Speech Analytics Market: Market Drivers, Restraints and Opportunities-2016 to 2022
Speech Analytics or Voice Analytics is the method of gathering, analysing and utilizing the information from the recorded calls with the customer. The aim of this process is to obtain useful business insights from the recorded data. The conversation between two people can give a huge amount of information, especially if the interaction is between the customer and the seller. Growing technology helps in analysing the consumer sentiment and his inclination or dislike towards the product or service. Since the market is driven today by good customer relationship management, knowing the needs and sentiments of the customer are paramount for the companies. Hence knowing their preferences is helpful in developing new products. Growing consumer interaction with the help of social channels, surveys and voice is the major driving force of the Speech Analytics Market. In many cases, Speech Analytics is also helpful in detecting frauds. Speech Analytics also helps in identifying the strengths and weaknesses of products, cost drivers, and understanding how the consumers perceive the offerings made by the companies
Call centre agents have access to the databases where data of existing customers are stored. When an existing customer calls, the calls are speech processed to find out if there are any deviations from the existing profiles. The processed speech is also checked for indicators of inappropriate language, profanity or the word ‘supervisor’. If none of these deviations are present, the speech is normal for the consumer. Also, pitch and intensity of the call are analysed by measuring the call’s energy level across a voice spectrum. The calls are diverted to the supervisor if any abnormalities in the calls are detected, and then the new data is recorded and stored in the database for future use.
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The end users of the Global Speech Analytics Market mainly include the Infrastructural Dealers, Solution Providers, Call Centres, Vendors,Service Providers, Military, Aviation, Healthcare, and Financial Markets.
The market for Global Speech Analytics is currently booming due to the advancement of technology and growing concern towards customer satisfaction. It is expected to grow at the rate of 29.6% CAGR and be worth around 2.23 Billion USD by the end of 2021. The high potential of this market is attracting investors who are interested in funding vendors and start-ups which provide speech-based solutions. Also, prominent agencies such as the CIA (Central Intelligence Agency) are funding the companies which use Speech Analytics to track suspicious activities and foreign invasions. Government Agencies are also supporting this technology to promote innovation in various fields such as Healthcare and Military where inspections can be recorded via voice input.
The Global Speech Analytics Market is segmented into the following categories:
- Type -Solutions such as Query Tools, Analysis, Reporting Tools, Dash Boards, Speech Engine, Indexing, and Services.
- Deployment – On-premise and Cloud-Based.
- Organization Size – The organization size includes Large, Medium, and Small Enterprises.
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North America captures the largest market share, and in terms of CAGR, Latin America is growing at the fastest rate. Real-Time Speech Analytics and Cloud-based Speech Analytics are the latest trends in the market which are further boosting the Speech Analytics Market. Also, due to the increasing adoption of cloud-based services and growing economic development in Asia-Pacific Region, Speech Analytics Market is increasingly capturing this region.
The major players in this field are Genesys Telecommunication Laboratories, Verint Systems, Inc. (U.S.), Inc. (U.S.), NICE Systems Ltd.( Israel), Callminer, Inc. (U.S.), HP Enterprise (U.S.), Avaya, Inc.(U.S.), Calabridge, Inc.(U.S.),Calabrio, Inc.(US), Castel communications LLC (U.S.) and Aspect Software Inc.(U.S.) among others.
Report ContentsRegional AnalysisReport Highlights
Market Drivers, Restraints and Opportunities
Market Size & Forecast 2016 to 2022
Supply & Demand Value Chain
Market – Current Trends
Competition & Major Companies
Technology and R&D Status
Porters Five Force Analysis
Strategic and Critical Success Factor Analysis of Key Players
US and Canada
Mexico, Brazil, Argentina and Rest of Latin America
EU5 (Germany, France, Italy, Spain, U.K.)
Nordic Countries (Denmark, Finland, Norway, and Sweden)
Benelux (Belgium, The Netherlands, and Luxembourg)
Rest of Western Europe
Rest of Eastern Europe
Australia and New Zealand
Rest of Asia Pacific
Middle East and Africa
GCC countries (Saudi Arabia, Oman, Qatar, Bahrain, UAE and Kuwait)
Rest of Middle East and Africa
This report is an elaborate aggregation of primary inputs from industry experts and participants across the supply chain. It provides details on market segmentation which is derived from several product mapping exercises, macroeconomic parameters and other qualitative and quantitative insights. The impact of all such factors is delivered across multiple market segments and geographies.
Detailed Historical Overview (Market Origins, Product Launch Timeline, etc.)
Consumer and Pricing Analysis
Market dynamics of the industry
Estimated Market Sizing in terms of volume and value
Recent trends in Market and impact
Research Status and Technology Overview
Extensive Industry Structure Coverage
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