Published: September 2019 | Report Code: IM11741 | Available Format: PDF | Pages: 163
The speech analytics market value was $1,010.4 million in 2018, and it is predicted to grow to $2,910.1 million by 2024. Furthermore, the market is expected to advance at a CAGR of 19.9% between 2019 and 2024. The rising focus of businesses on customer satisfaction, increasing number of contact centers, surging importance of real-time speech analysis, and growing requirement for compliance with regulations are the major factors propelling the expansion of the market across the globe.
Out of all the regions, the market for speech analytics solutions is predicted to exhibit the highest growth rate in the Asia-Pacific (APAC) region in the forthcoming years. This will be due to the soaring information technology (IT) spending by organizations and governments in emerging economies, especially India and China.
The rising preference for phonetic indexing is one of the major trends currently being observed in the market. It is easy to implement and manage the phonetic indexing technique, and it is also quicker than the conventional transcription technique, as it does not need to scan a large number of dictionary words. Phonetic-based speech analytics solutions convert audio conversations into a string of phonemes and then select only a predefined list of words. This allows the system to achieve business insights quickly and analyze a greater volume of calls with the help of the same number of servers.
One of the major speech analytics market growth drivers is the surging focus of businesses on customer satisfaction. Nowadays, customers are not loyal to any specific brand, as they have the luxury of choosing from a large pool of offerings and companies. Moreover, they are more likely to buy products from other companies if they face service-related issues than they would be if they faced product- or price-related problems. Thus, in order to expand their customer pool and improve their customer retention rates, businesses are focusing on providing a good customer experience, which is being achieved via speech analytics solutions.
The soaring requirement for such solutions among small and medium enterprises (SMEs) is creating immense growth opportunities for the players operating in the market for speech analytics software and services. SMEs are increasingly adopting these solutions for offering improved customer services and retaining their customers. Additionally, cloud-based deployment has made these solutions easily accessible to SMEs, as they don’t need any hardware investment.
The solution category dominated the market under the offering segment in 2018, mainly because of the growing adoption of speech analytics solutions in almost all verticals for offering enhanced customer services and monitoring the performance of agents. The service category will exhibit the faster growth in the speech analytics market in the future owing to the soaring requirement for consultation, implementation, and integration services among end users.
The cloud category is predicted to demonstrate the higher growth rate in the coming years, within the deployment type segment. This will be because of the lower upfront cost, high speed, enhanced scalability, and 24/7 services offered by cloud solutions than those deployed on the premises.
The large enterprise category led the speech analytics industry in 2018, under segmentation by enterprise size, due to the strong focus of these firms on customer experience management, for retaining their customer pool and attaining higher product sales.
The customer experience management category, within the application segment, dominated the market in 2018, and it is predicted to demonstrate the fastest growth in the forthcoming years. This is credited to the burgeoning requirement of businesses for evaluating the overall customer experience and then predicting the customer satisfaction score, in order to improve customer satisfaction and attain higher sales.
The banking, financial services, and insurance (BFSI) category, under the industry segment, held the major share in the speech analytics market in 2018. This was because of the large-scale adoption of speech analytics solutions by financial institutions for attaining higher customer satisfaction, reducing the customer churn rate, and ensuring compliance with regulations.
Globally, the market was dominated by North America in 2018, primarily because of the presence of a booming service industry and large number of contact centers in the region. Additionally, the existence of several big industries, huge IT spending, and rapid technological advancements are fueling the expansion of the market in the continent.
The market is predicted to exhibit the fastest growth in the APAC region in the coming years. This is credited to the soaring IT investments in emerging economies, such as India and China, and surging number of contact centers in the region.
The speech analytics market is competitive in nature, characterized by the presence of established companies, such as NICE Ltd., Verint Systems Inc., Hewlett Packard Enterprise Company, CallMiner Inc., Genesys Telecommunications Laboratories Inc., Avaya Holdings Corporation, Aspect Software Inc., Zoom International, Castel Communications, Clarabridge Inc., and Calabrio Inc.
In recent years, major players in the global speech analytics market have taken several strategic measures, such as mergers & acquisitions, product launches, and geographical expansions, to gain competitive edge in the industry. For instance, in August 2019, NICE Ltd. acquired Mattersight Corporation, a cloud-based speech analytics software provider, for an undisclosed amount. Integration of MatterSight public behavioral routing (PBR) would help the company to offer end users the ability to understand the entire customer journey together with a holistic view of the customer persona.
Further, in June 2019, Amazon Web Services Inc. launched artificial intelligence (AI)-powered speech analytics for Amazon Connect that provides customer insights in real time and helps agents to respond as per the need of customers and improve the overall customer experience. The solution includes pre-trained AWS AI services that enable customers to transcribe, translate, and analyze each customer interaction in Amazon Connect, and presents this information to assist contact center agents during their conversations with customers.
Moreover, in June 2017, CallMiner Inc. launched Eureka Starter, a full speech transcription tool designed for small and large organizations looking to gain insight into their customer interactions without the need to dedicate an analyst.
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