintain inbound, outbound, and blended calls, e-mails, web
inquiries, and chats; increasing demand for self-service interactions among
customers; growing popularity for healthcare fraud analytics and detection
solutions across the region; and growing demand for reporting and visualization
tools by region's flourishing retail and e-commerce sectors. However, the
Asia-Pacific region is expected to register the highest CAGR during the
forecast period due to the growing technology expenditures in countries such as
Australia, China, and India, increasing demand for cost-effective analytical
software and services among small and medium-sized enterprises (SMEs), and
increasing usage and consciousness of speech and voice recognition devices in
the automotive sector.
The key players operating in the global speech analytics
market are NICE Ltd. (Israel), Verint Systems Inc. (U.S.), CallMiner, Inc.
(U.S.), Genesys Cloud Services, Inc. (U.S.), Avaya Holdings Corp. (U.S.), Audio
Analytic Ltd. (U.K.), Calabrio, Inc. (U.S.), Batvoice Technologies (France),
Qualtrics, LLC (U.S.), Dialpad, Inc. (U.S.), WinterLight Labs (Canada), The
Plum Group, Inc. (U.S.), Aural Analytics, Inc (U.S.), Amazon.com, Inc. (U.S.),
Uniphore Technologies Inc. (India), Intelligent Voice Ltd (U.K.), Kwantics
(India), Gnani Innovations Private Limited (India), and SAS Institute Inc.
(U.S.).
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