Speech Analytics Market Estimated To Witness a Phenomenal Growth by 2025
Speech analytics technology can be utilized to analyze audio data and to gather information related to customer. This helps in improvement of communication and future interaction and overall customer experience. The key application segment of speech analytics technology is contact center due to the requirement to provide better customer satisfaction. This technology is mainly used for detection of emotion, stress, the reason behind the call, and their satisfaction level, that can be identified through customer’s voice. It can also be used to recognize whether the customer is disappointed or unsatisfied with the provided service.
The major drivers responsible for growth of global speech analytics technology market are increasing number of call centers, which demands for more customer satisfaction. According to Coherent Market Insights analysis, in 2015, the U.S. has over 60% of contact centers and the global contact center industry is expected to grow at a CAGR of 12% by 2025. Moreover in 2015, the mass market contact center dominated the global contact center market with over 40% share. Universal center and B2B center accounted about 30% and 32% share of global contact center market respectively, in 2015. These factors are responsible for increasing demand for advanced technology, customer relationship management (CRM), and increasing requirement to provide accurate solutions. These are some major driving factors that are expected to escalate the growth of the overall speech analytics market by 2015. According to Coherent Market Insights analysis, speech analytics technology is one of the fastest growing segments in the contact centers tools industry. The adoption of speech analytics technology grew by over 62% in 2016 and it is anticipated to grow at a 17% growth rate by 2018.
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However, high initial cost to implement this solution is expected to restraint the growth of the global speech analytics solutions market.
Speech Analytics Market: Regional Insights
The global speech analytics market is segmented on the basis of regions into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. Asia Pacific region is expected to be the fastest growing region in the global speech analytics market. Risk and compliance management and major investment in contact centers are the major factors driving the regional market growth. For instance, Tata Consultancy Services (TCS), an India-based company is the prominent contact center service providers, which generated about US$16 billion in 2016.
Speech Analytics Market: Competitive Background
Major players operating in the global speech analytics market include Interactive Intelligence Group, Inc., Nice Systems Ltd., Verint Systems, Avaya, Inc., Genesys Telecommunications Laboratories, Inc., Hewlett-Packard Enterprise, Incontact, Inc., Calabrio, Inc., Callminer, Inc., and Clarabridge, Inc.
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