Speech Analytics Market Insights by Emerging Trends, Growth Forecast With Revenue Analysis – Global Forecast to 2025

With COVID-19 resulting in the economic fallout, numerous economies are working on game-changing improvements to protect their employees and clients. While focusing on the ongoing challenges, the leaders are embracing new plans in order to manage and stay afloat in this competitive environment. 

The global speech analytics market size to grow from USD 1.5 billion in 2020 to USD 3.8 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 20.2% during the forecast period. Speech analytics is a software tool that automates the overall process of delivering insights from customer interactions. It extracts valuable information from multiple customer conversations; decision-makers can use this real-time information to make better decisions. Nowadays, speech analytics solutions can sift through unstructured call data (human voice interactions) to identify the probable causes of failure and success, and identify relationships. 

These solutions provide a complete analysis on the speaker separation, customer discontent, root-cause analysis, call-topic, and visual context for enhanced customer experience. Complex data ecosystem leading to data breaches and security issues, lack of skilled workforce to articulate business opportunities, and expensive integration of speech analytics solutions with other analytics solutions are one of the major challenges in the speech analytics market. Moreover, need for integration with prevailing system, and inability to quantify Return on Investment (RoI) act as one of the key restraining factor in the market.

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The Final Report will cover the impact analysis of COVID-19 on this industry: Speech Analytics Market Insights by Emerging Trends, Growth Forecast With Revenue Analysis – Global Forecast to 2025

Among Solutions, the reporting and visualization tools segment to record the highest growth rate during the forecast period
By solution, the reporting and visualization tools segment is expected to account for a higher market share during the forecast period. This growth is expected to gain traction, as it combines desktop activity analytics with speech analytics solutions to better manage the agent’s performance and deliver enhanced customer experience. Speech analytics solutions comprise speech engines; indexing and query tools; reporting and visualization tools; workforce optimization; and others (emotion detection, root cause analysis, and quality management tools).

These solutions help businesses maintain audit and compliance needs, and obtain the right insights on the right people at the right time. Most of these solutions are said to be easy to deploy, and are feature-rich to address the rigors and requirements of communication centers. The solutions help to analyze all forms of audio — VoIP, analog, and digital telephony, and offer— support for a wide range of Private Branch Exchange (PBX) platforms, extensions, and IP switches. These processes help to derive meaningful data from customer conversations. The speech engine helps recognize and understand conversations, based on which it derives outputs. 

The indexing, analysis, and query tools help to extract words directly from the speech or search for the words in the inbuilt vocabulary, so that emotions can be analyzed. The reporting and visualization tools help in drilling down and filtering out the overall customer conversation details. These solutions are further capable of creating a detailed analysis of the voice communication through the integration of various technologies, such as analytics, NLP, and AI, to deliver actionable insights to businesses. Most of the enterprises leverage the speech analytics solutions to understand the conversational data generated and leverage the same to achieve operational efficiencies. Speech analytics solution providers offer end-to-end solutions to cater to the industry-specific requirements of verticals such as BFSI, retail and eCommerce, IT and telecom, manufacturing, travel and hospitality, healthcare and life sciences, government, media and entertainment, and others (education, transportation and logistics, and energy and utilities).

Fill This Form and get the Sample Copy of This Report: https://www.sdki.jp/sample-request-62381
The Final Report will cover the impact analysis of COVID-19 on this industry: Speech Analytics Market Insights by Emerging Trends, Growth Forecast With Revenue Analysis – Global Forecast to 2025

Among services, the managed services segment to record the higher CAGR during the forecast period
The services segment in the speech analytics market has been further divided into professional services and managed services. These services play a vital role in the functioning of speech analytics solutions. Speech analytics vendors require technical support services and consulting services to quickly and smoothly deploy their solutions in the market. These services help maximize the value of enterprise investments. Service providers ensure end-to-end deployment and maintenance of speech analytics solutions and address pre- and post-deployment queries.

The speech analytics market is segmented on the basis of applications into customer experience management, call monitoring, agent performance monitoring, sales and marketing management, competitive intelligence, risk and compliance management, and others (business process management, and predictive analysis). These applications have made a huge difference to the way that contact centers connect and communicate, thus improving the performance of enterprises. Speech analytics solutions can transform an organization by providing many ways of ensuring that they are delivering a consistent quality of service and a secure experience at every customer touchpoint.

The speech analytics market by deployment mode includes the on-premises and cloud segments. Deployment refers to the setting-up of the hardware, operating systems, and applications required to manage the IT ecosystem. Speech analytics solutions can be deployed through either mode based on security, availability, and scalability. Cloud deployment offers advantages such as pay-per-use, and low installation and maintenance costs. This deployment mode is expected to show high growth in the near future.

Among organization size, the SME’s segment to record the higher CAGR during the forecast period
Based on organization size, the speech analytics market has been segmented into large enterprises and SMEs. Currently, the market share of large enterprises is higher; however, the market for SMEs is expected to increase at a higher CAGR during the forecast period.

Breakdown of primaries
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the speech analytics market.
§ By Company: Tier I: 34%, Tier II: 43%, and Tier III: 23%
§ By Designation: C-Level Executives: 50%, Directors: 30%, & Other level: 20%
§ By Region: North America: 30%, APAC: 25%, Europe: 30%, Latin America: 10%, Middle East and Africa: 5%

Research Coverage
The speech analytics market is segmented by component, application, deployment mode, organization size, vertical, and region. A detailed analysis of the key industry players has been undertaken to provide insights into their business overviews; services; key strategies; new service launches; partnerships, agreements, and collaborations; business expansions; and competitive landscape associated with the global speech analytics market.

The report would help the market leaders/new entrants in the following ways:
• It comprehensively segments the speech analytics market and provides the closest approximations of the revenue numbers for the overall market and its subsegments across regions.
• It would help stakeholders understand the pulse of the market and provide information on the key market drivers, restraints, challenges, and opportunities.
• It would help stakeholders understand their competitors better and gain more insights to enhance their positions in the market. The competitive landscape section includes a competitor ecosystem, new service developments, partnerships, and acquisitions.

1 INTRODUCTION 48
1.1 INTRODUCTION TO COVID-19 48
1.2 COVID-19 HEALTH ASSESSMENT 48
FIGURE 1 COVID-19: THE GLOBAL PROPAGATION 48
FIGURE 2 COVID-19 PROPAGATION: SELECT COUNTRIES 49
1.3 COVID-19 ECONOMIC ASSESSMENT 50
FIGURE 3 REVISED GROSS DOMESTIC PRODUCT FORECASTS FOR SELECT G20 COUNTRIES IN 2020 50
1.3.1 COVID-19 ECONOMIC IMPACT—SCENARIO ASSESSMENT 51
FIGURE 4 CRITERIA IMPACTING THE GLOBAL ECONOMY 51
FIGURE 5 SCENARIOS IN TERMS OF RECOVERY OF THE GLOBAL ECONOMY 52
1.4 OBJECTIVES OF THE STUDY 53
1.5 MARKET DEFINITION 53
1.5.1 INCLUSIONS AND EXCLUSIONS 54
1.6 MARKET SCOPE 55
1.6.1 MARKET SEGMENTATION 55
1.6.2 REGIONS COVERED 56
1.6.3 YEARS CONSIDERED FOR THE STUDY 56
1.7 CURRENCY CONSIDERED 56
TABLE 1 UNITED STATES DOLLAR EXCHANGE RATE, 2017–2019 57
1.8 STAKEHOLDERS 57
1.9 SUMMARY OF CHANGES 57

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Christophe Rude
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