Speech Analytics Market Research Report: By Offering (Solution, Service), Type (On-Premises, Cloud), Enterprise Size (Large Enterprise, SME), Application (Customer Experience Management, Call Monitoring, Agent Performance Monitoring, Risk & Compliance Management), Industry (BFSI, Hospitality, IT & Telecom, Healthcare, Media & Entertainment, Manufacturing, Government, Retail), Geographical Outlook (U.S., Canada, Germany, U.K., France, Italy, Spain, China, Japan, India, South Korea, Brazil, Mexico, Turkey, U.A.E., South Africa, Saudi Arabia
NEW YORK, Oct. 03, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, the global speech analytics market size was valued at $1,010.4 million in 2018, and projected to reach at $2,910.1 million, growing at a CAGR of 19.9% during the forecast period (2019–2024). On the basis of application, the customer experience management category held the largest share in the market in 2018, and it is further expected to witness the fastest growth, with a CAGR of 21.0%, during the forecast period. This can be attributed to the increasing need to evaluate overall customer experience, and then predict customer satisfaction score, which helps companies to improve their sales effectiveness.
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Adherence to compliance regulations is one of the key factors driving the speech analytics market across the globe. Currently, as compliance rules are consistently evolving to protect consumer rights, organizations need to stay updated on regulations, such as the Telephone Consumer Protection Act (TCPA) and the Fair Credit Reporting Act (FCRA). Speech analytics software has the ability to automatically monitor and analyze all calls as per the regulations, and eliminates the risk of fines and lawsuits associated with non-compliance.
Increasing demand for speech analytics solutions from SMEs is further driving the speech analytics market, globally. In recent years, rising number of SMEs have adopted speech analytics solutions and services in order to deliver greater customer experience. Players in the market are also focusing on providing more-flexible solutions and services to SMEs, as they are increasingly moving toward data-driven decision making to scale up their business operations.
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Based on deployment type, the cloud category is expected to witness faster growth during the forecast period. This is due to increased scalability, 24/7 service, and easy maintenance. In addition, organizations are also deploying cloud-based speech analytics solutions to reduce their operational and infrastructure costs, and to enhance operational flexibility.
In terms of enterprise size, the large enterprise category held larger share in the speech analytics market in 2018, as large enterprises are strongly focusing on customer experience management to encourage repeat business and retain their large customer base. Whereas, the SME category is expected to register faster CAGR, of 21.0%, during the forecast period. This growth can be attributed to the increasing availability and affordability of cloud-based speech analytics solutions provided by major market players.
Together, North America and Europe are expected to account for over 65% share in the global speech analytics market by 2024. This can be mainly attributed to the presence of established players, technological advancement, and large IT infrastructure spending in these regions.
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Other geographies, which include APAC, LATAM, and MEA, also hold considerable shares in the speech analytics market. Globally, the APAC market is expected to witness the fastest growth during the forecast period. This can be attributed to the surging digital services and changing consumer preference in the region.
The speech analytics market is competitive in nature, with the presence of several established players, such as NICE Ltd., Verint Systems Inc., Hewlett Packard Enterprise Company, CallMiner Inc., Genesys Telecommunications Laboratories Inc., Avaya Holdings Corporation, Zoom International, Castel Communications, Clarabridge Inc., Calabrio Inc., CallTrackingMetrics LLC., VoiceBase Inc., 8x8 Inc., TCN Inc., and MattsenKumar Services LLC.
In recent years, major players in the speech analytics market have taken several strategic measures, such as mergers & acquisitions, product launches, and geographical expansions, to expand their market foothold. For instance, in June 2019, Amazon Web Services Inc. launched artificial intelligence (AI)-powered speech analytics for Amazon Connect that provides customer insights in real time and helps agents to respond as per the need of customers and improve the overall customer experience. The solution includes pre-trained AWS AI services that enable customers to transcribe, translate, and analyze each customer interaction in Amazon Connect, and presents this information to assist contact center agents during their conversations.
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