Speech Analytics Market was valued at US$ 2.30 Bn in 2022 and is expected to reached at US$ 8.84 Bn in 2029. Speech Analytics Market size is expected to grow at a CAGR of 21.2% through the forecast period.
Speech Analytics Market Overview:
Maximize Market Research is a Business Consultancy Firm that has published a detailed analysis of the Speech Analytics Market. The report includes key business insights, demand analysis, pricing analysis, and competitive landscape. The analysis in the report provides an in-depth aspect at the current status of the Speech Analytics market, with forecasts outspreading to the year 2029.
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Speech Analytics Market Scope and Methodology:
Maximize market research covers competitive landscape, key competitors and their market shares for better understanding of the industry. The report also discusses new product developments and technology trends. The report provides a detailed overview of the Speech Analytics market through both quantitative and qualitative analysis. The report aims to help readers develop business strategies and assess their position in the market by providing a comprehensive analysis of the competitive landscape. The purpose of the report is to provide the necessary information to make an informed decision regarding the Speech Analytics market. In addition, the report delivers information on revenue, sales volume, and average price of the entire market and sub-segments in various segments and regions to assist portable notebook manufacturers, new entrants, and companies involved in the industry chain market.
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Speech Analytics Market Regional Insights:
In a regional analysis, the Speech Analytics market is segmented into North America, South America, Europe, the Middle East and Africa, and Asia Pacific. These regions are classified as corresponding countries such as the United States, Canada, Mexico, United Kingdom, Germany, France, Spain, Italy, Rest of Europe, China, India, Japan, Australia, and South Korea.
Speech Analytics Market Segmentation:
by Component
1. Solutions
1.1 Speech Engine
1.2 Indexing and Query Tools
1.3 Reporting and Visualization Tools
1.4 Quality Management
1.5 Root Cause Analysis
1.6 Other Solutions (Emotion Detection and Workforce Optimization)
2. Services
2.1 Professional Services
2.1.1 Training and Consulting
2.1.2 System integration and implementation
2.1.3 Support and Maintenance
2.2 Managed Services
The solutions segment is predicted to grow with the biggest market share in 2022 based on component. Over the course of the projection period, the customer experience management application category is anticipated to have a greater market share. It enables businesses to leverage current customer data to spot patterns and trends, create retention plans, and lower customer attrition. The requirement to examine customer call recordings in order to determine customer intent and conduct behavior analysis is responsible for various factors, including the indexing and query tools segment's large market share.
by Application
1. Customer Experience Management
2. Call monitoring and summarization
3. Agent performance monitoring
4. Sales and marketing management
5. Risk and compliance management
6. Sentiment analysis
7. Other Applications
The Customer Experience Management segment is anticipated to have the highest compound annual growth rate (CAGR) over the projected period, based on applications. Contact centers now connect and communicate much more effectively thanks to these apps, which has improved business performance. Speech analytics solutions have the power to completely change a business by giving them several techniques to guarantee that every client interaction is secure and of consistently high quality. The speech engine provides inputs by identifying and comprehending conversations.
by Deployment Mode
1. Cloud
2. On-premises
by Organization Size
1. Large enterprises
2. Small and medium-sized enterprises (SMEs)
by End-User
1. Banking Finance Services and Insurance (BFSI)
2. IT and Telecom
3. Media and Entertainment
4. Healthcare and Life Sciences
5. Retail and eCommerce
6. Travel and Hospitality
7. Government and Defense
8. Healthcare and life sciences
9. Other Verticals
Over the course of the forecast period, the retail and e-commerce industry vertical is anticipated to increase at the greatest CAGR. With speech analytics becoming more and more important in improving customer happiness, retention rates, and churn rates, the BFSI vertical is expected to hold a greater market share during the projection period. The majority of businesses use speech analytics tools to interpret the conversational data they collect and use that data to improve operational efficiency. The retail and e-commerce segments of the speech analytics market are expanding as a result of the growing use of speech analytics tools in the business process outsourcing (BPO) sector.
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Speech Analytics Market Key Players:
1. Verint Systems
2. Avaya
3. Calabrio
4. CallMiner
5. Clarabridge
6. Almawave
7. Voci Technologies
8. Zoom International
9. NICE Systems
10. Genesys
11. HPE
12. Tatwa Technologies
13. Uniphore Software Systems
14. Micro Focus
15. Avaya
16. Google
17. AWS
18. Vonage
19. OpenText
20. Calabrio
21. Eleveo
22. Almawave
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Key questions answered in the Speech Analytics Market are:
- What is Speech Analytics?
- What was the Speech Analytics market size in 2022?
- What is the growth rate of the Speech Analytics Market?
- What is the CAGR at which the Speech Analytics market will grow during the forecast period?
- What are the different segments of the Speech Analytics Market?
- Which is the fastest-growing region in the Speech Analytics market?
- Which are the factors expected to drive the Speech Analytics market growth?
- What growth strategies are the players considering to increase their presence in Speech Analytics?
- What are the upcoming opportunities and trends for the Speech Analytics Market?
- What are the recent industry trends that can be implemented to generate additional revenue streams for the Speech Analytics Market?
- What segments are covered in the Speech Analytics Market?
- Who are the key players in the Speech Analytics market?
- Who are the leading companies and what are their portfolios in Speech Analytics Market?
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Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by Different Segment | 2023−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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