Speech Analytics Market Overview
The market research analysis forecasts significant growth within the Speech Analytics Market . This comprehensive report meticulously outlines the drivers fueling this growth, key restraints, forthcoming challenges, and abundant opportunities present in the global Speech Analytics market landscape. The report delves into a detailed regional and segmental breakdown, providing a comprehensive understanding of the market's dynamics and size.
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Market Values:
Speech Analytics Market was valued at US$ 2.30 Bn in 2022 and is expected to reach 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.
Market Report Scope and Research Methodology
Research Methodology:
This research employs a meticulous approach to examining the most influential trends shaping the Speech Analytics market and their potential impacts on new business investments and industry expansion. The study extensively analyzes market trends, encompassing new technologies, regulatory landscapes, government investments, emerging applications, international market entry strategies, and other industry dynamics. Its primary objective is to equip clients with an in-depth understanding of these trends, enabling the development of robust strategies to fortify their presence in the Speech Analytics market.
Report Scope:
The report's scope is extensive, aiming to provide a comprehensive view of the industry landscape. It meticulously delineates the drivers catalyzing market growth, highlights obstacles that may impede progress, identifies potential challenges, and uncovers lucrative opportunities within the Speech Analytics market. Additionally, the report offers a granular breakdown, analyzing market dynamics and size across various regions and segments.
Speech Analytics Market Dynamics:
Market Drivers:
The factors such as focus on higher customer satisfaction, an increasing need for speech analytics solutions from the Business Process Outsourcing (BPO) sector and rising significance of real-time speech analytics will drive the growth of the Speech Analytics Market. With speech technology which is integrated with phone banking, helps bank can enable natural, human-like conversations and satisfying interactions with customers.
For enhancing their mobile banking services, banking companies focus on innovation. Previously, they were dependent on processes, such as password verification, One-Time Passwords (OTPs), and security questions, which were time-consuming and less user-friendly. However, this scenario is now changing. Banks have now realized the importance of increasing security and enhancing user experience by integrating voice recognition technology in mobile applications. Thus, the growing demand for voice authentication in mobile banking applications are boosting the growth of the Speech Analytics Market.
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 behaviour 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 centres 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.
Key Players in the Speech Analytics Market Include:
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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Regional Insights:
The report includes a detailed analysis of various regions and their respective countries, including:
- Asia-Pacific (Vietnam, China, Malaysia, Japan, Philippines, Korea, Thailand, India, Indonesia, and Australia)
- Europe (Turkey, Germany, Russia, UK, Italy, France, etc.)
- North America (the United States, Mexico, and Canada)
- South America (Brazil, etc.)
- The Middle East and Africa (GCC Countries and Egypt)
Table of Content: Speech Analytics Market
Part 01: Executive Summary
Part 02: Scope of the Speech Analytics Market Report
Part 03: Global Speech Analytics Market Landscape
Part 04: Global Speech Analytics Market Sizing
Part 05: Global Speech Analytics Market Segmentation by Type
Part 06: Five Forces Analysis
Part 07: Customer Landscape
Part 08: Geographic Landscape
Part 09: Decision Framework
Part 10: Drivers and Challenges
Part 11: Market Trends
Part 12: Vendor Landscape
Part 13: Vendor Analysis
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Key Questions answered in the Speech Analytics Market Report are:
- What is Speech Analytics?
- What is the expected CAGR of the Speech Analytics market during the forecast period?
- What is the expected Speech Analytics market size by 2029?
- What factors are affecting the Speech Analytics market growth?
- Which region held the largest share of the global Speech Analytics market?
- What growth strategies are the players considering to increase their presence in Speech Analytics?
- Who are the leading players in Speech Analytics Market?
Key Offerings:
- A detailed Analysis of the Market Overview
- Market Share, Size & Forecast by Revenue | 2023−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Route of administration, Application, Facility of use and Region and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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