ID: MRFR/ICT/1525-HCR | February 2021 | Region: Global | 100 pages
The process of speech analytics is all about carefully examining the essential recorded calls for collecting valuable customer information with a straightforward objective of enhancing communication and future prospective interaction. The Speech Analytics Market is used by several contact centers to extract or derive essential information from several interactions of varied clients with the organization. The advanced technology can easily be identified, such as cost drivers, strength factors and major weaknesses with new processes and products, upcoming trend analysis, and assistance to understand how the basic marketplace recognizes the different types of offerings.
The basic factors which are contributing to the spread of the speech analytics market are the advanced need for customer relationship management, increase in the different level of competitiveness amongst the several existing players of the speech analytics market, upcoming product development, and several rigorous management. Speech Analytics Industry is all about managing Risk along with rising requirements for advance compliance is also majorly attributing to the advance rate. The increasing demand for Speech Analytics increases with major experience and vast knowledge of third-party resources for initial implementation of such modern solutions. A primary driving force for the development of Speech Analytics Market Size is the increasing customer interaction by different channels such as voice, social channels, and surveys. The major restraining factor of the Speech Analytics Market is the associated increased costs which focus on the cost of software licensing. The worldwide speech analytics market is projected to reach the earning of US $ ~1.75 Billion by the end of the year 2022, at an estimated approximate CAGR of ~23% during the estimated period from 2016 to 2022.
COVID 19 Impacts and effects
The COVID 19 has affected 215 countries and the speech analytics market share as well. To combat the negative effects, countries lead lockdowns that have adversely affected the speech analytics market. The pandemic leads to several challenges to the sector; it is affected all over the world. Plenty of factors like the risk of uninterrupted production, supply chain, distribution, lack of workforce employees, and much-decreased development activities have primarily affected the ongoing demand and supply. People are not as active as earlier. Major strategic developments are taking place. MNC are investing more in the speech analytics market because of the increasing demand from consumers across the globe.
In the current highly competitive speech analytics market scenario, essentially sending exceptional customer satisfaction is mostly regarded as the most valuable strategy for any major company’s prime growth and stability, and the quickest way to do it is by rapidly adapting to speech analytics. The primary goal for almost all organizations is to highly surpass consumer expectations. Speech analytics basically leads companies to quickly unlock all the hidden insights from customer conversations, thus assisting them to better acknowledge customer requirements and very effectively future anticipation regarding changing customer needs. The concept of speech analytics can also help companies in appraising consumer intentions and prime motivations by differently analyzing the various tone of voice patterns, pauses, and different levels of volume of speech, among other parameters.
According to an Oracle study, at least 9 out of 10 consumers switch brands because of poor experience, while most of the 86% of them are very much ready to pay increased charges to have an upscale customer service practical contact. The concept of speech analytics will lead us to enable companies to select and recognize the root cause of consumer attrition and essentially provide improved various products and services which is based on consumer experiences.
There are four major regions across the globe that are majorly involved in the global speech analytics market analysis – North America, Europe, Asia Pacific region, and Rest-of-the-World (RoW), depending upon the country-level market sizing. The speech analytics market is very comprehensive; you have to understand each and every player of the market. There is no debate that in spite of the occurrences of COVID 19, the latest trends and future opportunities of the speech analytics market will see tremendous spreading opportunities.
The increasing dependence on speech analytics market support of several industries around the globe has doubled. The Speech Analytics Market Statistics has come up as a quite compelling easy solution. The Speech Analytics Market Report has been very wide. There are lots of emerging markets related to Speech Analytics all across the world, like India, China, and Brazil, that are projected to grow fast over the estimated years. Also, the large portion of Asia Pacific is spreading fast, followed by Latin America.
The outbreak of COVID-19 has hard severely knocked out the growing pace of the Speech Analytics Market Trends. Because of mandatory closures of consumer markets and factories across the globe, the profit share of the companies has been shrinking. COVID19 has disrupted the entire supply chain. Prolonged lockdown had a negative influence and affected the morale of the big companies.
