The global speech analytics market is predicted to grow significantly at a CAGR of 19.0% during the forecast period.
The market is set to display impressive growth during the augur period with some key trends emerging, such as increasing demand to monitor and enhance agent performance, as well as adherence to regulatory and compliance standards, and the need to improve the customer journey and overall experience. One of the significant challenges in the speech analytics market is the complex data environment, which leads to data breaches and security difficulties, a lack of trained personnel to articulate business opportunities, and the costly integration of speech analytics systems with other analytics solutions.
The global speech analytics market has seen strong growth during the COVID-19 pandemic. In a short time, the COVID-19 pandemic has affected customers' behavior and has a substantial impact on economies and societies. Everything was shut down such as offices and manufacturing facilities, and with work-from-home policies in effect, businesses are increasingly looking for technologies to assist them through these difficult times. Professionals with expertise in analytics, business intelligence, and more sophisticated analytics such as AI and ML have been enlisted to assist CEOs in making business decisions about how to respond to the new business difficulties posed by the COVID-19 pandemic.
Where there may have been apprehension about home working, cloud contact center technology's capabilities, such as real-time screen reporting and quality monitoring for supervisors, have allowed contact center managers to keep a complete picture of their remote agents' well-being and workload. The pandemic has increased the focus of the manufacturers to develop innovative solutions that were not in concentration. Thus, the market will grow rapidly in the coming years.
The global speech analytics market can be segmented based on the deployment type, solution, and end-users. Speech analytics can deploy in two categories which include cloud-based and on-premise. Based on the organization size, the market is classified into large enterprises and small and medium-sized enterprises. Based on the solution, the market is classified into speech engine, indexing, analysis, and query tools, and dashboard and reporting tools. Based on the end-user, the market is classified into BFSI, IT and telecommunication, government and defense, retail, healthcare, media and entertainment, travel and hospitality, and others.
Geographically, the market is segmented into North America, Europe, Asia Pacific, and the rest of the world. The Asia Pacific is the fastest-growing market for the global speech analytics market due to the considerable developments and adoption of solutions, and the increasing number of players in the region. Besides, North America holds the largest share due to the increasing demand for enhanced customer support services to strengthen customer retention initiatives. The key players of the global speech analytics market include Calabrio Inc., Calabridge Inc., Avaya Inc., AlmavivA S.p.A., IBM Corp., Microsoft Corp., NICE Ltd., ThoughtSpot Inc., among others.
Global Speech Analytics Market Research and Analysis by Deployment Type
Global Speech Analytics Market Research and Analysis by Solution
Global Speech Analytics Market Research and Analysis by Organization Size
Global Speech Analytics Market Research and Analysis by End-User
Key Topics Covered:
1. Report Summary
1.1. Research Methods and Tools
1.2. Market Breakdown
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
3. Competitive Landscape
3.1. Key Company Analysis
3.2. Key Strategy Analysis
3.3. Impact of COVID-19 on Key Players
4. Market Determinants
5. Market Segmentation
5.1. Global Speech Analytics Market by Deployment Type
5.2. Global Speech Analytics Market by Solution
5.3. Global Speech Analytics Market by End-User
6. Regional Analysis
6.1. North America
6.4. Rest of the World
7. Company Profiles
Amazon Web Services, Inc.
Genesys Telecommunication Laboratories, Inc.
Micro Focus International PLC.
NewVoiceMedia Group (Salesforce.com Inc.)
OPEX Hosting Ltd.
SESTEK (Sestek Sound and Communication Computer Technologies Co.)
Verint Systems, Inc.
Voci Technologies, Inc.VoiceBase Inc.
For more information about this report visit https://www.researchandmarkets.com/r/j1tudp
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