Speech Analytics Market by Component (Solutions and Services), Application (Call Monitoring, Customer Experience Management, Agent Performance Monitoring, Sales and Marketing Management, Risk and Compliance Management, Competitive Intelligence, and Others), Deployment Mode (Cloud and On-premises), and Geography – Global Forecast up to 2026
- Report Code : IHR2446480
- Published On: Apr, 2021
- Category : Internet Of Things (Iot) & Digitalization
- Pages : 110
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The Speech Analytics Market is expected to grow at the rate of 20.3% CAGR by 2026. Speech analytics raises the process of estimating recorded customer calls to collect information. This is done to expand communication and future interaction with the customers. Call recordings support an enterprise to improve rare insights about competitive intelligence, service issues, agent performance, customer satisfaction, and campaign effectiveness. Speech analytic solutions offer advanced functionalities and valuable intellects from customer calls. This information is used to discover information connected to the company's strategy, operational issues, and contact center agent performance. Speech analytics software can spring a company's crucial competitive advantage. It supports increasing valuable information about the product and processes of a company. This helps companies to expand deliverables and gain customer satisfaction. It aids companies in reducing their operating expenses and save money. Speech analytics contains the necessities of automatic speech recognition. Therefore, speech analytic tools support contact centers and businesses to expand their operational process. Sales organizations use speech analytics tools to identify up-sell and cross-sell opportunities. This can improve sales conversion rates as speech analytic tools support the understanding of different customer demographics toward the offers made. Speech analytics delivers unconditional analysis of recorded phone conversations of the company and its customers.
By Component
• Solutions
o Speech Engine
o Indexing and Query Tools
o Reporting and Visualization Tools
o Workforce Optimization
o Others
• Services
o Professional Services
o Managed Services
By Application
• Customer Experience Management
• Call Monitoring
• Agent Performance Monitoring
• Sales and Marketing Management
• Competitive Intelligence
• Risk and Compliance Management
• Others
By Deployment Mode
• Cloud
• On-premises
By Geography
• North America
• Europe
• Asia Pacific
• Rest of the World
As observed in the market by component, the speech analytics market is furcated into solutions and services. In solutions segmentation, the index and query tools solutions segment are holding a large share. This is because of the increasing requirement of analyzing the recorded customers' calls to assess the customer intention and perform behavior analysis. Moreover, these solutions help the company gain the right customer's right perception at the right time.
As per the application, the speech analytics process is broadly applied in competitive intelligence, which provides this segment with higher market growth. Competitive intelligence has a significant role in the competitive advantage of the market, where the information regarding the competitors and customers is essential.
In terms of deployment mode, cloud deployment is holding the major share in the speech analytics market. Many industries adopt cloud deployment because it is a cost-effective option in speech analytics.
In the geographical market for speech analytics, North America has a substantial share in the market. The considerable share is ascribed to the rising demand for effective customer service to improve the customer experience and increase the adoption of new technology in business enhancements.
In the present competitive scenario, providing excellent customer satisfaction is considered an essential strategy for any enterprise's growth and firmness. One way to obtain this is by employing speech analytics. Most organizations aim to exceed customer expectations. Speech analytics allow organizations to disclose the invisible insights from customer interaction; thus aids in better understanding customer needs and effectively estimating the fluctuating customer needs. Thus, the factor mentioned above is majorly enhancing the global speech analytics market.
The leading vendors of the Speech Analytics Market are OpenText, Micro Focus, Voci Technologies, Business Systems, Enghouse Interactive, Tech Mahindra, NICE, Verint, Avaya, Genesys, Google, AWS, Vonage, Calabrio, CallMiner, Clarabridge, Eleveo, Almawave, Marchex, Castel, Aspect, Sabio, and Talkdesk.
Therefore, the businesses' primary focus is on customer retention, satisfaction, and a better customer experience, in which speech analytics has a prominent role. The various companies adopt this software to increase their growth and increase industry competition through market intelligence.
• This report specifies the region and segment projected to witness the highest CAGR rate and dominate the market.
• The report also analyzes geography, highlighting the service's consumption in the region and the factors affecting the market in each region.
• This report gives the competitive outlook, which includes the market ranking of the major players.
• Further provides the information of new product launches, partnerships, business expansions, and market players' acquisitions.
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With tables and figures helping analyze worldwide Speech Analytics market, this research provides key statistics on the state of the industry and is a valuable source of guidance and direction for companies and individuals interested in the market.
