According to IMARC Group latest report titled” Speech Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the market is currently witnessing strong growth. The Global Speech Analytics Market to grow at a CAGR of around 22% during 2021-2026. Speech analytics refers to software technology that analyzes voice recordings and live customer calls to find useful information and provide quality assurance. It derives deep insights, trends, and metrics from each call by utilizing artificial intelligence (AI) services such as transcription, natural language processing, and speech technology. The software identifies words from customer interactions in call centers to recognize their needs, wants, and expectations and indicates areas of improvement for call center agents and businesses. It also evaluates the performance of agents as well as monitors organization-wide strengths and shortcomings.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Market Trends:
The global speech analytics market is primarily driven by the increasing need to improve overall customer experience, necessitating constant monitoring and improvement in agent performance. Speech analytics software also facilitates various organizations to work on unstructured data acquired from customer interaction to gain a competitive advantage. Along with this, the integration of risk management and cloud analytics solutions has encouraged large organizations and SMEs to adopt speech analytics as it provides insights about customer satisfaction, competitive intelligence, service issues, agent performance, and campaign effectiveness. On account of these factors, the market is expected to witness positive growth in the coming years.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- Almawave S.p.A.
- ASC Technologies AG
- Avaya
- Calabrio, Inc.
- CallMiner
- Clarabridge
- GemaTech
- Genesys
- inContact (NICE Systems)
- OnviSource Inc.
- OPEX Hosting
- Verint System Inc
Speech Analytics Market Segmentation:
Our report has categorized the market based on region, type, deployment, enterprise size and end use.
Breakup by Type:
- Solution
- Service
Breakup by Deployment:
- On-premises
- Cloud-based
Breakup by Enterprise Size:
- Small and Medium Enterprises
- Large Enterprises
Breakup by End Use:
- BFSI
- IT and Telecommunication
- Retail
- Healthcare
- Government
- Hospitality
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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