Speech Analytics Market By Offering (Solution, Services), By Enterprise Size (Large Enterprises, SMEs), By Application (Customer Experience Management, Call Monitoring and Summarization, Agent Performance Monitoring, Sales and Marketing Management, Others), By Industry Vertical (BFSI, IT and Telecom, Media and Entertainment, Retail and eCommerce, Government and Defence, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
Speech analytics is a system that uses artificial intelligence and natural language processing to interpret and analyse consumer interactions from real-time or recorded audio data (NLP). Managers of contact centres generally utilise speech analytics to determine the terms that are frequently used during customer interactions to identify and comprehend their top contact drivers. Help businesses build up behavioural remarketing campaigns by identifying the buyer's intent to create seamless customer experiences. To improve the overall client experience, train new hires and have them ready to react to enquiries more rapidly. Furthermore, businesses may leverage these AI-driven speech recognition technologies, creating attractive potential for the expansion of the speech analytics market.
Due to the increased use of the retail and e-commerce sectors, as well as the rising need for voice authentication analysis solutions in mobile finance apps, the speech analytics market is anticipated to rise significantly during the forecast period. Furthermore, the BPO industry's spike in demand for speech analytics solutions has fueled the market's expansion. The primary issue impeding market growth, however, is the concerns about data privacy and security as well as the intricate data ecosystem that leads to security lapses and information leaks. Conversely, it is anticipated that the usage of artificial intelligence (AI) and machine learning (ML)-based technologies would fuel the expansion of the speech analytics market during the forecast period.
The global speech analytics market research is segmented into offerings, enterprise size, application, industry vertical, and regions. Based on offerings, the market is bifurcated into solutions and services. Based on enterprise size are large enterprises and small & medium-sized enterprises (SMEs). Based on the industry vertical the market is segmented into banking financial services and insurance (BFSI), IT & telecom, media & entertainment, retail & e-commerce, government & defense, and others. Region-wise, the speech analytics market trends are analyzed across North America (U.S. and Canada), Europe (Germany, Italy, France, Spain, UK, and the rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa). Key players operating in the market Avaya Inc., Amazon Web Services, Inc., Call Miner, Genesys Telecommunications Laboratories, Inc., Gnani Innovations Private Limited., Google Inc. (Google Cloud), LivePerson, Inc., Micro Focus International PLC, NICE Systems Ltd., and Verint System Inc.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the speech analytics market analysis from 2021 to 2031 to identify the prevailing speech analytics market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the speech analytics market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global speech analytics market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Offering
Solution
Services
By Enterprise Size
Large Enterprises
SMEs
By Application
Customer Experience Management
Call Monitoring and Summarization
Agent Performance Monitoring
Sales and Marketing Management
Others
By Industry Vertical
BFSI
IT and Telecom
Media and Entertainment
Retail and eCommerce
Government and Defence
Others
By Region
North America
U.S.
Canada
Europe
Germany
Italy
France
Spain
UK
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
Avaya Inc.
Amazon Web Services, Inc.
CallMiner
Genesys Telecommunications Laboratories, Inc.
Gnani Innovations Private Limited.
Google LLC
LivePerson, Inc.
Micro Focus
NICE Systems Ltd.
Verint System Inc.
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