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.
Speech Analytics Market Overview:
Maximize Market Research provides a comprehensive description of Speech Analytics Market which helps to understand its feature in an optimized way. The projected statistics, significant advancements and income are all included in detail in the Speech Analytics research paper.
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Speech Analytics Market Scope:
The report encompasses both qualitative and quantitative assessments of the Speech Analytics Market, utilizing segmentation that takes into account economic and non-economic factors. It conducts a comprehensive exploration of the Speech Analytics industry from diverse angles, employing Porter's five forces analysis. Furthermore, the report sheds light on the Speech Analytics Market by tracing its journey through the value chain. Historical data and forward-looking revenue growth forecasts are presented at the country, regional, and global levels, accompanied by an analysis of market trends within each sub-segment and region.
Within the report's competitive landscape, intricate details about Speech Analytics competitors are provided. This includes a company overview, financials, revenue generation, market potential, research and development investments, new market ventures, global presence, production sites and facilities, production capacities, strengths and weaknesses, product launches, product range, application dominance, and more. The assessment of the global and regional Speech Analytics Market size was conducted using a bottom-up approach.
Speech Analytics Market Key Players:
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
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Speech Analytics Market Segmentation:
by Component
1. Solutions
1.1 Speech Engine
1.2 Indexing and Query Tools
1.3 Reporting and Visualization Tools
1.4 Quality Management
1.5 Root Cause Analysis
1.6 Other Solutions (Emotion Detection and Workforce Optimization)
2. Services
2.1 Professional Services
2.1.1 Training and Consulting
2.1.2 System integration and implementation
2.1.3 Support and Maintenance
2.2 Managed Services
According to estimates, the solutions category will have the biggest market share growth in 2022. 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 behavior analysis is responsible for various factors, including the indexing and query tools segment's large market share.
by Application
1. Customer Experience Management
2. Call monitoring and summarization
3. Agent performance monitoring
4. Sales and marketing management
5. Risk and compliance management
6. Sentiment analysis
7. Other Applications
Over the course of the projected period, the Customer Experience Management segment is anticipated to post the higher CAGR. Contact centers 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.
by Deployment Mode
1. Cloud
2. On-premises
by Organization Size
1. Large enterprises
2. Small and medium-sized enterprises (SMEs)
by End-User
1. Banking Finance Services and Insurance (BFSI)
2. IT and Telecom
3. Media and Entertainment
4. Healthcare and Life Sciences
5. Retail and eCommerce
6. Travel and Hospitality
7. Government and Defense
8. Healthcare and life sciences
9. Other Verticals
With speech analytics becoming more and more important in improving customer happiness, retention rates, and churn rates, the BFSI vertical is expected to hold a greater market share during the projection period. 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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Regional Analysis:
Each regional Speech Analytics market sector is thoroughly investigated to determine its current and future growth prospects. This helps clients to grow their businesses. The Speech Analytics market report covers all five regions and their country-wise distribution. Their market size and trends are also included in the Speech Analytics report.
Key Questions answered in the Speech Analytics Market Report are:
- What was the Speech Analytics market size in 2023?
- What are the global trends in the Speech Analytics Market?
- What are the upcoming industry applications and trends for the Speech Analytics Market?
- What are the factors contributing to the final price of Speech Analytics ?
- What are the recent industry trends that can be implemented to generate additional revenue streams for Speech Analytics Market?
- How is the intervention from regulatory authority shaping the Speech Analytics Market?
- What growth strategies are the players considering to increase their presence in Speech Analytics ?
- Who are the leading players in Speech Analytics Market?
- What are the major challenges that the Speech Analytics Market could face in the future?
- Which region held the largest Speech Analytics market share?
Key Offerings:
- A detailed Analysis of the Market Overview
- Market Share, Size Forecast by Revenue | 2023−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Route of administration, Application, Facility of use and Region and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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