Dublin, Feb. 07, 2023 (GLOBE NEWSWIRE) -- The "Speech Analytics Market by Component, Application, Organization Size, Deployment Mode, End-use Industry - Global Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
This report provides in-depth analysis of speech analytics market in five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2029.
The global speech analytics market is expected to reach $14.1 billion by 2029, at a CAGR of 20.1% during the forecast period of 2022 to 2029.
The growth of this market is mainly attributed to the growing number of fraudulent activities, the increasing need to automate regulatory compliance processes, and the rising need for faster transactions. The study offers a comprehensive analysis of the global speech analytics market by component, application, organization size, deployment mode, end-use industry, and geography.
Based on component, the global speech analytics market is segmented into solutions and services. In 2022, the solutions segment is expected to account for the larger share of the speech analytics market. The large market share of this segment is attributed to the rising proliferation of speech analytics software in call centers, growing demand for reporting and visualization tools across retail industries, increasing need for customer experience and engagement solutions, growing need to identify customer needs and interests, increasing demand for mitigating compliance & risks, and the increasing need to understand agent performance. Additionally, this segment is expected to register the highest CAGR during the forecast period.
Based on end-use industry, the global speech analytics market is segmented into IT & telecommunications, BFSI, retail & consumer goods, healthcare & life sciences, government & public sector, travel & hospitality, media & entertainment, business process outsourcing, education, and other end-use industries.
In 2022, the IT & telecommunications segment is expected to account for the largest share of the global speech analytics market. The large market share of this segment is attributed to factors such as increasing demand for speech analytics solutions by telecom companies to gather more actionable information in less time, increasing demand to boost customer retention by building loyalty and maintaining customer relationships, and growing popularity for solutions to Implement protocols to seize opportunities for cross-selling and upselling in IT & telecom.
However, the business process outsourcing segment is expected to register the highest CAGR during the forecast period. The growth of this segment is attributed to factors such as the growing demand to resolve simpler customer queries using AI-based chatbots, the rising need to monitor customer calls, derive actionable insights, raise red flags when there are areas of concern, assist during agent QA process, among others, and increasing proliferation of speech analytics solutions to monitor agent performance and assess call quality.
Based on geography, the global speech analytics market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2022, North America is expected to account for the largest share of the global speech analytics market.
The large market share of this region is attributed to the increasing adoption of emotion analysis and expansion of e-commerce platforms and provision of customer satisfaction, rising demand for speech analytics software to maintain inbound, outbound, and blended calls, e-mails, web inquiries, and chats, increasing demand for self-service interactions among customers, growing popularity for healthcare fraud analytics and detection solutions across the region, and growing demand for reporting and visualization tools by region's flourishing retail and e-commerce sectors.
However, the Asia-Pacific region is expected to register the highest CAGR during the forecast period due to the growing technology expenditures in major countries such as Australia, China, and India, the demand for cost-effective analytical software and services among small and medium-sized enterprises (SMEs), and increasing proliferation of speech and voice recognition devices in call centers.
The key players operating in the global speech analytics market are NICE Ltd. (Israel), Verint Systems Inc. (U.S.), CallMiner, Inc. (U.S.), Genesys Cloud Services, Inc. (U.S.), Avaya Holdings Corp. (U.S.), Audio Analytic Ltd. (U.K.), Calabrio, Inc. (U.S.), Batvoice Technologies (France), Qualtrics, LLC (U.S.), Dialpad, Inc. (U.S.), WinterLight Labs (Canada), The Plum Group, Inc. (U.S.), Aural Analytics, Inc (U.S.), Amazon.com, Inc. (U.S.), Uniphore Technologies Inc. (India), Intelligent Voice Ltd (U.K.), Kwantics (India), Gnani Innovations Private Limited (India), and SAS Institute Inc. (U.S.).
Key questions answered in the report
- Which are the high-growth market segments in terms of the components, applications, technologies, organization size, deployment mode, and end-use industry?
- What is the historical market for speech analytics across the globe?
- What are the market forecasts and estimates for the period of 2022-2029?
- What are the major drivers, restraints, and opportunities in the global speech analytics market?
- Who are the major players in the global speech analytics market and what share of the market do they hold?
- Who are the major players in various countries and what share of the market do they hold?
- How is the competitive landscape?
- What are the recent developments in the global speech analytics market?
- What are the different strategies adopted by the major players in the global speech analytics market?
- What are the geographical trends and high-growth countries?
- Who are the local emerging players in the global speech analytics market and how do they compete with the other players?
