The speech analytics market is expected to reach USD 1.64 billion by 2025, according to a new report by Grand View Research, Inc. The market is estimated to witness a robust growth exceeding a CAGR of 10% over the forecast period. This growth is ascribed to the increasing emphasis by organizations on improving the market intelligence capabilities along with the growing prominence of voice in the multi-channel world.
The
number of contact centers is increasing, resulting in industry players to
innovate speech analytics solutions, which help companies understand the
changing customer requirements. The technology has been increasingly adopted in
consumer electronics devices, including laptops, smartphones, and tablets, as
it significantly increases the enterprise’s scope as well as improves
performance. This, in turn, has resulted in elevating adoption of speech
analytics solutions worldwide. In addition, upcoming technologies, such as
voice print authentication, are estimated to spur growth over the coming years.
Furthermore,
the rising demand for risk management solutions and cloud analytics is also
anticipated to favorably impact growth over the next nine years. These
solutions offer several growth opportunities as this solution helps optimize
performance and enhance customer experience. However, issues pertaining to lack
of awareness and rise in cost may pose a challenge to the speech analytics
market growth in the near future.
Full Research Report On Speech Analytics Market Visit Here:
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Speech Analytics
Market Report Highlights
- The service segment is
anticipated to grow at a CAGR exceeding 8.0% from 2016 to 2025, which is
attributed to the wide product and solution portfolio offerings by service
firms operating in the market.
- The cloud-based deployment
segment captured over 25.0% of the total revenue share in 2015 and is
anticipated to exhibit growth of over 9.0% from 2016 to 2025, primarily
ascribed to the cost benefits and improved performance offered by cloud
over the on-premise solutions, along with the increasing adoption of cloud
analytics in contact centers.
- Speech analytics allows
organizations to work on unstructured data obtained through customer
interactions to enhance customer experience and gain a competitive advantage
on account of which the small & medium-sized enterprise segment is
expected to gain prominence over the forecast period.
- The telecommunication
segment accounted for a significant market share in 2015, capturing over
15% of the entire revenue share in the same year, which is majorly due to
the integration of speech analytics into enterprise systems to enhance
efficiency as well as customer experience.
- Asia Pacific is expected to
emerge as the fastest growing region with a CAGR exceeding 12.0% over the
forecast period, which is mainly on account of rapid industrialization,
and since, organizations have become more competitive and are focusing on
better customer service.
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Speech Analytics
Market Segmentation
Grand View Research has segmented
the speech analytics market on the basis of type, deployment, enterprise size,
end-use, and region:
Type Outlook
(Revenue, USD Million; 2014 - 2025)
- Solution
- Service
Deployment Outlook
(Revenue, USD Million; 2014 - 2025)
- On-premise
- Cloud
Enterprise Size
Outlook (Revenue, USD Million; 2014 - 2025)
- Small & Medium
Enterprise
- Large Enterprise
End-Use Outlook
(Revenue, USD Million; 2014 - 2025)
- BFSI
- Telecommunication
- IT
- Retail
- Healthcare
- Government
- Hospitality
- Others
Regional Outlook
(Revenue, USD Million; 2014 - 2025)
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- Saudi Arabia
- UAE
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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