LONDON, Jan. 27, 2015 /PRNewswire/ -- The North America speech analytics market is expected to grow from $241.8 million in 2014 to $696.2 million by 2019, at a CAGR of 23.6% from 2014 to 2019. The drivers for the North American market include growing number of call centers, increased voice importance in multi-channel world, new implementation areas, and the rising demand for cloud analytics & risk management solutions.
Speech analytics, also known as audio mining, is used to spot and analyze spoken words that bring structure to interactions and reveal information buried in the interaction between the customer contact centers and organizations. Speech analytics adoption optimizes workforce performance and enhances customer experience.
North America is the strongest initial market for speech analytics and has the highest penetration rate as majority of the analytics companies are based in this region. The exponentially increasing number of call centers is one of the driving factors of speech analytics market in the NA region. Previously, call centers were considered only to centralize calls, to reduce costs, and to support sales team. But in the current scenario, speech analytics technology is mostly being used in call centers to extract valuable business intelligence.
The report provides competitive benchmarking of the leading players in the market, such as NICE, Verint, HP Autonomy, CallMiner, and Nexidia, among others, in terms of product offerings, key strategies, and operational parameters. In addition to this, the report provides market trends, overall adoption scenarios, competitive landscape, key drivers, restraints, and opportunities in this market. Furthermore, the report aims at estimating the current size and the future growth potential of this market across the different applications, verticals, and regions.
The market segmentation detailed in the report is as given below:
By Applications: Business process management, agent performance management, customer experience management, market intelligence management, and risk & compliance management, among others
By Solutions: Speech engine, indexing & analysis software, query engine, and reports & dashboards, among others
By Services: Professional service, and support & maintenance service
By Verticals: BFSI, healthcare, insurance, government, consumer goods & retail, transportation & logistics, manufacturing, and IT & telecommunications, among others
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Industry Verticals: Defense, healthcare, BFSI, retail, manufacturing, education, security, logistics, and IT & telecom, among others
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