Speech Analytics Market is projected to reach USD 1.75 Billion at a CAGR of 23% by Forecast to 2022
Global Speech Analytics Market, By Type (Services, Solutions), By Deployment Type (Cloud, On-premise), By End-User (BFSI, Government, Healthcare, Retail, IT), By Organization Size (Large Enterprises, Small & Medium Enterprises) - Forecast 2022
Market Overview
Artificial intelligence and Machine learning engrossed in Speech Analytics software is the current trend in the market. With advancement in technology and emerging market of intelligent machines capable of learning about human behaviour, the demand for advanced voice assistant service has also raised. AI in speech analytics software helps in understanding the customer interactions with voice assistant tools such as Siri, Bixby and others. For instance, recently, in October 2017, Marchex Inc., an advertising analytics company, introduced new version of speech analytics solution integrated with artificial intelligence. This call analytics software was designed to help businesses in integrating customer feedback into their work by eliminating word error rate by 15%. This would also help the company in optimising their media operations.
Global Speech Analytics market is expected to get high growth in coming years. The increasing adoption of speech analytics software in contact centers, rising deployment of artificial intelligence in voice assistant solutions, and rising need of risk & compliance management are some factors driving the market growth during forecast period 2016-2022. However, high deployment cost and technical limitations are some of the factors hampering the market growth.
Key Players
· Verint Systems Inc. (U.S.)
· Genesys Telecommunication Laboratories Inc. (U.S.)
· Callminer Inc. (U.S.)
· NICE Systems Ltd.( Israel)
· Avaya Inc.(U.S.)
· HP Enterprise (U.S.)
· Calabrio
· Calabridge Inc.(U.S.)
· Aspect Software Inc.(U.S.)
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Market Segmentation
Speech Analytics Market can be classified into 4 key segments as follows:
Segmentation by Type: Solution (Analysis & Query tool, dash board, indexing & speech engine) and Services
Segmentation by Deployment: On-cloud and On-premise
Segmentation by End-User: BFSI, Entertainment, Government, Retail, Healthcare, IT & Telecommunication and others.
Segmentation by Regions: Comprises Geographical regions - North America, Europe, Asia Pacific and Rest of the World.
Regional Analysis
North America has dominated the Speech Analytics market in 2016. The technology advancement, and presence of major market players such as Verint Systems, HP, Aspect software and others in U.S. has supported the region in generating highest revenue for the market. Europe on the other hand, is expected to grow with significant growth rate during forecast period 2016-2022. Asia-Pacific is expected to grow with highest CAGR during the forecast period due to developing technology infrastructure and high adoption of speech analytics tool in contact center service sector.
TABLE OF CONTENTS
1 MARKET INTRODUCTION
1.1 INTRODUCTION
1.2 SCOPE OF STUDY
1.2.1 RESEARCH OBJECTIVE
1.2.2 ASSUMPTIONS
1.2.3 LIMITATIONS
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
3.1 INTRODUCTION
3.2 MARKET DRIVERS
3.3 MARKET CHALLENGES
Continued…
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
Continued…
LIST OF FIGURES
FIGURE 1 RESEARCH TYPE
FIGURE 2 GLOBAL SPEECH ANALYTICS MARKET: BY TYPE (%)
FIGURE 3 GLOBAL SPEECH ANALYTICS MARKET: BY DEPLOYMENT (%)
Continued…
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