Speech analytics is the process of analyzing on-going or recorded calls for collecting useful data for quality assurance. The calls are being analysed for understanding the mood of the customer, reason for the call, satisfaction level, and other relevant information that helps in improving the business. This analytics primarily uses the unstructured data from the customer phone calls and matches it with structured metadata. This data then further undergoes a speech recognition process and is being converted into text and parameters such as voice, loudness, and tempo are analysed. These parameters are then used in the business decision-making process.
The global speech analytics market was valued at US$ 950.2 Million in 2017 and is expected to grow with the highest CAGR during the forecast period. Speech solutions provide the ability to convert the recorded call into unstructured data and then translate the data into useful information effectively across the enterprise. These solutions can handle a broad range of customer interactions. Speech analytics solutions are gaining popularity across various enterprises due to the ineffectiveness of the conventional text-based analytics that is unable to handle the complex business issues in real time. In addition to this, speech analytics identifies the areas where contact center managers may require additional training or tutoring, and automatically monitors the customer service provided on calls. Speech analytics provides an unconditional analysis of recorded phone conversations of the company and provides various solutions such as speech engine, indexing, analysis, query tools, dashboards, and reporting tools.
This speech analytics market report covers an in-depth analysis of the market including statistical and subjective data points, along with the key market drivers and opportunities & restraints that have positive or negative effects on the overall global market. An exclusive coverage is provided for market drivers and challenges & opportunities for a country-level market in the respective regional segments. The report comprises a competitive analysis of the key players functioning in the market and covers in-depth data related to the competitive landscape of the market and the recent strategies & products that will assist or affect the market in the near future.
The speech analytics market is segmented based on components, deployment, application, end-user industry, and geography. On the basis of components, the market has been segmented into solutions and services. Based on the deployment type, the market has been segmented as on-premises and cloud-based. The cloud-based segment is dominating the market, owing to the growing adoption of speech analytics in various organizations for identifying the premium customers, cost control, less implementation time, and for risk identification. Among the end-use industries, BFSI primarily uses speech analytics on a large scale due to the growing cases of banking frauds. That will further accelerate the speech analytics market in this sector during the forecast years.
Telecommunication Industry has one of the Highest Market Shares in Speech Analytics Market
Speech Analytics has gained momentum in the telecom industry, owing to the huge amount of data being generated through the introduction of the connected world concept. Initially, the recorded calls were being evaluated manually, but the increasing number of call volume is demanding the need for an adequate and accurate evaluation, thereby leading to the adoption of speech analytics. Telecom service provider organizations are the major end-users of speech analytics solutions across the globe. Various benefits such as fraud reduction, risk minimization, service improvement, increased margins, and customer satisfaction are leading to the acquisition and retention of more customers, which are further supporting the market growth.
On the basis of deployment type, the cloud-based communication analytics is dominating the market with the highest CAGR, owing to its high adoption rate in various organizations. As it helps in identifying the potential risks with real-time insights into customers, identifying high-value customers and in managing them accordingly, and across the customer life cycles to improve revenues.
North America is dominating the speech analytics market
The speech analytics market in North America is primarily being driven by the increasing digital marketing spending, increased technology spending by Central Intelligence Agencies, and increased focus on treating mental illness in the region and others. In addition to these, this region is witnessing high growth due to the growing focus on customer satisfaction, increasing adoption of analytical solutions by the agencies and corporates, and increasing number of call centers set up in most of the emerging nations. In North America, the U.S. holds the major market share, owing to the presence of a large number of analytics vendors. However, APAC is expected to be the fastest growing region due to the increasing technology expenditures in Australia, China, and India.
The key players operating in the speech analytics market are Calliminer, Verint Systems, Avaya Aurix, Nice Systems Ltd., Genesys, and others. To expand the market, the majority of vendors are adopting new technologies, and mergers and acquisitions to gain competitive advantage in the global market. Companies with a large geographical presence, irrespective of their market capitalization, are dominating the market. For instance, in November 2017, Nice Systems Ltd., an Israel-based telephone voice recording, data security, and surveillance company has partnered with Connvexus, a Peru-based Telecommunication and Networking Company, to expand its presence in Latin America.
The competition in the global speech analytics market will further get intense as various vendors are providing the technology to several end-use industries for market expansion. The competition in this market will further strengthen in the coming years with an increase in new product launches, innovations in technology, and M&A. For instance, Genesys, a California-based company that sells call center technology to mid-sized and large businesses, acquired Interactive Intelligence Group Inc., a global leader in cloud-based customer engagement, in an attempt to provide the best customer experience.
