NEW YORK, Oct. 08, 2019 (GLOBE NEWSWIRE) -- The global speech analytics market is expected to grow at a CAGR of 19.2% during the forecast period with its market size predicted to reach USD 2,963.5 million by 2024. Globally, speech analytics industry players are leveraging market growth through product launches, partnerships, mergers & acquisitions, and geographic expansion. For example, in August 2019, NICE Ltd. acquired Mattersight Corporation (cloud-based speech analytics software provider).
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Further, in June 2019, Amazon Web Services Inc. launched artificial intelligence (AI)-powered speech analytics for Amazon Connect that offers customer insights in real time and enable agents to respond as per the customers need and enhance the overall customer experience.
BFSI category held largest share in the speech analytics market in 2018
On the basis of vertical, the global speech analytics market is divided into BFSI, hospitality, it & telecom, healthcare, media & entertainment, manufacturing, government, retail, and others. Of all, the BFSI category held largest share in the market in 2018, owing to the increasing use of speech analytics solutions by financial institutions, in order to enhance customer satisfaction, and ensure regulatory compliances.
Based on application, the global speech analytics market is categorized into customer experience management, call monitoring, agent performance monitoring, risk & compliance management, and others. Of all, the customer experience management category held the largest share in the market in 2018, owing to the growing need to analyse overall customer experience, and then forecast customer satisfaction score, which helps firms to improve their sales strategies.
Explore key industry insights in 84 tables and 50 figures from the 161 pages of report, “Global Speech Analytics Market Analysis and Forecast to 2024 - Industry Insights by Offering (Solution, Service [Professional, Managed]), by Deployment Type (On-Premises, Cloud-Based), by Enterprise Size (Small & Medium Enterprise, Large Enterprise), by Vertical (BFSI, Media & Entertainment, Manufacturing, Automotive, Healthcare, Energy & Utilities, Government, Retail, Others), by Application (Customer Experience Management, Call Monitoring, Agent Performance Monitoring, Risk & Compliance Management, Others)”
Geography Insight
Geographically, North America has accounted for the largest share in speech analytics market, globally and is predicted to grow significantly during the forecast period. The growth of this market is attributed towards the existence of a large number of speech analytics solution vendors in the U.S., increasing service industry, and increasing number of contact centers in the region.
Competitive Insight
Some of the key players operating in the global speech analytics market are Hewlett Packard Enterprise Company, Calabrio Inc., Clarabridge Inc., NICE Ltd., Verint Systems Inc., CallMiner Inc., Genesys Telecommunications Laboratories Inc., Avaya Holdings Corporation, Aspect Software Inc., Zoom International, and Castel Communications.
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Key Takeaway from the Report:
- Among all the offerings, solution category held larger share in the market in 2018. However, service category is expected to witness the faster growth during the forecast period.
- Of all the deployment type, cloud-based category is expected to witness the faster growth during the forecast period.
- The large enterprises category held larger share in the speech analytics market in 2018.
- Of all vertical, the BFSI category held largest share in the market in 2018.
- Among all the application, the customer experience management category held the largest share in the market in 2018.
The Report Offers:
- Historical market estimate for the years 2014–2018 and forecast for the years 2019–2024
- Insight on current market trends, market dynamics, key opportunities and major challenges in the industry
- Market insights by in-depth segmentation with industry dynamics.
- Competitive analysis and benchmarking of the industry leaders and their product offerings
- Profiles of leading players and innovators, their financial overview and product portfolio
- Analysis of key industry trends and recent developments
- Value chain analysis and distribution channel analysis with opportunity assessment
- Market share analysis of major players
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The report provides the market value for the base year 2018 and a yearly forecast till 2024 in terms of revenue (USD Million). The report segments the global speech analytics market on the basis of offering, deployment type, enterprise size, vertical, application, and region.
Global Speech Analytics Market Coverage
Offering Insight and Forecast 2014-2024
- Solution
- Service
- Professional
- Managed
Deployment Type Insight and Forecast 2014-2024
- On-Premises
- Cloud-Based
Enterprise Size Insight and Forecast 2014-2024
- Large Enterprises
- Small & Medium Enterprises
Vertical Insight and Forecast 2014-2024
- Banking, Financial Services, and Insurance (BFSI)
- Hospitality
- Information Technology (IT) & Telecom
- Healthcare
- Media & Entertainment
- Manufacturing
- Government
- Retail
- Others
Application Insight and Forecast 2014-2024
- Customer Experience Management
- Call Monitoring
- Agent Performance Monitoring
- Risk & Compliance Management
- Others
Geographical Segmentation
Speech Analytics Market by Region
North America
- By Offering
- By Deployment Type
- By Enterprise Size
- By Vertical
- By Application
- By Country – U.S., Canada, and Mexico
Europe
- By Offering
- By Deployment Type
- By Enterprise Size
- By Vertical
- By Application
- By Country – Germany, U.K., France, Italy, Spain, and Rest of Europe
Asia-Pacific (APAC)
- By Offering
- By Deployment Type
- By Enterprise Size
- By Vertical
- By Application
- By Country – China, Japan, India, South Korea, Australia, and Rest of Asia-Pacific
Rest of the World (RoW)
- By Offering
- By Deployment Type
- By Enterprise Size
- By Vertical
- By Application
- By Country – Brazil, Saudi Arabia, South Africa, and Other Countries
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