The Speech Analytics Market is expected to touch the earnings of the US all-time high in 2022, according to an in-depth detailed report by latest Market Research Future (MRFR). Around a CAGR of ~14% is projected during the assessment period (2018-2022) because of the impressive demand. Lots of factors are boosting the concept. The companies are planning and executing current business operations through innovative techniques. Many factors affect the growth of the Speech Analytics market, such as market size, trends in global technology, capital investment, etc.
In case of the Speech Analytics, the report claims to have a 23.5% CAGR to reach US ~$1.75 billion by 2022. The demand and craze for it is rising, which has increased Speech Analytics market growth. It is also projected to grow at the most elevated speed over the figure time frame, which is expanding across different industry verticals. Additionally, government support and customer interest are helping the market to expand. The development is primarily credited to little and medium undertakings or companies where fewer effort arrangements are significantly required.
By Division by Structure
The worldwide Speech Analytics Market has been segmented quite often on the basis of division of types, deployment services, and organization size of the enterprise. Several Types include – Advanced Solutions such as in-depth analysis and query tools, major dashboards and quick reporting tools, several indexing and different speech engines, and prime services, among others. The major deployment includes- advanced cloud and on-premise, for example. Division on the basis of organization size primarily includes- very large enterprises and extremely small & medium enterprises. The advancement of technology is widely used in different end-users business sectors such as primary BFSI, entertainment sector, government sector, retail industry, IT & Telecom sector, and healthcare sectors, among others.
Division by Service
The entire global Speech Analytics Market is segmented into North America, Europe, the Asia Pacific, and the Middle East & Africa. The growing need for Innovations in the industry to harmonize the technology to enhance Speech Analytics Market standards is estimated to complement development over the aforesaid period. There is no doubt that the U.S. has been dominating the market in North America. After the US, the U.K., Italy, France, and Germany all together have a stagnant total revenue in Europe.
Division by Application
The primary stakeholders in the Speech Analytics Market are research organizations, Traders, Importers, and Exporters, Suppliers, Industry end users. The concept is gaining momentum. It is applicable in all the primary areas. The organizations are focusing on improving product innovations.
Division by Region
The regional analysis of several Speech Analytics Market is being divided and studied, such as Asia Pacific, North America, European nations, and rest of the world countries. As per Geographical, North America is projected to be the biggest market in terms of profit contribution due to increased adoption of several cloud-based services by way of production systems and by several distribution channels. In addition to this, the countries of Asia Pacific are projected to grow rapidly in web-scale IT market due to increasing investment by major players, including JoyentCloud, Rackspace company, and VMware limited in modernizing cloud-based services in the global region. Also, there has been a rise in demand for different software-based services in major developing countries. For example, India and China are projected to lead growth in several web-scale IT markets in different Asia-Pacific regions.
There is no doubt; North America is leading the Speech Analytics Market due to the presence of the grand global players in this particular region as well as increased technological advancement.
The market players for the Speech Analytics Market industry are:
Frequently Asked Questions (FAQ) :
The global market of speech analytics can value at USD 1.75 Billion at 23% CAGR by 2022.
Calabridge, Inc.(U.S.), Castel communications LLC (U.S.), and Aspect Software Inc.(U.S.) are some reputed speech analytics developers.
The speed analytics solutions are; dash boards and reporting tool, analysis and query tools, speech engine and Services, and indexing.
The high adoption of speech analytics by companies to improve customer services can propel the worldwide speech analytics market expansion.
North America being a developed economy can cause generation of substantial valuation in the study period.
