June 14, 2021: IT & Telecom, BFSI are the major industries in which speech analytics is used. As these industries are growing at a good pace, the global speech analytics market is expected to witness growth in the future. Innovations of solutions are required because of rising demand for risk, compliance management as well as increasing number of contact centers, so these solutions must help companies to understand the changing customer requirements. So this will help to open new roads for the industry for concerned period.
In the U.S., the Dodd-Frank Wall Street Reform in addition to Consumer Protection Act putting pressure on bankers for pulling records of mobile phone transactions so because of this kinds of pressure for protection of intellectual assets for improving efficiency along with agility in operation by using insights in the Voice Of customer (Voc).
Type Insights:
Number of contact centers is using speech analytics solutions all over the world for the applications like compliance management, customer performance management, agent performance management and it also help to gain the market intelligence.
In 2015 the solution segment gained significant market share also it will control the market in the given period. however because of higher adoption it will be expected to witness maturity phase with service segment will gain from this help it for doing well in upcoming nine years.
The service segment is expected to grow at the at rate more than 8 % of CAGR in forecasted period. Services are necessary to manage the extensive portfolio of solutions that market offers which help organization to expand business process to gain competitive advantage.
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Deployment Insights:
50% of the total revenue came from the on-premised employment in 2015.system furthermore data was better controlled by On-premise solutions however this segment might witness a sluggish growth because of high cost of deployment methods, requirement of dedicated IT staff for maintenance, requires high-end IT infrastructure as compared to the cloud deployment.
As a result of this edge cloud based deployment segment gained a considerable share in 2015 this will drive high demand in the forecasted period.IT, BFSI, Media & entertainment will drive the demand for cloud deployment options.SMEs are also getting cost effective solutions from the New firms in the market.
Enterprise Size Insights:
40% of total share came from the SMEs in the year 2015 furthermore it will be expected to grow at a CAGR exceeding 8% in forecasted period. This figure helps to boost speech analytics solution for security systems applications which help to improve customer experience.
Web enabled services, applications help Small and Medium-Sized Business (SMBs) to run their business efficiently. Also cloud analytics will help to increase in the product demand among SMEs.
End-Use Insights:
Telecom sector accounted over 15% share in 2015 and expected to grow more in the forecasted period. the industry using speech analytics has many advantages like hold over infrastructure, ease of issues resolving, increase in productivity, Decrease in stress, time as well as money saving.
Similarly It industry will witness growth because of adoption of speech analytics tool in business process outsourcing (BPO) industry. Speech analytics demand will further enhance because of advancement in the technological tools
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Regional Insights:
20% of the total share came from North America in 2015 because of the presence of large number of vendors in the region especially in US. however due to high adoption of the technology in this region, it will show slow growth over the forecasted period.
On the other hand Asia Pacific region is expected to perform good and witness high growth at a CAGR of over 7%.due to high growth rate in this region the leading players in the industry will offer companies in the region innovative solutions.
Competitive Insights:
Only few players are present in this market worldwide in which the major players are Avaya Inc., Nice Systems, verint Systems, Call Miner, nexidia.Genesys.these players are investing large amount in R&D to enhance accuracy along with technological Capability of the product.
Also to gain competitive advantages over the other players in the market they are using tools like strategic alliances. Acquisition of Nexidia by Nice Systems to expand its usage in critical business is a key example.
Market Segment:
Type Outlook (Revenue, USD Million; 2014 - 2025)
• Solution
• Service
Deployment Outlook (Revenue, USD Million; 2014 - 2025)
• On-premise
• Cloud
Enterprise Size Outlook (Revenue, USD Million; 2014 - 2025)
• Small & Medium Enterprise
• Large Enterprise
End-Use Outlook (Revenue, USD Million; 2014 - 2025)
• BFSI
• Telecommunication
• IT
• Retail
• Healthcare
• Government
• Hospitality
• Others
Regional Outlook (Revenue, USD Million; 2014 - 2025)
• North America
• U.S.
• Canada
• Europe
• UK
• Germany
• France
• Asia Pacific
• China
• India
• Japan
• Latin America
• Brazil
• Mexico
• Middle East & Africa
• Saudi Arabia
• UAE
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