Speech Analytics Market By Key Players, Vertical, and Region – Forecast

Global Speech Analytics Market is valued approximately at USD 1.2 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 20.2% over the forecast period 2020-2027. Speech analytics is the analyzing of recorded calls which helps to collect customer information in order to improve communication and future interaction. This technology can identify cost drivers, trend analysis, identify strengths and weaknesses with processes and commodities, provide advanced functionalities and can give a company significant competitive advantage. The increasing need to improve customer need and overall experience, growing demand to monitor and improve agent performance and adherence to regulatory and compliance standard are the factors responsible for the growth of Speech Analytics Market over the forecast period.

The Internet of Things (IoT) provides organization real time data, about how their products are being used after purchase. Speech analytics is changing the face of marketing tremendously, as most part of the population now own smartphones and more and more devices become smart, thus availability of information is high. The data collected by Smartphones, allows enterprise planners to further plans based on one of voice, pauses, and volume of speech, among other parameters.

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Furthermore, the introduction of products and other strategic alliance by market key players will create a lucrative demand for this market. For instance: on 20th Jun 2018, Avaya includes real time speech analytics to its workfoce optimization suite for monitoring GDPR compliance within a contact center. However, need for integration with prevailing system and inability to quantify Return on Investment (RoI) is the major factor restraining the growth of global Speech Analytics market during the forecast period.

The regional analysis of global Speech Analytics Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the growing adoption advanced technologies has led the growth of the market. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027.

Major market player included in this report are:

  • NICE Systems Ltd.
  • Micro Focus International plc
  • Verint Systems
  • Avaya
  • OpenText Corporation
  • Google, LLC
  • Amazon Web Services
  • Vonage
  • Genesys, or Genesys Telecommunications Laboratories, Inc.
  • Calabrio, Inc.
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Christophe Rude

Christophe Rude

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