TABLE OF CONTENTS
1 MARKET INTRODUCTION
1.2 SCOPE OF STUDY
1.2.1 RESEARCH OBJECTIVE
1.3 MARKET STRUCTURE
2 RESEARCH METHODOLOGY
2.1 RESEARCH TYPE
2.2 PRIMARY RESEARCH
2.3 SECONDARY RESEARCH
2.4 FORECAST MODEL
2.4.1 MARKET DATA COLLECTION, ANALYSIS & FORECAST
2.4.2 MARKET SIZE ESTIMATION
3 MARKET DYNAMICS
3.2 MARKET DRIVERS
3.3 MARKET CHALLENGES
3.4 MARKET OPPORTUNITIES
3.5 MARKET RESTRAINTS
4 EXECUTIVE SUMMARY
5. MARKET FACTOR ANALYSIS
5.1 PORTER’S FIVE FORCES ANALYSIS
5.2 SUPPLY CHAIN ANALYSIS
6 GLOBAL SPEECH ANALYTICS MARKET, BY SEGMENTS
6.2 MARKET STATISTICS
6.2.1 BY TYPE
6.2.2 BY DEPLOYMENT
220.127.116.11 ON- PREMISE
6.2.3 BY ORGANIZATION SIZE
18.104.22.168 LARGE ENTERPRISES
22.214.171.124 SMALL & MEDIUM ENTERPRISES
6.2.4 BY END USER
126.96.36.199 IT& TELECOM
6.2.5 BY GEOGRAPHY
188.8.131.52 NORTH AMERICA
184.108.40.206 REST OF THE WORLD
7 COMPETITIVE ANALYSIS
7.1 MARKET SHARE ANALYSIS
7.2 COMPANY PROFILES
7.2.1 VERINT SYSTEMS, INC. (US)
7.2.2 GENESYS TELECOMMUNICATION LABORATORIES, INC. (US)
7.2.3 CALLMINER, INC. (US)
7.2.4 NICE SYSTEMS LTD. (ISRAEL)
7.2.5 AVAYA, INC. (US)
7.2.6 HP ENTERPRISE (US)
7.2.7 CALABRIO, INC. (US)
7.2.8 CALABRIDGE, INC. (US)
7.2.9 ASPECT SOFTWARE INC. (US)
7.2.10 CASTEL COMMUNICATIONS LLC (US)
LIST OF TABLES
TABLE 1 GLOBAL SPEECH ANALYTICS MARKET, BY TYPE
TABLE 2 GLOBAL SPEECH ANALYTICS MARKET, BY DEPLOYMENT
TABLE 3 GLOBAL SPEECH ANALYTICS MARKET, BY END-USER
TABLE 4 GLOBAL SPEECH ANALYTICS MARKET, BY REGIONS
TABLE 5 NORTH AMERICA SPEECH ANALYTICS MARKET, BY TYPE
TABLE 6 NORTH AMERICA SPEECH ANALYTICS MARKET, BY DEPLOYMENTS
TABLE 7 NORTH AMERICA SPEECH ANALYTICS MARKET, BY END-USER
TABLE 8 U.S. SPEECH ANALYTICS MARKET, BY TYPE
TABLE 9 U.S. SPEECH ANALYTICS MARKET, BY DEPLOYMENT
TABLE 10 U.S. SPEECH ANALYTICS MARKET, BY END-USER
TABLE 11 CANADA SPEECH ANALYTICS MARKET, BY TYPE
TABLE 12 CANADA SPEECH ANALYTICS MARKET, BY DEPLOYMENT
TABLE 13 CANADA SPEECH ANALYTICS MARKET, BY END-USER
TABLE 14 EUROPE SPEECH ANALYTICS MARKET, BY COUNTRY
TABLE 15 EUROPE SPEECH ANALYTICS MARKET, BY TYPE
TABLE 16 EUROPE SPEECH ANALYTICS MARKET, BY DEPLOYMENT
TABLE 17 EUROPE SPEECH ANALYTICS MARKET, BY END-USER
TABLE 18 GERMANY SPEECH ANALYTICS MARKET, BY TYPE
