Speech Analytics is the process of extracting meaningful
insights from audio recordings and analyzing 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.
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.
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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
center 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.
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 center 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 center 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 analyze 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.
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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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