Speech Analytics Market- Overview

Speech analytics market is projected to reach the earning of US $ 9.33 Billion with a CAGR of 20.38% during the estimated period from 2020 to 2030

Artificial intelligence and Machine learning engrossed in Speech Analytics software is the current trend in the market. With advancement in technology and emerging market of intelligent machines capable of learning about human behaviour, the demand for advanced voice assistant service has also raised. AI in speech analytics software helps in understanding the customer interactions with voice assistant tools such as Siri, Bixby and others. For instance, recently, in October 2017, Marchex Inc., an advertising analytics company, introduced new version of speech analytics solution integrated with artificial intelligence. This call analytics software was designed to help businesses in integrating customer feedback into their work by eliminating word error rate by 15%. This would also help the company in optimising their media operations.

The Global Speech Analytics market is expected to get high growth in coming years. The increasing adoption of speech analytics software in contact centers, rising deployment of artificial intelligence in voice assistant solutions, and rising need of risk compliance management are some factors driving the market growth during forecast period 2016-2022. However, high deployment cost and technical limitations are some of the factors hampering the market growth.

Key Players:

Verint Systems, Inc. (U.S.), Genesys Telecommunication Laboratories, Inc. (U.S.), Callminer, Inc. (U.S.), NICE Systems Ltd.( Israel), Avaya, Inc.(U.S.), HP Enterprise (U.S.), Calabrio, Inc.(US), Calabridge, Inc.(U.S.), Aspect Software Inc.(U.S.), and Callminer, Inc. (U.S.) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Speech Analytics Market.

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Speech Analytics Market- Segmentation

The Speech Analytics Market can be classified into 4 key segments as follows:

Segmentation by Type: Solution (Analysis Query tool, dash board, indexing speech engine) and Services

Segmentation by Deployment: On-cloud and On-premise

Segmentation by End-User: BFSI, Entertainment, Government, Retail, Healthcare, IT Telecommunication and others.

Segmentation by Regions: Comprises Geographical regions - North America, Europe, Asia Pacific and Rest of the World.

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Regional Analysis

North America has dominated the Speech Analytics market in 2016. The technology advancement, and presence of major market players such as Verint Systems, HP, Aspect software and others in U.S. has supported the region in generating highest revenue for the market. Europe on the other hand, is expected to grow with significant growth rate during forecast period 2016-2022. Asia-Pacific is expected to grow with highest CAGR during the forecast period due to developing technology infrastructure and high adoption of speech analytics tool in contact center service sector.

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