According to a new market research report "Speech Analytics Market by Type (Solutions (Speech Engine, Indexing, Analysis and Query Tools, and Dash Boards and Reporting Tool) and Services), by Deployment Type (On- Remise, Cloud), by Organization Size, by Vertical, & by Region - Global Forecast to 2020", published by MarketsandMarkets, the speech analytics market size is estimated to grow from USD 589.2 Million in 2015 to USD 1.60 Billion by 2020, at an estimated Compound Annual Growth Rate (CAGR) of 22.0% from 2015 to 2020.
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The speech analytics technology is witnessing the rising demand due to the need to decipher hidden insights from the customer interaction data. Rising number of contact centers, importance of customer feedback, need for Customer Relationship Management (CRM), product development, increasing competition among organizations, and stringent compliance management are some of the factors deriving the demand of speech analytics solutions and services.
Speech analytics solutions are expected to show positive trends during the forecast period
The speech analytics solutions are expected to dominate the market from 2015 to 2020, with larger market share than the service segment, due to growing trends of analytical insights from customer interaction data. Furthermore, due to future saturation in the solution segment in the developed economies and variation in global governmental customer protection norms and regulations, demand for professional services is expected to gain traction in the next five years.
Telecom, IT, and outsourcing segment to contribute maximum market share
The telecom, IT and outsourcing segment is expected to contribute the largest market share in the speech analytics market in 2015. The travel and hospitality segment is expected to grow at a rapid rate from 2015 to 2020 in the speech analytics market. The market is also projected to witness growth in the BFSI and retail & consumer goods segment during the forecast period.
North America expected to contribute the largest market share
North America is expected to have the largest market share and dominate the speech analytics market from 2015 to 2020, due to the presence of a large number of analytics vendors headquartered in the U.S. Asia-Pacific (APAC) offers potential growth opportunities, as the region is witnessing rise in technology penetration and larger investments in contact centers that are turning towards speech analytics solutions to efficiently gain insights from customer interaction data.
The major vendors in the speech analytics market include Interactive Intelligence Group, NICE Systems, Verint Systems, Avaya, Genesys, Hewlett-Packard Enterprise, inContact, Calabrio, CallMiner, and ClaraBridge, along with others. The report also includes Key Innovators in the market, such as Almawave, Nexidia, Voci Technologies, and ZOOM International, among others.
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The report covers detailed information regarding the major factors influencing the growth of the speech analytics market, such as drivers, restraints, challenges, and opportunities. A detailed analysis of the key industry players has been done to provide insights into their business overview, products and services, key strategies, new product launches, mergers and acquisitions, partnerships, agreements, collaborations, and recent developments associated with the speech analytics market.
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