Over the past few years, enterprises all over the world have realized the importance of analyzing customer interactions in order to improve customer retention and enhance customer satisfaction. The main method used by companies to obtain feedback from customers includes contact centers, especially call centers. This gave rise to the concept of speech analytics. With the help of this technological advancement, it is possible to study and analyze customer interactions. It is highly useful in extracting crucial business intelligence. The speech analytics market has been estimated to grow at a CAGR of 23.9% to reach $1.3 billion by 2019, from $352.2 million in 2013. The global leaders in the speech analytics market include NICE, Verint, and HP Autonomy.
Browse through the market data tables, figures and detailed ToC on the “Speech Analytics Market”.
North America Speech Analytics Market
The North American market constitutes the maximum share of the global speech analytics market, as compared to other regions. Speech analytics can be implemented in all types of sectors such as BFSI and IT. Along with this factor, there has been a significant increase in the number of call centers, thus leading to the growth of this market. The speech analytics market in the North American region has been valued at $184 million and is estimated to grow at a CAGR of 21.4%, to reach $614 million by 2019. The major players in this market include NICE, Verint, HP Autonomy, CallMiner, and Nexidia.
Latin America Speech Analytics Market
The Latin American speech analytics market is witnessing growth due to factors such as the increase in the usage of voice based applications within different channels and the exponential rise in the number of call centers. Also, in Brazil, there is a high number risk and compliance management systems, which have contributed to the expansion of this market. The current valuation of the Latin America speech analytics market is $9.69 million and this market is poised to grow at a CAGR of 38.2%, to reach $74.50 million by 2019.The prominent companies providing these services include Verint, HP Autonomy, NICE, Aspect, and Genesys.
European Speech Analytics Market
There has been commendable growth in the European speech analytics market in the last few years, owing to the growing need of enterprises for enhanced solutions to monitor and analyze the customer interactions and feedback. The European market was valued at $91.8 million in 2013 and is expected to grow at a CAGR of 20.4%, to reach $292 million by 2019. Speech analytics has applications over a wide range of industry segments, which has contributed to the expansion of this market. Some of the top industry leaders in the European market include NICE, Verint, and CallMiner, among others.
Asia-Pacific Speech Analytics Market
The Asia-Pacific Speech analytics market was valued at $54 million in 2013 and has been projected to grow at a CAGR of 29.2%, to reach $265 million by 2019. The emerging countries in the Asia-Pacific region are growing at an enormous rate, hence contributing to higher demand for speech analytics solutions. However, the market is faced with certain challenges that need to be overcome in order to facilitate the growth of this market. These challenges include rising costs and lack of awareness. The key enterprises delivering services in this business segment are HP Autonomy, NICE, Verint, Aspect, and Genesys, among others.
Middle-Eastern and African Speech Analytics Market
Countries in the Middle-Eastern and African region have been showing overall positive economic growth. The rising implementation of IT services in various industries, combined with its applications for the purpose of speech analytics, is being witnessed in this region. The multiple applications of speech analytics have contributed in driving the MEA market. The total size of the MEA speech analytics market was estimated at $12.9 million in 2013, and is estimated to grow at a CAGR of 35.6% to reach $86.42 million by 2019. The top players in this market include HP Autonomy, Genesys, NICE, and Verint.
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