CHICAGO, Oct. 20, 2020 /PRNewswire/ -- According to a new market research report "Speech Analytics Market by Component (Solutions (Indexing & Query, Speech Engine) and Services), Application (Customer Experience Management, Competitive Intelligence), Vertical, Organization Size, Deployment Mode, and Region - Global Forecast to 2025",published by MarketsandMarkets™, the global Speech Analytics Market size to grow from USD 1.5 billion in 2020 to USD 3.8 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 20.2% during the forecast period.
The major factors driving the growth of the Speech Analytics Market are increasing need to improve customer journey and overall experience, growing demand to monitor and improve agent performance, and adherence to regulatory and compliance standards. Furthermore, rising need to predict customer intent and monitor agent behavior, use of AI and ML based technologies to facilitate real-time actionable customer insights, and growing need for cloud-based speech analytics solutions to bolster customer retention are expected to provide opportunities for enterprises operating in various verticals in the Speech Analytics Market.
The reporting and visualization tools solution segment to record the highest growth rate during the forecast period
Under the solutions segment, the reporting and visualization tools solution segment is expected to grow at the highest growth rate during the forecast period. The high market share of the indexing and query tools segment is attributed to the need to analyze the recorded calls of customers in order to recognize customer intent and perform behavior analysis. Of the three solutions, the reporting and visualization tools segment is expected to gain traction, as it combines desktop activity analytics with speech analytics solutions to better manage the agent's performance and deliver enhanced customer experience. Speech analytics solutions comprise speech engines; indexing and query tools; reporting and visualization tools; workforce optimization; and others (emotion detection, root cause analysis, and quality management tools). These solutions help businesses maintain audit and compliance needs, and obtain the right insights on the right people at the right time. Most of these solutions are said to be easy to deploy, and are feature-rich to address the rigors and requirements of communication centers. The solutions help to analyze all forms of audio — VoIP, analog, and digital telephony, and offer— support for a wide range of Private Branch Exchange (PBX) platforms, extensions, and IP switches. These processes help to derive meaningful data from customer conversations.
The speech engine helps recognize and understand conversations, based on which it derives outputs. The indexing, analysis, and query tools help to extract words directly from the speech or search for the words in the inbuilt vocabulary, so that emotions can be analyzed. The reporting and visualization tools help in drilling down and filtering out the overall customer conversation details. These solutions are further capable of creating a detailed analysis of the voice communication through the integration of various technologies, such as analytics, NLP, and AI, to deliver actionable insights to businesses. Most of the enterprises leverage the speech analytics solutions to understand the conversational data generated and leverage the same to achieve operational efficiencies. Speech analytics solution providers offer end-to-end solutions to cater to the industry-specific requirements of verticals such as BFSI, retail and eCommerce, IT and telecom, energy and utilities, travel and hospitality, healthcare and life sciences, government, media and entertainment, and others (education, transportation and logistics, and manufacturing).
The competitive intelligence segment to record the higher CAGR during the forecast period
In the Speech Analytics Market by application, the competitive intelligence segment is expected to record the higher CAGR during the forecast period. The Speech Analytics Market is segmented on the basis of applications into customer experience management, call monitoring, agent performance monitoring, sales ass, competitive intelligence, risk and compliance management, and others (business process management, and predictive analysis). These applications have made a huge difference to the way that contact centers connect and communicate, thus improving the performance of enterprises. Speech analytics solutions can transform an organization by providing many ways of ensuring that they are delivering a consistent quality of service and a secure experience at every customer touchpoint.
North America to hold the largest market size during the forecast period
North America is expected to hold the largest market size in the global Speech Analytics Market during the forecast period. The key factor favoring the growth of the Speech Analytics Market in North America is the increasing demand for enhanced customer support services to strengthen customer retention initiatives. Europe is expected to be in second position in terms of market size and market share during the forecast period. The growing demand to reduce enterprise workloads related to internal and external communication monitoring is boosting the adoption of speech analytics solutions in Europe. APAC is expected to record the fastest growth rate during the forecast period. The Speech Analytics Market is expected to witness considerable developments and adoption of solutions across APAC during the forecast period. The increasing number of players across different regions is further expected to drive the Speech Analytics Market.
Key and emerging market players include NICE (Israel), Verint (US), Micro Focus (UK), Avaya (US), Genesys (US), Google (US), AWS (US), Vonage (US), OpenText (Canada), Calabrio (US), CallMiner (US), Clarabridge (US), Eleveo (US), Voci Technologies (US), Almawave (Italy), Marchex (US), Enghouse Interactive (US), Castel (US), Aspect (US), Sabio (UK), Business Systems (England), Talkdesk (US), VoiceBase (US), Tech Mahindra (India), Invoca (US), Tethr (US), Cognito (US), Intelligent Voice (UK), Kwantics (India), Batvoice AI (France), Speech Village (UK), Speech-I Ltd (UK), SpeechTech (US), Gnani.ai (India), Observe.AI (US), and Deepgram (US).
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