The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Speech Analytics Market. The growth sectors of the Speech Analytics Market are identified with precision for a better growth perspective.
Speech analytics is a process of analyzing recorded calls for gathering customer information with an objective to improve communication and future interaction with customers. The process is largely used by customer contact centers for extracting information suppressed in client interactions with the enterprise. Speech analytics in contact centers is used to mine recorded interactions with customer to surface the intelligence essential for building effective cost control and customer service strategies.
According to Market Research Future Analysis, Global Speech Analytics Market has been valued at US $ ~1.75 billion by the end of forecast period with CAGR of ~23% during forecast period 2016 to 2022.
Market Research Future (MRFR) recognizes the following companies as the key players in the Global Speech Analytics Market: Verint Systems, Inc. (U.S.), Genesys Telecommunication Laboratories, Inc. (U.S.), Callminer, Inc. (U.S.), NICE Systems Ltd.( Israel), Avaya, Inc.( U.S.), HP Enterprise(U.S.), Calabrio, Inc.(US), Calabridge, Inc.(US), Aspect Software Inc.( U.S.), and Castel communications, LLC (U.S.) among others.
Commenting on the report, an analyst from Market Research Future (MRFR)’s team said:
The demand for speech analytics is derived by increasing competition among organizations, need for customer relationship management (CRM), increasing number of contact centers, and growing importance of customer feedback. The need to improve organization market intelligence capabilities and growing prominence of voice across multi-channel is expected to positively impact on speech analytics market growth. The factors which can act as a challenge for market growth are rise in costs and lack of awareness.
North America is dominating the market of Speech Analytics owing to presence of a large number of solution vendors in the region. Asia- Pacific will see a rise in the speech analytics market in the forecasted period as contact centers are using this technology to gain insights from customer interaction data.
Market research Future has segmented the speech analytics into type, deployment and organization size. Types of speech analytics available in the market are Solutions (such as analysis and query tools, dash boards and reporting tool, indexing and speech engine) and Services among others. The deployment includes- cloud and on-premise. The organization size includes- large enterprises and small & medium enterprises. The technology is used in several end-users sectors such as BFSI, entertainment, government, retail, IT& Telecom and healthcare among others.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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