TABLE 19 GERMANY SPEECH ANALYTICS MARKET, BY DEPLOYMENT
TABLE 20 GERMANY SPEECH ANALYTICS MARKET, BY END-USER
TABLE 21 FRANCE SPEECH ANALYTICS MARKET, BY TYPE
TABLE 22 FRANCE SPEECH ANALYTICS MARKET, BY DEPLOYMENT
TABLE 23 FRANCE SPEECH ANALYTICS MARKET, BY END-USER
TABLE 24 U.K. SPEECH ANALYTICS MARKET, BY TYPE
TABLE 25 U.K. SPEECH ANALYTICS MARKET, BY DEPLOYMENT
TABLE 26 U.K. SPEECH ANALYTICS MARKET, BY END-USER
TABLE 27 REST OF EUROPE SPEECH ANALYTICS MARKET, BY TYPE
TABLE 28 REST OF EUROPE SPEECH ANALYTICS MARKET, BY DEPLOYMENT
TABLE 29 REST OF EUROPE SPEECH ANALYTICS MARKET, BY END-USER
TABLE 30 ASIA-PACIFIC SPEECH ANALYTICS MARKET, BY COUNTRY
TABLE 31 ASIA-PACIFIC SPEECH ANALYTICS MARKET, BY TYPE
TABLE 32 ASIA-PACIFIC SPEECH ANALYTICS MARKET, BY DEPLOYMENT
TABLE 33 ASIA-PACIFIC SPEECH ANALYTICS MARKET, BY END-USER
TABLE 34 MIDDLE EAST & AFRICA SPEECH ANALYTICS MARKET, BY TYPE
TABLE 35 MIDDLE EAST & AFRICA SPEECH ANALYTICS MARKET, BY DEPLOYMENT
TABLE 36 MIDDLE EAST & AFRICA SPEECH ANALYTICS MARKET, BY END-USER
LIST OF FIGURES
FIGURE 1 RESEARCH TYPE
FIGURE 2 GLOBAL SPEECH ANALYTICS MARKET: BY TYPE (%)
FIGURE 3 GLOBAL SPEECH ANALYTICS MARKET: BY DEPLOYMENT (%)
FIGURE 4 GLOBAL SPEECH ANALYTICS MARKET: BY END-USER (%)
FIGURE 5 GLOBAL SPEECH ANALYTICS MARKET: BY REGION
FIGURE 6 NORTH AMERICA SPEECH ANALYTICS MARKET, BY TYPE (%)
FIGURE 7 NORTH AMERICA SPEECH ANALYTICS MARKET, BY DEPLOYMENT (%)
FIGURE 8 NORTH AMERICA SPEECH ANALYTICS MARKET, BY END-USER (%)
FIGURE 9 NORTH AMERICA SPEECH ANALYTICS MARKET, BY COUNTRIES (%)
FIGURE 10 EUROPE SPEECH ANALYTICS MARKET, BY TYPE (%)
FIGURE 11 EUROPE SPEECH ANALYTICS MARKET, BY DEPLOYMENT (%)
FIGURE 12 EUROPE SPEECH ANALYTICS MARKET, BY END-USER (%)
FIGURE 13 EUROPE SPEECH ANALYTICS MARKET, BY COUNTRIES (%)
FIGURE 14 ASIA-PACIFIC SPEECH ANALYTICS MARKET, BY TYPE (%)
FIGURE 15 ASIA-PACIFIC SPEECH ANALYTICS MARKET, BY DEPLOYMENT (%)
FIGURE 16 ASIA-PACIFIC SPEECH ANALYTICS MARKET, BY END-USER (%)
FIGURE 17 ASIA-PACIFIC SPEECH ANALYTICS MARKET, BY COUNTRIES (%)
FIGURE 18 ROW SPEECH ANALYTICS MARKET, BY TYPE (%)
FIGURE 19 ROW SPEECH ANALYTICS MARKET, BY DEPLOYMENT (%)
FIGURE 20 ROW SPEECH ANALYTICS MARKET, BY END-USER (%)