Speech Analytics Global Market- Overview
Artificial intelligence and Machine learning engrossed in Speech Analytics software is the current trend in the market. With advancement in technology and emerging market of intelligent machines capable of learning about human behaviour, the demand for advanced voice assistant service has also raised. AI in speech analytics software helps in understanding the customer interactions with voice assistant tools such as Siri, Bixby and others. For instance, recently, in October 2017, Marchex Inc., an advertising analytics company, introduced new version of speech analytics solution integrated with artificial intelligence. This call analytics software was designed to help businesses in integrating customer feedback into their work by eliminating word error rate by 15%. This would also help the company in optimising their media operations.
The Global Speech Analytics Market is expected to get high growth in coming years. The increasing adoption of speech analytics software in contact centers, rising deployment of artificial intelligence in voice assistant solutions, and rising need of risk & compliance management are some factors driving the market growth during forecast period 2016-2022. However, high deployment cost and technical limitations are some of the factors hampering the market growth.
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.(U.S.), Aspect Software Inc.(U.S.), and Callminer, Inc. (U.S.) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Speech Analytics Market.
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June 2017 – Callminer Inc., a leading platform provider of speech and customer engagement analytics, partnership with Nuance Communications and will deliver enterprise speech analytics solution to the company. This speech analytics consist of various features such as automating process of call monitoring, conversion of call recordings into business intelligence and optimization of customer experience.
June 2017 – Adobe announced to include voice analytics solution into its cloud to help the marketing team in understanding people requirement using voice assistant tools. This voice analytics tool is also integrated with artificial intelligence and machine learning services which help the team to gather real time information about the client.
May 2017 – Genesys, a leading software provider, integrates “V-spark speech analytics app of Voci Technologies Inc. within their Pure Cloud platform. This integration allows user to transfer recorded calls to voice transcription engine and analytics package.
Speech Analytics Global Market- Competitive Analysis
Speech Analytics market appears to be competitive in the coming years owning to the presence of numerous large players active in regional market. The key strategies traced from the analysis of recent developments of the key players include Product Launch, Agreement & Partnership, Acquisition and expansion. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period. On the product and sales side, companies are investing in innovation/R&D, brand building, and fostering strong relationships with customers to support their competitive position.
Speech Analytics Global Market- Segmentation
The Speech Analytics Market can be classified into 4 key segments as follows:
Segmentation by Type: Solution (Analysis & Query tool, dash board, indexing & speech engine) and Services
Segmentation by Deployment: On-cloud and On-premise
Segmentation by End-User: BFSI, Entertainment, Government, Retail, Healthcare, IT & Telecommunication and others.
Segmentation by Regions: Comprises Geographical regions – North America, Europe, Asia Pacific and Rest of the World.
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Speech Analytics Global Market- Regional Analysis
North America has dominated the Speech Analytics market in 2016. The technology advancement, and presence of major market players such as Verint Systems, HP, Aspect software and others in U.S. has supported the region in generating highest revenue for the market. Europe on the other hand, is expected to grow with significant growth rate during forecast period 2016-2022. Asia-Pacific is expected to grow with highest CAGR during the forecast period due to developing technology infrastructure and high adoption of speech analytics tool in contact center service sector.
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