The speech analytics market is witnessing growth across the globe due to the rising focus on customer satisfaction. Currently, the common notion is that customers are not loyal to brands as they have numerous options to get the product of choice. It has been observed that customers prefer paying a higher price to competitors if they offer better services. As a result, companies are investing more on improving customer services that may result in high customer retention rate and new customer acquisition.
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The global speech analytics market share is predicted to garner $2,910.1 million by 2024, advancing at a 19.9% CAGR during the forecast period (2019–2024), growing from $1,010.4 million in 2018. Some of the key factors of the market growth are the rising number of contact centers, increasing significance of real-time speech, growing focus on customer satisfaction, and compliance to regulations. The speech analytics software reviews and analyzes live customer calls and voice recordings to present an analysis of overall customer experience, and assist organizations in constructing operational strategies aimed at enhancing customer experience.
The players operating in the speech analytics market have huge potential for growth as the demand for speech analytics is increasing by the day from small and medium enterprises (SMEs) for expanding their product portfolios and shares. In order to offer their customers an enhanced service and also retain them, SMEs are integrating speech analytics software in their workflow. In addition to this, the deployment of speech analytics software on the cloud has improved its accessibility for SMES, as it no more requires any hardware investment.
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Therefore, the market for speech analytics is predicted to flourish in the forecast period due to the rising need for businesses to retain customers in long run.
The research offers market size of the global speech analytics market for the period 2014-2024.
Market Segmentation by Offering
- Solution
- Service
- Professional
- Managed
Market Segmentation by Deployment Type
- On-Premises
- Cloud
Market Segmentation by Enterprise Size
- Large Enterprise
- Small & Medium Enterprise (SME)
Market Segmentation by Application
- Customer Experience Management
- Call Monitoring
- Agent Performance Monitoring
- Risk & Compliance Management
- Others (including Quality Management and Competitive Intelligence)
Market Segmentation by Industry
- Banking, Financial Services, and Insurance (BFSI)
- Hospitality
- Information Technology (IT) & Telecom
- Healthcare
- Media & Entertainment
- Manufacturing
- Government
- Retail
- Others (including Automotive, Oil & Gas, Energy & Utilities, and Logistics)
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