The global speech analytics market was valued at US$ 950.2 Million in 2017 and is expected to grow with the highest CAGR during the forecast period.
Speech Analytics Market research provides the detailed analysis of industry share, growth factors, development trends, market size, key players and 2024 forecast. The report also analyzes innovative business strategies, value added factors and business opportunities.
In North America, the U.S. holds the major market share, owing to the presence of a large number of analytics vendors. However, APAC is expected to be the fastest growing region due to the increasing technology expenditures in Australia, China, and India.
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Speech Analytics has gained momentum in the telecom industry, owing to the huge amount of data being generated through the introduction of the connected world concept. Initially, the recorded calls were being evaluated manually, but the increasing number of call volume is demanding the need for an adequate and accurate evaluation, thereby leading to the adoption of speech analytics. Telecom service provider organizations are the major end-users of speech analytics solutions across the globe. Various benefits such as fraud reduction, risk minimization, service improvement, increased margins, and customer satisfaction are leading to the acquisition and retention of more customers, which are further supporting the market growth.
The speech analytics market in North America is primarily being driven by the increasing digital marketing spending, increased technology spending by Central Intelligence Agencies, and increased focus on treating mental illness in the region and others. In addition to these, this region is witnessing high growth due to the growing focus on customer satisfaction, increasing adoption of analytical solutions by the agencies and corporates, and increasing number of call centers set up in most of the emerging nations.
The Top Key Players Covered in this study:
Nice Systems Ltd.
Genesys and more….
This speech analytics market report covers an in-depth analysis of the market including statistical and subjective data points, along with the key market drivers and opportunities & restraints that have positive or negative effects on the overall global market. An exclusive coverage is provided for market drivers and challenges & opportunities for a country-level market in the respective regional segments. The report comprises a competitive analysis of the key players functioning in the market and covers in-depth data related to the competitive landscape of the market and the recent strategies & products that will assist or affect the market in the near future.
This of report focuses on the Speech Analytics Market in global market, especially in United States, China, Europe, Japan, Southeast Asia, India and more.
Speech analytics is the process of analyzing on-going or recorded calls for collecting useful data for quality assurance. The calls are being analysed for understanding the mood of the customer, reason for the call, satisfaction level, and other relevant information that helps in improving the business. This analytics primarily uses the unstructured data from the customer phone calls and matches it with structured metadata. This data then further undergoes a speech recognition process and is being converted into text and parameters such as voice, loudness, and tempo are analysed. These parameters are then used in the business decision-making process.
Speech solutions provide the ability to convert the recorded call into unstructured data and then translate the data into useful information effectively across the enterprise. These solutions can handle a broad range of customer interactions. Speech analytics solutions are gaining popularity across various enterprises due to the ineffectiveness of the conventional text-based analytics that is unable to handle the complex business issues in real time. In addition to this, speech analytics identifies the areas where contact center managers may require additional training or tutoring, and automatically monitors the customer service provided on calls. Speech analytics provides an unconditional analysis of recorded phone conversations of the company and provides various solutions such as speech engine, indexing, analysis, query tools, dashboards, and reporting tools.
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On the basis of deployment type, the cloud-based communication analytics is dominating the market with the highest CAGR, owing to its high adoption rate in various organizations. As it helps in identifying the potential risks with real-time insights into customers, identifying high-value customers and in managing them accordingly, and across the customer life cycles to improve revenues.
The speech analytics market is segmented based on components, deployment, application, end-user industry, and geography. On the basis of components, the market has been segmented into solutions and services. Based on the deployment type, the market has been segmented as on-premises and cloud-based. The cloud-based segment is dominating the market, owing to the growing adoption of speech analytics in various organizations for identifying the premium customers, cost control, less implementation time, and for risk identification. Among the end-use industries, BFSI primarily uses speech analytics on a large scale due to the growing cases of banking frauds. That will further accelerate the speech analytics market in this sector during the forecast years.
Telecommunication Industry has one of the Highest Market Shares in Speech Analytics Market
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