Global Voice and speech analytics Market, By Component (Solution, Services), Application (Sentiment Analysis, Customer Experience Management, Call Monitoring, Agent Performance Monitoring, Sales Performance Management, Competitive Intelligence, Risk and Compliance Management, Others), Deployment Model (On-Premises, Cloud), Organisation Size (Small and Medium-Sized Enterprises, Large Enterprises), Industry Vertical (Banking, Financial Services, and Insurance, Telecommunications and IT, Retail and Ecommerce, Healthcare and Life Sciences, Media and Entertainment, Government and Defence, Energy and Utilities, Travel and Hospitality, Others), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2029.
Market Analysis and Insights Global Voice and Speech Analytics Market
Data Bridge Market Research analyses that the voice and speech analytics market will exhibit a CAGR of 18.30% for the forecast period of 2022-2029 and is expected to reach the market value of USD 4.28 billion by 2029.
Speech analytics is the process of collecting information from recorded customer calls. This is done to improve future communication and interactions with customers. Call recording enables a company to gain unique insights into customer satisfaction, competitive intelligence, service issues, agent performance, and campaign effectiveness. Advanced functionalities and valuable intellects from customer calls are provided by speech analytic solutions.
The growing number of call centres, the growing need for customer relationship management (CRM), technological advancement, rising demand for more accurate risk management solutions, and enterprise competition are the major factors driving the growth of the Speech Analytics Market.
Furthermore, speech analytics technology assists many businesses in analysing market trends and opportunities, as well as unproductive call volumes and the factors driving high costs. This technology also enables many businesses to work with unstructured data gathered from customer interactions, resulting in a better customer experience. As a result, the demand for speech analytics has increased across a wide range of businesses. Another driving factor for speech analytics is the availability of cloud-based real-time speech analytics solutions, which offer numerous opportunities to businesses.
However, the high cost of voice analytics solutions and the scarcity of skilled labour are acting as market restraints for voice and speech analytics during the forecasted period. The positive impact of artificial intelligence will create new opportunities for the growth of the voice and speech analytics market during the forecast period.
This voice and speech analytics market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographical expansions, technological innovations in the market. To gain more info on voice and speech analytics market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Voice and Speech Analytics Market Scope and Market Size
Voice and speech analytics market is segmented on the basis of component, application, deployment model, organisation size and industry vertical. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- Voice and speech analytics market on the basis of component has been segmented as solution and services. Solution has been further segmented into speech engine, indexing analysis and query tools, reporting and visualisation tools. Services have been further segmented into managed services and professional services. Professional services have been further sub segmented into consulting services, support and maintenance services, deployment and integration services.
- Based on industry vertical, voice and speech analytics market has been segmented into banking, financial services, and insurance, telecommunications and IT, retail and ecommerce, healthcare and life sciences, media and entertainment, government and defence, energy and utilities, travel and hospitality and others.
- On the basis of deployment model, voice and speech analytics market has been segmented into on premise and cloud.
- Based on organisation size, voice and speech analytics market has been segmented into small and medium-sized enterprises and large enterprises.
- Voice and speech analytics market is segmented in terms of market value, volume, market opportunities and niches into multiple applications. The application segment for voice and speech analytics market includes sentiment analysis, customer experience management, call monitoring, agent performance monitoring, sales performance management, competitive intelligence, risk and compliance management and others
Voice and Speech Analytics Market Country Level Analysis
Voice and speech analytics market is segmented on the basis of component, application, deployment model, organisation size and industry vertical.
The countries covered in the voice and speech analytics market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America accounts for a large segment of the global Speech Analytics Market. The North American region's high presence of enterprises, technology vendors, and high technical adoption trends for improving operation and business efficiency has fueled the growth of the Speech Analytics Market. Because of the increasing number of customer interaction centres and investments, Asia Pacific is one of the fastest-growing Speech Analytics Markets, providing lucrative opportunities for various solution and service vendors.
The country section of the voice and speech analytics market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Voice and Speech Analytics Market Share Analysis
The voice and speech analytics market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points are only related to the companies’ focus on the voice and speech analytics market.
Some of the major players covered in the voice and speech analytics market report are Verint, NICE Ltd., CallMiner, Avaya Inc., Genesys., Clarabridge, Voci Technologies, Inc, ZOOM International, Calabrio, Hewlett Packard Enterprise Development LP, AlmavivA, Marchex, INC., Enghouse Interactive, Castel Communications, Aspect Software, Inc., Sabio Ltd, Business Systems (UK) Ltd, Talkdesk, Inc,, VoiceBase, Inc.,, Expedient, BIOS Middle East Group, Veeam Software, Internap Holding LLC and Fine Telecommunications, Inc. among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
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