Global Speech Analytics Market 2018-2022: Increasing Need of Speech Analytics Software and Services to Cater to the Growing BPO Sector
DUBLIN, March 22, 2018 /PRNewswire/ --
The "Speech Analytics Market by Component, Application, Deployment Model, Organization Size, Industry Vertical, and Region - Global Forecast to 2022" report has been added to ResearchAndMarkets.com's offering.
The speech analytics market is expected to grow from USD 941.1 Million in 2017 to USD 2,175.8 million by 2022, at a Compound Annual Growth Rate (CAGR) of 18.2% during the forecast period.
The speech analytics market is gaining traction, owing to an increased prevalence of voice, phone interactions among consumers while interacting with customer representatives to resolve their service issues. Other major factors, such as focus on higher customer satisfaction, rising significance of real-time speech analytics, and an increasing need for speech analytics solutions from the Business Process Outsourcing (BPO) sector, are expected to drive the global market.
Various organizations operating in various industry verticals have been developing an interest in transcription and analysis of customer and organizational media and make informed decisions for customer and business management with the help of text and speech intelligence. The report provides detailed insights into the global speech analytics market. It is segmented by component, application, deployment model, organization size, industry vertical, and region. By component, the market is divided into solutions and services. The solutions segment outperforms the services segment and would see the maturation in the future due to the higher adoption. As a result, professional services are expected to gain traction in the next five years.
Among applications, the customer experience management applications segment is expected to dominate the market throughout the forecast period. Speech analytics empowers organizations to use historical and real-time customer data to identify patterns and trends and devise retention strategies and reduce customer churn. This would help companies to enhance customer experience.
The cloud deployment model is expected to grow at a higher CAGR during the forecast period. Cloud-based solutions are gaining a firm hold in the market due to various benefits, such as cost control, resource pooling, and less implementation time.
Speech analytics solutions witness an increasing demand across industry verticals, such as BFSI, retail and eCommerce, telecommunications and IT, and healthcare and life sciences. With the largest market size, the BFSI vertical is expected to dominate the market during the forecast period, due to the growing importance of speech analytics to enhance the customer satisfaction, increase the retention rate, and reduce the customer churn rate. The retail and eCommerce industry vertical is expected to grow at the highest CAGR during the forecast period, due to the growing application of speech analytics to gather market intelligence, enhance business processes and risk management, and improve customer experience management (CEM).
Large enterprises are expected to dominate the market in terms of market size, as such they are keenly focusing on CEM to encourage repeat business and improve customer loyalty. However, the Small and Medium-sized Enterprises (SMEs) are expected to grow at a higher CAGR, owing to the easy availability and scalability of cloud-based deployments.
Key Topics Covered:
1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.4 Years Considered for the Study
1.5 Currency
1.6 Stakeholders
2 Research Methodology
2.1 Research Data
2.2 Market Size Estimation
2.3 Assumptions
2.4 Limitations
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Market
4.2 Speech Analytics Market, By Region
4.3 Speech Analytics Market, Top 3 Industry Verticals and Regions
4.4 Investment Opportunities in the Market
5 Market Overview
5.1 Introduction
5.1.1 Market Dynamics
5.1.2 Drivers
5.1.2.1 Need for Higher Customer Satisfaction
5.1.2.2 Rising Significance for Real-Time Speech Analytics
5.1.2.3 Increasing Need of Speech Analytics Software and Services to Cater to the Growing Bpo Sector
5.1.2.4 Adherence to Regulatory and Compliance Standards
5.1.3 Restraints
5.1.3.1 Integrating With Existing Systems and Selection of Right Approach
5.1.3.2 Difficult to Quantify Return on Investment (RoI)
5.1.4 Opportunities
5.1.4.1 Rising Need to Predict Customer's Intent and Monitor Agent's Behavior
5.1.4.2 Cloud-Based Speech Analytics Solutions
5.1.5 Challenges
5.1.5.1 Data Ecosystem and Exchanges Leading to Data Security Concerns
5.1.5.2 Inconsistent Link Between Business Semantics and Business Goals
5.2 Industry Trends
5.2.1 Features/Functionalities
5.2.1.1 Emotion Detection
5.2.1.2 Speech-To-Text Recognition
5.2.1.3 Phonetic Indexing
5.2.1.4 Talk Over Analytics
5.2.2 Use Cases
5.2.2.1 Use Case 1: Insurance Services
5.2.2.2 Use Case 2: Energy and Utilities
5.2.2.3 Use Case 3: Financial Services
5.2.3 Innovation Spotlight
5.2.3.1 Advent of Artificial Intelligence(AI) and Machine Learning Into Speech Analytics
5.2.3.2 Emergence of Real-Time Into Speech Analytics
6 Speech Analytics Market, By Component
6.1 Introduction
6.2 Solutions
6.2.1 Speech Engine
6.2.2 Indexing, Analysis, and Query Tools
6.2.3 Reporting and Visualization Tools
6.3 Services
6.3.1 Managed Services
6.3.2 Professional Services
6.3.2.1 Support and Maintenance
6.3.2.2 Consulting Services
6.3.2.3 Deployment and Integration
7 Speech Analytics Market, By Application
7.1 Introduction
7.2 Customer Experience Management
7.3 Call Monitoring
7.4 Agent Performance Monitoring
7.5 Sales Performance Management
7.6 Competitive Intelligence
7.7 Risk and Compliance Management
7.8 Others
8 Market By Deployment Model
8.1 Introduction
8.2 On-Premises
8.3 Cloud
9 Market By Organization Size
9.1 Introduction
9.2 Small and Medium-Sized Enterprises
9.3 Large Enterprises
10 Speech Analytics Market, By Industry Vertical
10.1 Introduction
10.2 Banking, Financial Services, and Insurance
10.3 Telecommunications and IT
10.4 Retail and Ecommerce
10.5 Healthcare and Life Sciences
10.6 Media and Entertainment
10.7 Government and Defense
10.8 Energy and Utilities
10.9 Travel and Hospitality
10.10 Others
11 Speech Analytics Market, By Region
12 Competitive Landscape
12.1 Overview
12.2 Prominent Players Operating in the Speech Analytics Market
12.3 Partnerships, Agreements, and Collaborations
12.4 New Product Launches and Product Upgradations
12.5 Acquisitions
13 Company Profiles
- Almawave
- Avaya
- Calabrio
- Callminer
- Clarabridge
- Genesys
- HPE
- Nice Systems
- Verint Systems
- VOCI Technologies
- Zoom International
For more information about this report visit https://www.researchandmarkets.com/research/bnf6hd/global_speech?w=5
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