Speech Analytics Market Outlook 2030: Industry Insights & Opportunity Evaluation, 2019-2030

Speech Analytics Market: Market Segments: By Component (Solution and Services); By Organization Size (Large Enterprises, and Small and Medium-sized Enterprises (SMEs)); By Deployment (On-premise and Cloud); By Vertical (BFSI, Telecommunications, Healthcare, Retail, Government, Travel and Hospitality and Others); and Region – Analysis of Market Size, Share & Trends for 2014 – 2019 and Forecasts to 2030

Product Overview

Speech analytics tools help users recognise insights, feelings and meanings in conversation, which provides companies with several strategic advantages for their businesses particularly their customer engagement centres. The method of analysing documented calls is speech analytics. Speech analytics aims to gather knowledge from consumers to boost contact and potential engagement.

Market Highlights

Speech Analytics Market is expected to project a notable CAGR of 21.2% in 2030.

Speech Analytics Market to surpass USD 4.2 billion by 2030 from USD 1.2 billion in 2018 at a CAGR of 21.2% throughout the forecast period, i.e., 2019-30. The improved economic situation, coupled with the rising BPO industry, is expected to be a key factor driving the global demand for speech analytics. The adoption by agencies and companies of analytical solutions has increased steadily over time

Speech Analytics Market: Segments

Solution segment to grow with the highest CAGR of XX.X% during 2019-30

Speech Analytics Market is segmented by component as solution and services. The service segment is further bifurcated into consulting and training. The greater market share in 2018 was accounted by solution and is expected to dominate the market over the forecast period. However, the market is expected to experience maturity ascribed to higher acceptance that will lead to momentum in the next nine years for the services segment. The market provides a comprehensive portfolio of solutions, so resources are required to manage these solutions and to help companies develop their business processes in order to maintain this competitive environment. The service segment is expected to rise over the forecast period at a CAGR of over 8 percent.

Speech Analytics Market: Market Dynamics

Drivers

Increasing need to improve customer journey and overall experience

Some of the factors driving the Speech Analytics market are high growth in the number of customer engagement centres, growing emphasis on taking a competitive advantage through market intelligence and increasing enforcement and risk management requirements.

Restrain

High Implementation Costs

The increase in costs and the lack of knowledge of speech analytics technology are limiting the growth of the market for speech analytics. It is also not very clear and easy to select the best speech analytics technology. In order to gain insights from data, there are many different methods, such as phonetics, transcription, and matching key phrases listed over a call by clients.

Speech Analytics Market: Regions

Speech Analytics Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC and MENA.

Speech Analytics Market in North America held the largest market share of XX.X% in the year 2018 and it is expected to continue its market dominance in the future in order to strengthen customer engagement efforts, due to the growing demand for better customer support services. Europe is expected to be in second place during the forecast period in terms of market size and market share. The increasing demand for business workload reduction related to internal and external communication monitoring is boosting the adoption in Europe of speech analytics solutions. During the forecast period, APAC is anticipated to record the highest growth rate. During the forecast period, the speech analytics market is expected to witness significant advancements and adoption of solutions across APAC. It is further anticipated that the growing number of players across different regions will drive the market.

Speech Analytics Market: Key Players

• Verint Systems

o Company Overview

o Business Strategy

o Key Product Offerings

o Financial Performance

o Key Performance Indicators

o Risk Analysis

o Recent Development

o Regional Presence

o SWOT Analysis

• NICE Ltd.

• CallMiner

• Avaya

• Hewlett Packard Enterprise (HPE) Company

• VOCI Technologies

• Zoom International

• Clarabridge

• Almawave

• Calabrio, Inc

Speech Analytics Market report also contains analysis on:

Speech Analytics Market Segments:

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

 Consulting

 System Integration and Implementation

 Support and Maintenance

o Managed Services

By Deployment:

• Small and Medium Enterprises

• Large Enterprises

By Organization Size:

• Large Enterprises

• Small and Medium-sized Enterprises (SMEs)

By Vertical:

• BFSI

• Telecommunications

• Healthcare

• Retail

• Government

• Travel and Hospitality

• Other

• Speech Analytics Market Dynamics

• Speech Analytics Market Size

• Supply & Demand

• Current Trends/Issues/Challenges

• Competition & Companies Involved in the Market

• Value Chain of the Market

• Market Drivers and Restraints