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
3.1 Market Analysis, by Component
3.2 Market Analysis, by Application
3.3 Market Analysis, by Organization Size
3.4 Market Analysis, by Deployment Mode
3.5 Market Analysis, by End-use Industry
3.6 Market Analysis, by Geography
4. Impact of COVID-19 on Speech Analytics Market
5. Market Insights
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Surge in Demand for Speech Analytics to Improve Call Center Operations
5.2.1.2 Emergence of Speech Analytics to Enhance Fraud Detection
5.2.1.3 Increased Demand for Speech-based Biometric Systems
5.2.2 Restraints
5.2.2.1 Concerns Regarding Data Privacy and Security
5.2.3 Opportunities
5.2.3.1 Increasing use of Speech Analytics in the Healthcare Sector
5.2.3.2 Growing Demand for Cloud-based Speech Analytics Solutions to Boost Customer Retention
5.2.4 Challenges
5.2.4.1 Limited Use Cases of Real-time Speech Analytics
5.2.5 Technology Trends
5.2.5.1 Increasing Incorporation of AI & ML into Speech Analytics Solutions
5.2.6 Market Trends
5.2.6.1. Increased Use of Speech Analytics Solutions Since the COVID-19 Pandemic
6. Speech Analytics Market, by Component
6.1 Introduction
6.2 Solutions
6.2.1 Call Center Software
6.2.2 Customer Experience Solutions
6.2.3 Reporting and Visualization Tools
6.2.4 Customer Engagement Solutions
6.2.5 Quality Assurance and Monitoring Solutions
6.2.6 Enterprise Performance Management Solutions
6.2.7 Other Speech Analytics Solutions
6.3 Services
6.3.1 Professional Services
6.3.2 Managed Services
7. Speech Analytics Market, by Application
7.1 Introduction
7.2 Sales & Marketing Management
7.3 Customer Experience Management
7.4 Fraud Detection & Security
7.5 Call Monitoring and Summarization
7.6 Risk & Compliance Management
7.7 Sentiment Analysis
7.8 Other Applications
8. Speech Analytics Market, by Organization Size
8.1 Introduction
8.2 Small & Medium-sized Enterprises
8.3 Large Enterprises
9. Speech Analytics Market, by Deployment Mode
9.1 Introduction
9.2 Cloud-based Deployment
9.3 On-premise Deployment
10. Speech Analytics Market, by End-use Industry
10.1 Introduction
10.2 IT & Telecommunications
10.3 Media & Entertainment
10.4 Business Process Outsourcing
10.5 BFSI
10.6 Retail & Consumer Goods
10.7 Healthcare & Life Sciences
10.8 Government & Public Sector
10.9 Travel & Hospitality
10.10 Education
10.11 Other End-use Industries
11. Speech Analytics Market, by Geography
12. Speech Analytics Market-Competitive Landscape
12.1 Introduction
12.2 Key Growth Strategies
12.2.1 Market Differentiators
12.2.2 Synergy Analysis: Major Deals & Strategic Alliance
12.3 Competitive Dashboard
12.3.1 Industry Leader
12.3.2 Market Differentiators
12.3.3 Vanguards
12.3.4 Contemporary Stalwarts
12.4 Vendor Market Positioning
12.5 Market Share Analysis
13. Company Profiles (Business Overview, Financial Overview, Product Portfolio, and Strategic Developments)
13.1 NICE Ltd. (Israel)
13.2 CallMiner, Inc. (U.S.)
13.3 Gnani Innovations Private Limited (India)
13.4 Kwantics (India)
13.5 Uniphore Technologies Inc. (India)
13.6 Aural Analytics Inc (U.S.)
13.7 WinterLight Labs (Canada)
13.8 Dialpad, Inc. (U.S.)
13.9 Batvoice Technologies (France)
13.10 Calabrio, Inc. (U.S.) Dialpad, Inc. (U.S.)
13.11 Audio Analytic Ltd. (U.K.)
13.12 Genesys Cloud Services, Inc. (U.S.)
13.13. Intelligent Voice Ltd (U.K.)
13.14. Avaya Holdings Corp. (U.S.)
13.15. Verint Systems Inc. (U.S.)
13.16. SAS Institute Inc. (U.S.)
13.17. Amazon.com, Inc. (U.S.)
13.18 The Plum Group, Inc. (U.S.)
13.19 Qualtrics International Inc. (U.S.)
14. Appendix
For more information about this report visit https://www.researchandmarkets.com/r/dp6ywx-analytics?w=12
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