Dublin, Oct. 29, 2020 (GLOBE NEWSWIRE) -- The "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" report has been added to ResearchAndMarkets.com's offering.
The global speech analytics market is expected to grow from USD 1,525 million in 2020 to USD 3,822 million by 2025, at a CAGR of 20.2% during the forecast period.
Speech analytics is a software tool that automates the overall process of delivering insights from customer interactions. It extracts valuable information from multiple customer conversations; decision-makers can use this real-time information to make better decisions. Nowadays, speech analytics solutions can sift through unstructured call data (human voice interactions) to identify the probable causes of failure and success, and identify relationships.
These solutions provide a complete analysis of the speaker separation, customer discontent, root-cause analysis, call-topic, and visual context for enhanced customer experience. Complex data ecosystem leading to data breaches and security issues, lack of skilled workforce to articulate business opportunities, and expensive integration of speech analytics solutions with other analytics solutions are one of the major challenges in the speech analytics market. Moreover, the need for integration with the prevailing system, and the inability to quantify Return on Investment (RoI) act as one of the key restraining factors in the market.
Among Solutions, the reporting and visualization tools segment to record the highest growth rate during the forecast period.
By solution, the reporting and visualization tools segment is expected to account for a higher market share during the forecast period. This growth is expected to gain traction, as it combines desktop activity analytics with speech analytics solutions to better manage the agent's performance and deliver an 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.
Among services, the managed services segment to record the higher CAGR during the forecast period.
The services segment in the speech analytics market has been further divided into professional services and managed services. These services play a vital role in the functioning of speech analytics solutions. Speech analytics vendors require technical support services and consulting services to quickly and smoothly deploy their solutions in the market. These services help maximize the value of enterprise investments. Service providers ensure end-to-end deployment and maintenance of speech analytics solutions and address pre- and post-deployment queries.
Among applications, the competitive intelligence segment to record a 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 and marketing management, competitive intelligence, risk and compliance management, and others (business process management, and predictive analysis). These applications have made a huge difference in 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.
Among deployment mode, the cloud deployment segment to record the higher CAGR during the forecast period.
The speech analytics market by deployment mode includes the on-premises and cloud segments. Deployment refers to the setting-up of the hardware, operating systems, and applications required to manage the IT ecosystem. Speech analytics
solutions can be deployed through either mode based on security, availability, and scalability. Cloud deployment offers advantages such as pay-per-use, and low installation and maintenance costs. This deployment mode is expected to show high growth in the near future.
Among organization size, the SME's segment to record the higher CAGR during the forecast period.
Based on organization size, the speech analytics market has been segmented into large enterprises and SMEs. Currently, the market share of large enterprises is higher; however, the market for SMEs is expected to increase at a higher CAGR during the forecast period.
Among regions, 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 the 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 Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Speech Analytics Market
4.2 Market: Top 3 Applications
4.3 Market: by Component and Top 3 Verticals
4.4 Market: by Region
5 Market Overview
5.2 Market Dynamics
18.104.22.168 Increasing Need to Improve Customer Journey and Overall Experience
22.214.171.124 Growing Demand to Monitor and Improve Agent Performance
126.96.36.199 Adherence to Regulatory and Compliance Standards
188.8.131.52 Need for Integration with Prevailing System
184.108.40.206 Inability to Quantify Return on Investment (Roi)
220.127.116.11 Rising Need to Predict Customer Intent and Monitor Agent Behavior
18.104.22.168 Use of Ai and Ml Based Technologies to Facilitate Real-Time Actionable Customer Insights
22.214.171.124 Growing Need for Cloud-Based Speech Analytics Solutions to Bolster Customer Retention
126.96.36.199 Complex Data Ecosystem Leading to Data Breaches and Security Issues
188.8.131.52 Lack of Skilled Workforce to Articulate Business Opportunities
184.108.40.206 Expensive Integration of Speech Analytics Solutions with Other Analytics Solutions
5.2.5 Cumulative Growth Analysis
5.3 Industry Trends
5.4 Case Study Analysis
5.5 Patent Analysis
5.6 Value Chain Analysis
5.7 Technology Analysis
5.8 Regulatory Implications
5.9 Pricing Analysis
6 Speech Analytics Market: COVID-19 Impact
7 Speech Analytics Market, by Component
7.1.1 Components: COVID-19 Impact on Market
7.1.2 Components: Market Drivers
7.2.1 Speech Engine
7.2.2 Indexing and Query Tools
7.2.3 Reporting and Visualization Tools
7.2.4 Workforce Optimization
7.3.1 Professional Services
220.127.116.11 System Integration and Implementation
18.104.22.168 Support and Maintenance
7.3.2 Managed Services
8 Speech Analytics Market, by Application
8.1.1 Applications: COVID-19 Impact on Market
8.1.2 Applications: Market Drivers
8.2 Customer Experience Management
8.3 Call Monitoring
8.4 Agent Performance Monitoring
8.5 Sales and Marketing Management
8.6 Risk and Compliance Management
8.7 Competitive Intelligence
9 Speech Analytics Market, by Deployment Mode
9.1.1 Deployment Mode: COVID-19 Impact on Market
9.1.2 Deployment Mode: Market Drivers
10 Speech Analytics Market, by Organization Size
10.1.1 Organization Size: COVID-19 Impact on Market
10.1.2 Organization Size: Market Drivers
10.2 Small and Medium-Sized Enterprises
10.3 Large Enterprises
11 Speech Analytics Market, by Vertical
11.1.1 Verticals: COVID-19 Impact on Market
11.1.2 Verticals: Market Drivers
11.2 Banking, Financial Services, and Insurance
11.3 Retail and Ecommerce
11.4 It and Telecom
11.5 Energy and Utilities
11.6 Travel and Hospitality
11.8 Healthcare and Life Sciences
11.9 Media and Entertainment
12 Speech Analytics Market, by Region
12.2 North America
12.5 Middle East and Africa
12.6 Latin America
13 Competitive Landscape
13.2 Market Evaluation Framework
13.3 Market Share of Key Players in Speech Analytics Market, 2019
13.4 Historic Revenue Analysis of Key Market Players
13.5 Key Market Developments
13.5.1 New Product Launches and Product Enhancements
13.5.2 Business Expansions
13.5.3 Mergers and Acquisitions
13.5.4 Partnerships, Agreements, Contracts, and Collaborations
14 Company Evaluation Matrix and Company Profiles
14.2 Company Evaluation Matrix Definitions and Methodology
14.2.1 Market Ranking Analysis, by Company
14.2.3 Emerging Leader
14.3 Company Evaluation Matrix, 2020
14.4 Company Profiles
14.4.2 Micro Focus
14.4.14 Voci Technologies
14.4.17 Enghouse Interactive
14.4.21 Business Systems
14.4.24 Tech Mahindra
14.4.28 Intelligent Voice
14.5 Startup/SME Evaluation Matrix, 2020
14.5.1 Progressive Companies
14.5.2 Responsive Companies
14.5.3 Dynamic Companies
14.5.4 Starting Blocks
14.6 Startup/SME Profiles
14.6.2 Batvoice Ai
14.6.3 Speech Village
14.6.4 Speech-I Ltd
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