Speech
analytics defined as the process of assessing recorded customer calls to gather
information. This is done to enhance communication and future relation with the
customers. Call recordings help an enterprise to obtain rare insights regarding
customer satisfaction, agent performance, service issues, competitive
intelligence and campaign effectiveness. Speech analytic solutions offer
advanced functionalities and useful intellects from customer calls. This information is used to identify information associated
to the operational issues, strategy and contact center agent performance of the
company. The rising number of call centers, the increasing requirement
for customer relationship management (CRM), technological advancement, surging
demand for more precise risk management solutions and competition among
enterprises are the key accelerating factor for speech analytics market growth.
In addition to this, speech analytics technology assists various enterprises to
analyze market trends and opportunities, and useless call volumes and the
factors propelling high costs. This technology also helps various enterprises
to work upon unstructured data which has been collected from customer
interaction and improved customer experience. Thus,
the demand for speech analytics has been escalated among several enterprises. In
addition, another propelling factor for speech analytics is the cloud-based
real-time speech analytics solutions which are creating several opportunities
for enterprises. Real-time speech analytics and speech engines support
companies in effective and faster decision-making. The deployment of analytical
solutions by agencies and corporate has increased highly over time. This is owing
to the improved emphasis of companies on market intelligence to obtain a
competitive advantage. Apart from that, the inability to calculate Return on
Investments (RoI) will majorly limit the market growth.
Furthermore,
the rising dependence on speech analytics market support of various industries
around the world has doubled. The speech analytics market statistics has come
up as relatively compelling easy solution. There are a lot of developing
markets associated to speech analytics all around the world, such as India,
China and Brazil which are anticipated to grow raoidly over the estimated
years. Also, the huge portion of Asia Pacific is spreading fast, followed by
Latin America which creates immense opportunities for the market.
The
global Speech Analytics Market is segregated on the basis of Type as Solution
and Service. Based on Deployment the global Speech Analytics Market is
segmented in On-premise and Cloud. Based on Enterprise Size the global Speech
Analytics Market is segmented in Small & Medium Enterprises (SMEs) and Large
Enterprises. Based on End-use the global Speech Analytics Market is segmented
in BFSI, Telecommunication, IT, Retail, Healthcare, Government, Hospitality and
Others.
The
global Speech Analytics Market report provides geographic analysis covering
regions, such as Europe, North America, Asia Pacific, and Rest of The World.
The Speech Analytics Market for each region is further segmented for major
countries including the U.S., Canada, Germany, the U.K., France, Italy, China,
India, Japan, Brazil, South Africa, and others.
Competitive Analysis
OpenText,
Micro Focus, Voci Technologies, Business Systems, Enghouse Interactive, Tech
Mahindra and others are among the major players in the global Speech Analytics
Market. The companies studied in terms of product strategy and various n
several growth and expansion strategies to gain a competitive edge in the
market. The major players not only follow value chain integration with business
operations in multiple stages of the value chain.
- In July
2020, Verint and Cloud9 Technologies joined forces to offer the financial
services market with a completely compliant, cloud-based communications
solution to help traders both on the trading floor and remotely, offering required
flexibility since the industry likely to shift to cloud-based platforms and
work-from-home environments during and beyond the COVID-19 pandemic. This
offering strengthens Cloud9’s C9 Trader voice communication and analytics
platform and Verint Financial Compliance with smooth integration into current
systems, addressing key compliance issues around voice trading.
- In July
2020, OpenText declared the availability of its Content Services technology for
Microsoft Teams. This new integration allows the use of OpenText Content
Services for information governance and control. OpenText Extended ECM for
Microsoft Office 365 incorporates content and collaboration tools into business
processes. With the declaration, OpenText includes its market-leading
information governance tools and systems to Teams, making an extended set of records
management, compliance and archiving options accessible to Teams users and
administrators.
The global Speech Analytics Market has been
segmented as below:
Speech
Analytics Market, By Type
Speech
Analytics Market, By Deployment
Speech
Analytics Market, By Enterprise Size
- Small &Medium Enterprises
(SMEs)
- Large Enterprises
Speech
Analytics Market, By End-use
- BFSI
- Telecommunication
- IT
- Retail
- Healthcare
- Government
- Hospitality
- Others
Speech
Analytics Market, By Region
- Europe
- North America
- Asia Pacific
- Rest of The World
Speech
Analytics Market, By Company
- OpenText
- Micro Focus
- Voci Technologies
- Business Systems
- Enghouse Interactive
- Tech Mahindra
- NICE
- Verint
- Avaya
- Genesys
- Google
- AWS
- Vonage
- Calabrio
- CallMiner
- Clarabridge
- Eleveo
- Almawave
- Marchex
The
report covers the below scope:
- Global Speech Analytics Market
sizes from 2020 to 2026, along with CAGR for 2020-2026
- Market size comparison for 2019 vs
2026, with actual data for 2019, estimates for 2019 and forecast from 2020 to
2026
- Global Speech Analytics Market
trends, covering comprehensive range of consumer trends & manufacturer
trends
- Value chain analysis covering
participants from raw material suppliers to the downstream buyer in the global Speech
Analytics Market
- Major market opportunities and
challenges in forecast timeframe to be focused
- Competitive landscape with analysis
on competition pattern, portfolio comparisons, development trends and strategic
management
- Comprehensive company profiles of
the key industry players
The
years considered for the study are as follows:
- Base year - 2019
- Estimated year - 2019
- Projected year - 2020
- Forecast period - 2021 to 2026
Report
Scope:
The global Speech Analytics Market report scope
includes detailed study covering underlying factors influencing the industry
trends. The report covers analysis on regional and country level market
dynamics. The scope also covers competitive overview providing company market
shares along with company profiles for major revenue contributing companies.
The report scope includes detailed competitive outlook covering market shares
and profiles key participants in the global Speech Analytics Market share.
Major industry players with significant revenue share include OpenText,
Micro Focus, Voci Technologies, Business Systems, Enghouse Interactive, Tech
Mahindra and others.
Why to
Buy this Report:
- Gain detailed insights on the Speech Analytics
industry trends
- Find complete analysis on the market
status
- Identify the Speech Analytics
Market opportunities and growth segments
- Analyse competitive dynamics by
evaluating business segments & product portfolios
- Facilitate strategy planning and
industry dynamics to enhance decision making
Target
Audience:
- The report targeted towards the existing players in
the industry is as follows:
- Market Manufacturers/Service
Providers
- Market Wholesale/Traders
- Investment and Financial
Institutions
Free
and Paid Customization based on the requirement