The speech analytics market is expected to reach USD
1.64 billion by 2025, according to a new report by Grand View Research, Inc.
The market is estimated to witness a robust growth exceeding a CAGR of 10% over
the forecast period. This growth is ascribed to the increasing emphasis by
organizations on improving the market intelligence capabilities along with the
growing prominence of voice in the multi-channel world.
The
number of contact centers is increasing, resulting in industry players to
innovate speech analytics solutions, which help companies understand the
changing customer requirements. The technology has been increasingly adopted in
consumer electronics devices, including laptops, smartphones, and tablets, as
it significantly increases the enterprise’s scope as well as improves
performance. This, in turn, has resulted in elevating adoption of speech
analytics solutions worldwide. In addition, upcoming technologies, such as
voice print authentication, are estimated to spur growth over the coming years.
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| Global speech analytics market by region, 2014 - 2025 (USD Million) |
Furthermore,
the rising demand for risk management solutions and cloud analytics is also
anticipated to favorably impact growth over the next nine years. These
solutions offer several growth opportunities as this solution helps optimize
performance and enhance customer experience. However, issues pertaining to lack
of awareness and rise in cost may pose a challenge to the speech analytics market
growth in the near future.
Browse full
research report on Speech Analytics Market: www.grandviewresearch.com/industry-analysis/speech-analytics-market
Further key
findings from the study suggest:
- The service segment is anticipated to grow at a
CAGR exceeding 8.0% from 2016 to 2025, which is attributed to the wide
product and solution portfolio offerings by service firms operating in the
market.
- The cloud-based deployment segment captured
over 25.0% of the total revenue share in 2015 and is anticipated to
exhibit growth of over 9.0% from 2016 to 2025, primarily ascribed to the
cost benefits and improved performance offered by cloud over the
on-premise solutions, along with the increasing adoption of cloud
analytics in contact centers.
- Speech analytics allows organizations to work
on unstructured data obtained through customer interactions to enhance
customer experience and gain a competitive advantage on account of which
the small & medium-sized enterprise segment is expected to gain prominence
over the forecast period.
- The telecommunication segment accounted for a
significant market share in 2015, capturing over 15% of the entire revenue
share in the same year, which is majorly due to the integration of speech
analytics into enterprise systems to enhance efficiency as well as
customer experience.
- Asia Pacific is expected to emerge as the
fastest growing region with a CAGR exceeding 12.0% over the forecast
period, which is mainly on account of rapid industrialization, and since,
organizations have become more competitive and are focusing on better
customer service.
Browse more
reports of this category by Grand View Research: www.grandviewresearch.com/industry/communication-services
Grand View Research has segmented the speech analytics market on the
basis of type, deployment, enterprise size, end-use, and region:
Type
Outlook (Revenue, USD Million; 2014 - 2025)
- Solution
- Service
Deployment
Outlook (Revenue, USD Million; 2014 - 2025)
- On-premise
- Cloud
Enterprise
Size Outlook (Revenue, USD Million; 2014 - 2025)
- Small
& Medium Enterprise
- Large
Enterprise
End-Use
Outlook (Revenue, USD Million; 2014 - 2025)
- BFSI
- Telecommunication
- IT
- Retail
- Healthcare
- Government
- Hospitality
- Others
Regional
Outlook (Revenue, USD Million; 2014 - 2025)
- North
America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Asia
Pacific
- China
- India
- Japan
- Latin
America
- Brazil
- Mexico
- Middle
East & Africa
- Saudi
Arabia
- UAE
Access
Press Release By Grand View Research: www.grandviewresearch.com/press-release/global-speech-analytics-market
About Grand
View Research:
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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