Global Speech Analytics Market Observing a CAGR of 19.2% during 2019–2024

The global speech analytics market is expected to grow at a CAGR of 19.2% during the forecast period with its market size predicted to reach USD 2,963.5 million by 2024. Globally, speech analytics industry players are leveraging market growth through product launches, partnerships, mergers & acquisitions, and geographic expansion.

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On the basis of vertical, the global speech analytics market is divided into BFSI, hospitality, it & telecom, healthcare, media & entertainment, manufacturing, government, retail, and others. Of all, the BFSI category held largest share in the market in 2018, owing to the increasing use of speech analytics solutions by financial institutions, in order to enhance customer satisfaction, and ensure regulatory compliances.

Geographically, North America has accounted for the largest share in the speech analytics market, globally and is predicted to grow significantly during the forecast period. The growth of this market is attributed towards the existence of a large number of speech analytics solution vendors in the U.S., increasing service industry, and increasing number of contact centers in the region.

Some of the key players operating in the global speech analytics market are Hewlett Packard Enterprise Company, Calabrio Inc., Clarabridge Inc., NICE Ltd., Verint Systems Inc., CallMiner Inc., Genesys Telecommunications Laboratories Inc., Avaya Holdings Corporation, Aspect Software Inc., Zoom International, and Castel Communications.

Source: VynZ Research