|Status : Published||Published On : Oct, 2019||Report Code : VRICT5136||Industry : ICT & Media||Available Format :||Page : 161|
Industry Insights by Offering (Solution, Service [Professional, Managed]), by Deployment Type (On-Premises, Cloud-Based), by Enterprise Size (Small & Medium Enterprise, Large Enterprise), by Vertical (BFSI, Media & Entertainment, Manufacturing, Automotive, Healthcare, Energy & Utilities, Government, Retail, Others), by Application (Customer Experience Management, Call Monitoring, Agent Performance Monitoring, Risk & Compliance Management, Others)
The global speech analytics market is projected to reach USD 2,963.5 million by 2024, registering a CAGR of 19.2% during the forecast period. Growing significance for real-time speech analytics solutions, and increasing demand for speech analytics solutions to cater growing BPO sector, propelling the growth of the market.
Insight by Offering
On the basis of offering, the global speech analytics market is categorized into solution and service, wherein solution category held larger share in the market in 2018. The growth of this segment is attributed towards growing adoption of speech analytics solutions in all the verticals, in order to offer improved user service and monitor agent’s performance.
The service category is expected to witness faster growth during the forecast period, owing to the rising demand for consulting and increasing demand for integration and implementation.
Furthermore, service category is sub-segmented into managed and professional.
Insight by Deployment Type
Based on deployment type, the speech analytics market is segmented into on-premises, and cloud-based. Among the two segments, cloud-based category is expected to witness faster growth during the forecast period. The growth of this segment is attributed to the fact that cloud-based deployment offers high speed, 24/7 service, and enhanced scalability.
Insight by Enterprise Size
Based on enterprise size, the speech analytics market is segmented into small & medium enterprise, and large enterprise. Among the two segments, large enterprise category held larger share in the speech analytics market in 2018. The growth of this segment is attributed to the fact that large enterprises adopt speech analytics solution more in comparison to SME’s, to offer better customer experience, to encourage their repeat business and retain their large customer base.
Global speech analytics market has been driven by several key factors, predominantly increasing number of contact centers, rising focus on customer satisfaction, growing significance for real-time speech analytics solutions, and increasing demand for speech analytics solutions to cater growing BPO sector.
Difficult to quantify return on investment (RoI) is hindering the growth of the speech analytics market, globally.
Geographically, North America has accounted for the largest share in speech analytics market, globally and is predicted to grow significantly during the forecast period. The growth of this market is attributed towards the existence of a large number of speech analytics solution vendors in the U.S., increasing service industry, and increasing number of contact centers in the region. Moreover, Asia-Pacific is expected to witness the fastest growth during the forecast period due to the increasing IT investments in developing countries, such as China and India.
Some of the key players operating in the global speech analytics market are Hewlett Packard Enterprise Company, Calabrio Inc., Clarabridge Inc., NICE Ltd., Verint Systems Inc., CallMiner Inc., Genesys Telecommunications Laboratories Inc., Avaya Holdings Corporation, Aspect Software Inc., Zoom International, and Castel Communications.
- Identifying variables and establishing market impact.
- Establishing market trends regionally.
- Analyzing opportunities and market penetration rates by understanding product commercialization, regional expansion.
- Analyzing demand and supply trends and changes in industry dynamics to establish future growth.
- Analyzing sustainability strategies adhered by market participants in an attempt to determine the future course of the market.
- Analyzing historical market trends and super-imposing them on the current and future variables to determine the year-on-year trend.
- Understanding adoption, production, export, import, and regulatory framework.
- Estimated and forecasted data was validated through industry experts.
- Apart from industry experts, data triangulation methods were used for validation.
- The bottom-up and top-down approach has been used for estimation and forecast of market data, whereas the top-down approach was used for validation.
- Demand, as well as supply-side surveys, were conducted in order to understand the industry dynamics and data validation.
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from the industry experts. The key profiles approached within the industry include CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads, and Others. Also, end-user surveys comprising of consumers are also conducted to understand consumer behaviour.
Source: VynZ Research
Source: VynZ Research