24.02.2020 PR, реклама, маркетинг

Speech Analytics Market Analysis, Growth Opportunities and Recent Trends by Leading Manufacturers & Regions

The global speech analytics market is predicted to garner $2,910.1 million by 2024, advancing at a 19.9% CAGR during the forecast period (2019–2024), growing from $1,010.4 million in 2018. Some of the key factors of the market growth are the rising number of contact centers, increasing significance of real-time speech, growing focus on customer satisfaction, and compliance to regulations. The speech analytics software reviews and analyzes live customer calls and voice recordings to present an analysis of overall customer experience, and assist organizations in constructing operational strategies aimed at enhancing customer experience.

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On the basis of region, the speech analytics market is divided into Middle East & Africa, Latin America, Asia-Pacific, Europe, and North America. In 2018, the largest market share was accounted for the by the North American region. This was due to the flourishing service industry and growing number of contact centers, which can be managed by speech analytics solutions. In the forecast period, the fastest growth is projected to be witnessed by the APAC region due to the rising investments in emerging economies, such as India and China.

Based on offering, the speech analytics market is bifurcated into solution and service. The larger share in the market in 2018 was held by the solution category. This was attributed to the rising adoption of speech analytics solutions across all industries, to provide customers better services and also monitor performance of agents. In the forecast period, the faster growth is predicted to be witnessed by the service category due to the growing demand for integration and implementation, and consulting in the processes.

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The players operating in the speech analytics market have huge potential for growth as the demand for speech analytics is increasing by the day from small and medium enterprises (SMEs) for expanding their product portfolios and shares. In order to offer their customers an enhanced service and also retain them, SMEs are integrating speech analytics software in their workflow. In addition to this, the deployment of speech analytics software on the cloud has improved its accessibility for SMES, as it no more requires any hardware investment.

Therefore, the market for speech analytics is predicted to flourish in the forecast period due to the rising need for businesses to retain customers in long run.