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.
View summary of this report @ http://www.grandviewresearch.com/industry-analysis/speech-analytics-market
Further key findings from the report suggest:
- 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.
Browse more reports of this category by Grand View Research: http://www.grandviewresearch.com/blogs/technology
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
o
U.S.
o
Canada
·
Europe
o
UK
o
Germany
o
France
·
Asia Pacific
o
China
o
India
o
Japan
·
Latin America
o
Brazil
o
Mexico
·
Middle East & Africa
o
Saudi Arabia
o
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, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
For More Information Visit - http://www.grandviewresearch.com/
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