November 18, 2019 by Market-NewsFlash
Global Speech Analytics Market, by Type (Services, Solutions), by Deployment Type (Cloud, On-premise), by End-User (BFSI, Government, Healthcare, Retail, IT), by Organization Size (Large Enterprises, Small & Medium Enterprises) — Forecast 2022
Market Research Future (MRFR) has revealed in its latest report that the valuation of global speech analytics market will reach USD 1.75 Bn growing at 23% CAGR from 2016 to 2022. The adoption of speech analytics technology for a decade has been unabating due to its proficiency in enabling enterprises to perform and control the tasks of management efficiently. The technology has been successful in finding ways to penetrate sectors such as banking, healthcare, insurance, retail, sales, etc.
The amplifying dependency on Business Process Outsourcing (BPO) has fueled the need for the embracement of speech analytics technology for obtaining optimum performance from people and ensuring customer satisfaction. The inclination towards a customer-centric business model insists on mining data for recording and acting on changing preferences of buyers which has catapulted the demand for speech analytics technology. The essential factors driving growth in the market are minimization of risk factors, excellent customer relationship management, better customer experience, identification of cost drivers, trend analysis, etc.
The role of speech analytics in sales is crucial as it opens up avenues for upselling and cross-selling. The deployment of this technology has led to reduced customer attrition in several organizations which is another factor contributing towards the market expansion. However, high costs associated with the technology such as the cost of software licensing is a major restraint to the market growth during the projection period.
Global Speech Analytics Market Segmentation:
By type, the speech analytics market has been segmented into services, and, solutions.
By organization size, the market for speech analytics is segmented into large enterprises, and, small & medium enterprises.
By end-user, the speech analytics market has been segmented into Banking Financial Services and insurance (BFSI), healthcare, government, retail, and, IT.
By region, the speech analytics market has been segmented into Europe, Asia Pacific, North America, and, Rest of the World (RoW). North America market will account for the most significant share in the market throughout the assessment period. The concentration of major market players such as HP Enterprise, Genesys Telecommunication Laboratories, Inc., Callminer, Inc., Castel communications LLC, etc. has accelerated the rate of market expansion in the region. The early adoption of the technology in this region has catalyzed the large-scale market penetration. Europe market will thrive due to increasing demand over the forecast period. Asia Pacific market will exhibit steepest growth curve due to the immense opportunities posed by the emerging economies such as China, India, Japan, etc. The growing economies with booming sectors such as healthcare, IT, BFSI, etc. are fueling the demand for speech analytics technology in the region. Furthermore, the increasing rate of technology adoption will accelerate the rate of demand generation in the market. The Rest of the World region will demonstrate growth due to increased demand.
Some of the key players profiled by MRFR are Genesys Telecommunication Laboratories, Inc. (U.S.), NICE Systems Ltd. (Israel), HP Enterprise (U.S.), Calabridge, Inc. (U.S.), Castel communications LLC (U.S.), Verint Systems, Inc. (U.S.), Callminer, Inc. (U.S.), Avaya, Inc. (U.S.), Calabrio, Inc. (US), and, Aspect Software Inc. (U.S.). The competitive landscape of global speech analytics market represents robust competition with prominent players implementing strategies such as mergers & acquisitions, partnerships, agreements, etc. to gain a competitive edge over others. The investments in research & development activities, innovative production technologies, expansion of product portfolios are some of the tactics employed by key players that lead to market growth and expansion.
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