Global Speech Analytics Market Size, Share & Trends Analysis Report by Deployment Type (On-Premise and Cloud-Based), By Solution (Speech Engine, Indexing, Analysis, and Query Tools, and Dashboard and Reporting Tools), By End-User (BFSI, IT and Telecommunication, Government and Defense, Retail, Healthcare, Media and Entertainment, Travel and Hospitality, and Others) Forecast Period 2022-2028
The global speech analytics market is anticipated to grow significantly at a CAGR of 19.0 % during the forecast period. Speech analytics is the process of extracting useful information from recorded calls between consumers and businesses. It is used to assess trend analysis, cost drivers, and identify process and product strengths and weaknesses. One of the primary factors fueling the growth of the market is increased competition among industry players and the rising trend of big data analytics. Additionally, the market is expected to be driven by rising demand for risk management and compliance, as well as the growing importance of voice in the multichannel world.
The increasing need for customer intelligence services, as well as increased demand in the BPO sector or contact centers across the globe, are expected to propel the market growth during the forecast period. For instance, speech analytics, with its capacity to swiftly evaluate client intent and generate actionable information from calls, has proven to be a beneficial option, particularly for BPO organizations. Speech analytics is being used by marketing teams to anticipate which customers are likely to diverting from a product. They are then able to devise retention strategies and propose incentives to such customers, such as discount coupons or product upgrades. Furthermore, the requirement for interaction with existing systems and the inability to quantify Return on Investment (RoI) are two major factors that are restraining the growth of the global speech analytics market.
Impact of COVID-19 Pandemic on Global Speech Analytics Market
The global speech analytics market has seen strong growth since the outbreak of COVID-19 in December 2019. The COVID-19 pandemic has had a significant impact on economies and society, affecting markets and customer behavior. Businesses are increasingly seeking solutions to enable them to get through these difficult times, with offices, educational institutions, and manufacturing facilities closing for an indefinite period, and work-from-home and social distance policies in effect. The hardware industry is expected to have the most impact on the IT industry. The growth of IT infrastructure has slowed due to a decrease in hardware supply and reduced manufacturing capacity.
Businesses that provide solutions and services are also projected to see a temporary slowdown. However, the adoption of collaborative applications, analytics, security solutions, and artificial intelligence (AI) is expected to rise in the second half of the year. For instance, in July 2020, OpenText has made its Content Services technology available for Microsoft Teams. Content and collaboration technologies are integrated into business processes with OpenText Extended ECM for Microsoft Office 365. The market will witness “V” shape recovery in near future owing to the restart of activities in major economies.
The global speech analytics market can be segmented based on the deployment type, type, and end-users. Speech analytics can deploy in two categories which include cloud-based and on-premise. Due to the growing demand for cloud-based services across the globe, cloud-based deployment is expected to have the largest market share in the market. Based on the solution, the market is classified into speech engine, indexing, analysis, and query tools, and dashboard and reporting tools. Based on the end-user, the market is classified into BFSI, IT and telecommunication, government and defense, retail, healthcare, media and entertainment, travel and hospitality, and others.
Global Speech Analytics Market Share by Solution, 2020 (%)
Global Speech Analytics Market Share by Solution
Indexing, Analysis, and Query Tools Segment holds the significant share in the Global Speech Analytics Market
Among the solution for the global speech analytics market, the indexing, analysis, and query tools segment held the highest share in 2020 and is also anticipated to grow significantly during the forecast period. The necessity to analyze customer recorded calls to determine customer intent and perform behavior analysis accounts for the indexing and query tools segment's large market share. Speech engines, indexing, analysis, and query tools, dashboard and reporting tools are all part of speech analytics solutions. These tools assist businesses in meeting audit and compliance requirements, as well as obtaining the correct information on the right individuals at the right time. The majority of these solutions are believed to be simple to set up and feature-rich enough to handle the rigors and demands of communication centers.
