The speech analytics market is segmented on the basis of types into solutions and services. Further, on the basis of deployment type the global speech analytics market is segmented into on premise and on cloud deployment. The speech analytics market is also divided on the basis of Industry verticals into telecommunication and IT, BFSI , media and entertainment, healthcare and life sciences, retail and consumer goods and others. The global speech analytics market is bifurcated on the basis of regions into North America, Europe, Asia Pacific, South America and Middle East & Africa.
At present, there are many modes and platforms that are used by costumer and end users like social media platform, emails and voice etc. to communicate and interact with service, solution providers and between each other. Phone and voice interaction are one the most preferred mode of communication among costumers as it provides them high degree of real time interaction. There are various advantages that voice and phone interaction provides to its end users like real time guidance for costumers and ease of communication.
Speech analytics solutions helps users to identify the insights, sentiment and meanings within conversation, which provides enterprises mainly its customer interaction centers various strategic benefits for their businesses. Speech analytics solutions and services are experiencing an increasing adoption trends among various industry domains and verticals as it provides them ability to take rational business decisions. It also helps enterprises to improve on their operational efficiency, agility and to achieve competitive edge in today’s highly competitive environment.
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High growth in the numbers of customer interaction centers, increasing focuses on taking competitive edge through market intelligence and rising requirements for compliance and risk management are some of the factors that are driving the Speech Analytics market. Expensive solutions and low awareness of potential benefits of this technology among enterprises are few of the reasons that may slow down the adoption of speech analytics solutions and services among various industry verticals and domains. Cloud based real time speech analytics solutions and services are expected to provide high opportunities for various market players that are operating in this market.
North America holds one of the largest share in the global speech analytics market. High presence of enterprises, technology vendors and high technical adoption trends for improving operation and business efficiency in North American region has fueled the growth of the speech analytics market. Asia Pacific is one of the fastest growing speech analytics market and provides lucrative opportunity for various solutions and services vendors due to increasing numbers of customer interaction centers and investments. This are some of the reasons for the growth of speech analytics market in Asia Pacific region.
Some of the key players operating in the global speech analytics market are NICE Systems, Interactive Intelligence Group, Verint Systems, Genesys, inContact, Hewlett-Packard Enterprise, CallMiner, Voci Technologies, Almawave, Mattersight, Nexidia, Avaya, ZOOM International and Calabrio among others.
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