1. Executive Summary
2. Industry Outlook
2.1. Industry Overview
2.2. Industry Trends
3. Market Snapshot
3.1. Market Definition
3.2. Market Outlook
3.2.1. Porter Five Forces
3.3. Related Markets
4. Market characteristics
4.1. Market Overview
4.2. Market Segmentation
4.3. Market Dynamics
4.3.1. Drivers
4.3.2. Restraints
4.3.3. Opportunities
4.4. DRO - Impact Analysis
5. Component: Market Size & Analysis
5.1. Overview
5.2. Solutions
5.2.1. Speech Engine
5.2.2. Indexing and Query Tools
5.2.3. Reporting and Visualization Tools
5.2.4. Workforce Optimization
5.2.5. Others
5.3. Services
5.3.1. Consulting
5.3.2. Professional Services
5.3.3. Managed Services
6. Application: Market Size & Analysis
6.1. Overview
6.2. Customer Experience Management
6.3. Call Monitoring
6.4. Agent Performance Monitoring
6.5. Sales and Marketing Management
6.6. Competitive Intelligence
6.7. Risk and Compliance Management
6.8. Others
7. Deployment Mode: Market Size & Analysis
7.1. Overview
7.2. Cloud
7.3. On-premises
8. Geography: Market Size & Analysis
8.1. Overview
8.2. North America
8.3. Europe
8.4. Asia Pacific
8.5. Rest of the World
9. Competitive Landscape
9.1. Competitor Comparison Analysis
9.2. Market Developments
9.2.1. Mergers and Acquisitions, Legal, Awards, Partnerships
9.2.2. Product Launches and execution
10. Vendor Profiles
10.1. OpenText
10.1.1. Overview
10.1.2. Financial Overview
10.1.3. Product Offerings
10.1.4. Developments
10.1.5. Business Strategy
10.2. Micro Focus
10.2.1. Overview
10.2.2. Financial Overview
10.2.3. Product Offerings
10.2.4. Developments
10.2.5. Business Strategy
10.3. Voci Technologies
10.3.1. Overview
10.3.2. Financial Overview
10.3.3. Product Offerings
10.3.4. Developments
10.3.5. Business Strategy
10.4. Business Systems
10.4.1. Overview
10.4.2. Financial Overview
10.4.3. Product Offerings
10.4.4. Developments
10.4.5. Business Strategy
10.5. Enghouse Interactive
10.5.1. Overview
10.5.2. Financial Overview
10.5.3. Product Offerings
10.5.4. Developments
10.5.5. Business Strategy
10.6. Tech Mahindra
10.6.1. Overview
10.6.2. Financial Overview
10.6.3. Product Offerings
10.6.4. Developments
10.6.5. Business Strategy
10.7. NICE
10.7.1. Overview
10.7.2. Financial Overview
10.7.3. Product Offerings
10.7.4. Developments
10.7.5. Business Strategy
10.8. Verint, Avaya
10.8.1. Overview
10.8.2. Financial Overview
10.8.3. Product Offerings
10.8.4. Developments
10.8.5. Business Strategy
10.9. Genesys
10.9.1. Overview
10.9.2. Financial Overview
10.9.3. Product Offerings
10.9.4. Developments
10.9.5. Business Strategy
10.10. Google
10.10.1. Overview
10.10.2. Financial Overview
10.10.3. Product Offerings
10.10.4. Developments
10.10.5. Business Strategy
11. Companies to Watch
11.1. AWS
11.1.1. Overview
11.1.2. Products & Services
11.1.3. Business Strategy
11.2. Vonage
11.2.1. Overview
11.2.2. Products & Services
11.2.3. Business Strategy
11.3. Calabrio
11.3.1. Overview
11.3.2. Products & Services
11.3.3. Business Strategy
11.4. CallMiner
11.4.1. Overview
11.4.2. Products & Services
11.4.3. Business Strategy
11.5. Clarabridge
11.5.1. Overview
11.5.2. Products & Services
11.5.3. Business Strategy
11.6. Eleveo
11.6.1. Overview
11.6.2. Products & Services
11.6.3. Business Strategy
11.7. Almawave
11.7.1. Overview
11.7.2. Products & Services
11.7.3. Business Strategy
11.8. Marchex
11.8.1. Overview
11.8.2. Products & Services
11.8.3. Business Strategy
11.9. Castel
11.9.1. Overview
11.9.2. Products & Services
11.9.3. Business Strategy
11.10. Aspect
11.10.1. Overview
11.10.2. Products & Services
11.10.3. Business Strategy
11.11. Sabio
11.11.1. Overview
11.11.2. Products & Services
11.11.3. Business Strategy
11.12. Talkdesk
11.12.1. Overview
11.12.2. Products & Services
11.12.3. Business Strategy
12. Analyst Opinion
13. Annexure
13.1. Report Scope
13.2. Market Definitions
13.3. Research Methodology
13.3.1. Data Collation and In-house Estimation
13.3.2. Market Triangulation
13.3.3. Forecasting
13.4. Report Assumptions
13.5. Declarations
13.6. Stakeholders
13.7. Abbreviations
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The Speech Analytics Market has been segregated into various crucial divisions including applications, types, and regions. Each market segment is intensively studied in the report contemplating its market acceptance, worthiness, demand, and growth prospects. The segmentation analysis will help the client to customize their marketing approach to have a better command of each segment and to identify the most prospective customer base.
Report Objectives / Segmentation Covered :
By Companies / players:
By Regions:
By Type:
By Application:
Frequently asked questions(FAQ's):
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