The global speech analytics market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, and Others), and the Rest of the World (the Middle East and Africa, and Latin America). North America has been predicted to dominate the global speech analytics market, followed by Europe. The growth is mainly attributed due to increased demand for enhanced customer support services. Due to the increased demand to minimize enterprise workloads linked to internal and external communication monitoring in Europe, it is predicted to be in second place in terms of market size and market share.
Global Speech Analytics Market Growth, by Region 2022-2028
Global Speech Analytics Market Growth, by Region
Asia-Pacific is projected to have considerable growth in the Global Speech Analytics Market
Asia-Pacific is anticipated to exhibit the fastest growth in the global speech analytics market. In the region, countries such as China and India are significantly contributing to the growth of the market. This is due to the rising adoption of speech analytics solutions by the huge population. The increase in the number of players, and considerable developments in the region will lead to an increase in demand for speech analytics.
Market Players Outlook
The key players of the global speech analytics market include Calabrio Inc., Calabridge Inc., Avaya Inc., AlmavivA S.p.A., IBM Corp., Microsoft Corp., NICE Ltd., ThoughtSpot Inc., among others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, In June 2020, Verint has unveiled its Workforce Management system, introducing additional capabilities to suit the demands of the workforce transition back to the office. Verint's new WFM supports regular employee rotation in and out of the office, distancing scheduling by building capacity broken down by zone, the need for staggered start times, scheduled employee health checks, and mobile scheduling requests and notifications to agents on schedule changes to meet the challenging requirements post-pandemic.
The Report Covers
- Market value data analysis of 2020 and forecast to 2027.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global speech analytics market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market
Table of Contents
- Current Industry Analysis and Growth Potential Outlook
- Impact of COVID-19 on the Global Speech AnalyticsIndustry
- Recovery Scenario of Global Speech AnalyticsIndustry
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. BY Region
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
3.1.2. Financial Analysis
3.1.3. SWOT Analysis
3.2. Key Strategy Analysis
3.3. Impact of COVID-19 on Key Players
5.2. Global Speech Analytics Market by Solution
5.2.1. Speech Engine
5.2.2. Indexing, Analysis, and Query Tools
5.2.3. Dashboard and Reporting Tools
5.3. Global Speech Analytics Market by End-User
5.3.2. IT and Telecommunication
5.3.3. Government and Defense
5.3.6. Media and Entertainment
5.3.7. Travel and Hospitality
6.1.1. United States
6.2.6. Rest of Europe
6.3.4. South Korea
6.3.5. Rest of Asia-Pacific
6.4. Rest of the World
7.2. Amazon Web Services, Inc.
7.3. Avaya Inc.
7.4. Calabrio Inc.
7.5. Callminer, Inc.
7.6. Clarabridge, Inc.
7.7. Genesys Telecommunication Laboratories, Inc.
7.8. Google, LLC
7.9. IBM Corp.
7.10. Micro Focus International PLC.
7.11. Microsoft Corp.
7.12. NewVoiceMedia Group (Salesforce.com Inc.)
7.13. NICE Ltd.
7.14. OnviSource, Inc.
7.15. OPEX Hosting Ltd.
7.16. SESTEK (Sestek Sound and Communication Computer Technologies Co.)
7.17. ThoughtSpot Inc.
7.18. Verint Systems, Inc.
7.19. Voci Technologies, Inc.VoiceBase Inc.
A selection of companies mentioned in this report includes:
- AlmavivAS.p. A.
- Amazon Web Services, Inc.
- Avaya Inc.
- Calabrio Inc.
- Callminer, Inc.
- Clarabridge, Inc.
- Genesys Telecommunication Laboratories, Inc.
- Google, LLC
- IBM Corp.
- Micro Focus International PLC.
- Microsoft Corp.
- NewVoiceMedia Group (Salesforce.com Inc.)
- NICE Ltd.
- OnviSource, Inc.
- OPEX Hosting Ltd.
- SESTEK (Sestek Sound and Communication Computer Technologies Co.)
- ThoughtSpot Inc.
- Verint Systems, Inc.
- Voci Technologies, Inc.VoiceBase Inc.