Industry Background:
Speech analytics solutions can convert call recordings to actionable data, and then translate the data into valuable insights that are effective across the enterprise. These solutions are used to handle a broad range of interactions with customers. Enterprises across the globe have incorporated speech analytics through a combination of internally recorded data, social media as well as external syndicated data primarily to create a cutting -edge solution, to gain a better understanding of their customer requirements and reduce churn.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
Key Companies Profiled | NICE (Israel), Verint (United States), Micro Focus (United Kingdom), Avaya (United States), Genesys (United States), Google (United States), AWS (United States), Vonage (United States), OpenText (Canada) and Calabrio (United States) |
According to AMA, the market for Speech Analytics is expected to register a CAGR of 22.1% during the forecast period to 2027. This growth is primarily driven by Increasing need to improve the customer journey and overall experience and Growing demand to monitor and improve agent performance.
Globally, a noticeable market trend is evident Adherence to regulatory and compliance standards
The Internet Software & Services sector in the North America region has been increasing at a sustainable rate, and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as NICE (Israel), Verint (United States), Micro Focus (United Kingdom), Avaya (United States), Genesys (United States), Google (United States), AWS (United States), Vonage (United States), OpenText (Canada) and Calabrio (United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In July 2020, Verint and Cloud9 Technologies joined forces to provide the financial services market with a fully compliant, cloud-enabled communications solution to support traders both on the trading floor and remotely, providing necessary flexibility as the industry continues to move to cloud-based platforms and work-from-home environments during and beyond the COVID-19 pandemic. This offering leverages Cloud9’s C9 Trader voice communication and analytics platform and Verint Financial Compliance with seamless integration into existing systems, addressing key compliance concerns around voice trading.
In July 2020, OpenText announced the availability of its Content Services technology for Microsoft Teams. This new integration enables the use of OpenText Content Services for information governance and control. OpenText Extended ECM for Microsoft Office 365 integrates content and collaboration tools into business processes. With the announcement, OpenText adds its market-leading information governance tools and systems to Teams, making an expanded set of compliance, records management, and archiving options available to Teams users and administrators.
Influencing Trend:
Adherence to regulatory and compliance standards and Rising need to predict customer intent and monitor agent behavior
Market Growth Drivers:
Increasing need to improve the customer journey and overall experience and Growing demand to monitor and improve agent performance
Challenges:
Complex data ecosystem leading to data breaches and security issues
Restraints:
Need for integration with the prevailing system and Inability to quantify Return on Investment (RoI)
Opportunities:
Use of AI and ML-based technologies to facilitate real-time actionable customer insights and The growing need for cloud-based speech analytics solutions to bolster customer retention
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Speech Analytics Market
- Analysis about New Entrants in Speech Analytics Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Speech Analytics Study Sheds Light on
The Speech Analytics Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Speech Analytics industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Speech Analytics industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.