Speech Analytics Market Overview
According to Maximize Market Research, a renowned global business research and consultancy firm, the total global market for the "Speech Analytics Market" was valued at US$ 2.30 Bn in 2022 and is expected to reached at US$ 8.84 Bn in 2029. Speech Analytics Market size is expected to grow at a CAGR of 21.2% through the forecast period. This growth is attributed to various factors such as technological advancements, increasing demand for the product/service, expanding market penetration, and favourable industry trends.
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The Speech Analytics Market report meticulously estimates market size, scrutinizing both current and future trends. It delves into essential aspects, including key developments, marketing strategies, supply-demand indicators, and company profiles. Employing a bottom-up approach, drawing from primary and secondary data sources, the report presents a comprehensive analysis spanning local, regional, and global dimensions, enhancing the depth of insights. The report encompasses historical data, prevailing trends, technological innovations, and an assessment of market risks, drivers, opportunities, and challenges. Utilizing SWOT and PORTER analysis, the report serves as a comprehensive guide for investors and stakeholders in the Speech Analytics market.
Market Dynamics for Speech Analytics:
Market Initiators:
The Business Process Outsourcing (BPO) industry's growing demand for speech analytics solutions, the growing importance of real-time speech analytics, and the emphasis on improving customer satisfaction are some of the reasons that will propel the expansion of the speech analytics market. Speech technology, which is incorporated into phone banking, enables banks to facilitate gratifying customer engagements and natural, human-like discussions.
Speech Analytics Market Segmentation
The solutions segment is predicted to grow with the biggest market share in 2022 based on component. Over the course of the projection period, the customer experience management application category is anticipated to have a greater market share. It enables businesses to leverage current customer data to spot patterns and trends, create retention plans, and lower customer attrition. The requirement to examine customer call recordings in order to determine customer intent and conduct behaviour analysis is responsible for various factors, including the indexing and query tools segment's large market share.
The Customer Experience Management segment is anticipated to have the highest compound annual growth rate (CAGR) over the projected period, based on applications. Contact centres now connect and communicate much more effectively thanks to these apps, which has improved business performance. Speech analytics solutions have the power to completely change a business by giving them several techniques to guarantee that every client interaction is secure and of consistently high quality. The speech engine provides inputs by identifying and comprehending conversations.
End-users predict that the BFSI vertical will have a bigger market share in the next years due to the increased significance of speech analytics in improving customer happiness, retention rates, and churn rates. The majority of businesses use speech analytics tools to interpret the conversational data they collect and use that data to improve operational efficiency. The retail and e-commerce segments of the speech analytics market are expanding as a result of the growing use of speech analytics tools in the business process outsourcing (BPO) sector. Furthermore, it is projected that the demand for speech analytics will rise as cutting-edge technology solutions are introduced to improve consumer experiences.
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Speech Analytics Market Key Players
Key players in the Speech Analytics market are featured in the report.
1. Verint Systems
2. Avaya
3. Calabrio
4. CallMiner
5. Clarabridge
6. Almawave
7. Voci Technologies
8. Zoom International
9. NICE Systems
10. Genesys
11. HPE
12. Tatwa Technologies
13. Uniphore Software Systems
14. Micro Focus
15. Avaya
16. Google
17. AWS
18. Vonage
19. OpenText
20. Calabrio
21. Eleveo
22. Almawave
Speech Analytics Market Regional Insights
The report offers an exhaustive Regional Analysis, providing an in-depth examination of the current status of the Speech Analytics market in different countries. It scrutinizes factors, market size, growth rates, and import-export dynamics at regional and country levels. The analysis encompasses North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa as the primary segments for the Speech Analytics market.
Table of content for the Speech Analytics Market includes:
Part 01: Executive Summary
Part 02: Scope of the Speech Analytics Market Report
Part 03: Global Speech Analytics Market Landscape
Part 04: Global Speech Analytics Market Sizing
Part 05: Global Speech Analytics Market Segmentation by Type
Part 06: Five Forces Analysis
Part 07: Customer Landscape
Part 08: Geographic Landscape
Part 09: Decision Framework
Part 10: Drivers and Challenges
Part 11: Market Trends
Part 12: Vendor Landscape
Part 13: Vendor Analysis
Key questions answered in the Speech Analytics Market are:
- What is Speech Analytics?
- What was the Speech Analytics market size in 2022?
- What are the different segments of the Speech Analytics Market?
- What growth strategies are the players considering to increase their presence in Speech Analytics?
- What are the upcoming industry applications and trends for the Speech Analytics Market?
- What are the recent industry trends that can be implemented to generate additional revenue streams for the Speech Analytics Market?
- Who are the key players in the Speech Analytics market?
- What major challenges could the Speech Analytics Market face in the future?
- What segments are covered in the Speech Analytics Market?
- Who are the leading companies and what are their portfolios in Speech Analytics Market?
About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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