Speech Analytics Market Research Report Analyses Trends, Prospects, and Contributions to Global Market – Report by MarketsandMarkets™

Major vendors of speech analytics software and services include Verint Systems (US), Avaya (US), Calabrio, (US), CallMiner (US), Clarabridge (US), Almawave (Italy), Voci Technologies (US), Zoom International (Czech Republic), NICE Systems (Israel), Genesys (US), and HPE (US).
Speech analytics market research report defines, describes, and forecasts the global market size by solutions, services, applications, deployment models, organization sizes, industry verticals, and regions. The report also provides detailed information on drivers, restraints, opportunities, and industry-specific challenges influencing the growth of the market.

The global speech analytics market size is estimated to be USD 941.1 million in 2017 and is projected to reach USD 2,175.8 million by 2022, growing at a Compound Annual Growth Rate (CAGR) of 18.2%. The significant need for higher customer satisfaction, rising significance for real-time speech analytics, increasing need for speech analytics solutions and services, and adherences of regulatory and compliance standard have driven the need for speech analytics solutions and services, as they provide a complete set of analysis on speaker separation, customer discontent, root-cause analysis, call-topic, and visual context.

An increasing need to predict customers’ intents and monitor agent’s behavior, and cloud-based speech analytics solutions are the major opportunities present in the speech analytics market. Integrating speech analytics with the existing system with right approach is the major factor restraining the market growth

Banking, financial services, and insurance (BFSI); healthcare and life sciences; retail and eCommerce; energy and utilities; telecommunications and IT; government and defense; travel and hospitality: media and entertainment; and others (manufacturing, real estate, and education) are among the major industries leveraging the benefits of speech analytics solutions and services substantially.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownload.asp?id=17297779

Retail and eCommerce among the industry verticals is expected to grow at the highest CAGR in the speech analytics market. Speech analytics brings forward-looking perspective to their existing business processes. Through analyzing existing customers’ data behavioral predictions are made which can help in mitigating the risk of default payment, thus reducing one of the major issues faced by the industry. Natural language processing (NLP), speech analytics, and dynamic workflows facilitated by speech analytics solutions can help companies to create 360° view of a customer, and maximize value of customer relationships. Analytics provides the ability to gain a deeper insight into each physical, online, and mobile customer interaction enabling companies to deliver differentiated customer experiences across every channel and touch point.

Speech analytics over the cloud is expected to record the highest growth and will be holding the largest market share by 2022, owing to surging demands for improved service and cost-effectiveness, and cloud-based speech solutions can be accessed through internet from anywhere. Also, increasing needs of organizations to improve productivity while maintaining the quality is another important factor driving the cloud deployment of speech analytics solutions. It also improves business agility and increases collaborations by shared services. Other driving factors for the cloud deployment are ready availability of and better visibility of data. In addition, cloud-based solutions make it easy for users in applying the speech capabilities to entire organization and helps in maintaining the competitive edge by eliminating the administrative roadblocks of the supporting infrastructure and allow organizations to focus on improving their competencies.

Asia Pacific (APAC) is estimated to grow at the highest CAGR during the forecast period. Rising disposable income and increasing digitalization have resulted in higher adoption of smartphones and other mobile devices. The region is witnessing increasing demand for cloud-based analytics solutions, owing to the increasing size of SMEs. Companies operating in the region provide different solutions based on organization size and customer requirements. Adoption of contact center analytics solutions will have the potential to drive performance, establish a single version of truth and realize accelerated time-to-value. The highly competitive environment in the region drives the need to promote and manage sales and marketing activities to build brand awareness and increase overall profitability.

Know more about Speech Analytics Market Research Report:
https://www.marketsandmarkets.com/Market-Reports/speech-analytics-market-17297779.html

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Media Contact
Company Name: MarketsandMarkets
Contact Person: Mr. Shelly Singh
Email: Send Email
Phone: 1-888-600-6441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/speech-analytics-market-17297779.html