Chapter 1 Preface
1.1 Report Description
1.1.1 Purpose of the Report
1.1.2 Target Audience
1.1.3 USP and Key Offerings
1.2 Research Scope
1.3 Research Methodology
1.3.1 Phase I – Secondary Research
1.3.2 Phase II – Primary Research
1.3.3 Phase III – Expert Panel Review
1.3.4 Approach Adopted
1.3.4.1 Top-Down Approach
1.3.4.2 Bottom-Up Approach
1.3.5 Assumptions
1.4 Market Segmentation Scope
Chapter 2 Executive Summary
2.1 Market Summary
2.1.1 Global Speech Analytics Market, 2016-2023, (US$ Mn)
2.1 Market Snapshot: Global Speech Analytics Market
2.2 Market Dynamics
2.3 Global Speech Analytics Market, by Segment, 2018
2.3.1 Global Speech Analytics Market, by Component, 2018, (US$ Mn)
2.3.2 Global Speech Analytics Market, by Deployment, 2018,(US$ Mn)
2.3.3 Global Speech Analytics Market, by Application, 2018 (US$ Mn)
2.3.4 Global Speech Analytics Market, by End-use Industry, 2018 (US$ Mn)
2.3.5 Global Speech Analytics Market, by Region, 2018 (US$ Mn)
2.4 Premium Insights
2.4.1 Speech Analytics Market In Developed Vs. Developing Economies, 2018 vs 2023
2.4.2 Global Speech Analytics Market: Regional Life Cycle Analysis
Chapter 3 Market Dynamics
3.1 Market Overview
3.2 Market Drivers
3.2.1 Increasing need for higher customer satisfaction
3.2.2 Rising importance for Real-Time speech analytics
3.2.3 Driver 3
3.3 Market Restraints
3.3.1 Difficult to Quantify Return on Investment (RoI)
3.3.2 Restraint 2
3.4 Market Opportunities
3.4.1 Growing Cloud-Based speech analytics solutions
3.4.2 Opportunity 2
3.5 Industry Value Chain Analysis
3.5.1 Analyst’s Views
3.6 Industry SWOT Analysis
Chapter 4 Global Speech Analytics Market, by Component
4.1 Market Overview, by Component
4.1.1 Global Speech Analytics Market, by Component, 2016-2023 (US$ Mn)
4.1.2 Incremental Opportunity, by Component, From 2018-2023
4.2 Solutions
4.2.1 Global Speech Analytics Market, by Solutions , 2016-2023, (US$ Mn)
4.3 Services
4.3.1 Global Speech Analytics Market, by Services, 2016-2023, (US$ Mn)
Chapter 5 Global Speech Analytics Market, by Deployment
5.1 Market Overview, by Deployment
5.1.1 Global Speech Analytics Market, by Deployment , 2016-2023 (US$ Mn)
5.1.2 Incremental Opportunity, by Deployment , From 2018-2023
5.2 Cloud Based
5.2.1 Global Speech Analytics Market, by Cloud Based, 2016-2023, (US$ Mn)
5.3 On-Premises
5.3.1 Global Speech Analytics Market, by On-Premises, 2016-2023, (US$ Mn)
Chapter 6 Global Speech Analytics Market, by Application
6.1 Market Overview, by Application
6.1.1 Global Speech Analytics Market, by Application, 2016-2023 (US$ Mn)
6.1.2 Incremental Opportunity, by Application, From 2018-2023
6.2 Call Monitoring
6.2.1 Global Speech Analytics Market, by Call Monitoring, 2016-2023, (US$ Mn)
6.3 Risk And Compilance Management
6.3.1 Global Speech Analytics Market, by Risk And Compilance Management, 2016-2023, (US$ Mn)
6.4 Customer Experience Mangement
6.4.1 Global Speech Analytics Market, by Customer Experience Mangement, 2016-2023, (US$ Mn)
6.5 Agent Performance Monitoring
6.5.1 Global Speech Analytics Market, by Agent Performance Monitoring, 2016-2023, (US$ Mn)
6.6 Sales Performance Management
6.6.1 Global Speech Analytics Market, by Sales Performance Management, 2016-2023, (US$ Mn)
6.7 Others
6.7.1 Global Speech Analytics Market, by Others, 2016-2023, (US$ Mn)
Chapter 7 Global Speech Analytics Market, by End-use Industry
7.1 Market Overview, by End-use Industry
7.1.1 Global Speech Analytics Market, by End-use Industry, 2016-2023 (US$ Mn)
7.1.2 Incremental Opportunity, by End-use Industry, From 2018-2023
7.2 BFSI
7.2.1 Global Speech Analytics Market, by BFSI, 2016-2023, (US$ Mn)
7.3 Retail & E-commerce
7.3.1 Global Speech Analytics Market, by Retail & E-commerce, 2016-2023, (US$ Mn)
7.4 IT & Telecommunication
7.4.1 Global Speech Analytics Market, by IT & Telecommunication, 2016-2023, (US$ Mn)
7.5 Healthcare
7.5.1 Global Speech Analytics Market, by Healthcare, 2016-2023, (US$ Mn)
7.6 Others
7.6.1 Global Speech Analytics Market, by Others, 2016-2023, (US$ Mn)
Chapter 8 Global Speech Analytics Market, by Region
8.1 Market Overview, by Region
8.1.1 Global Speech Analytics Market, by Region, 2016-2023, (US$ Mn)
8.2 Attractive Investment Opportunity, by Region, 2018
8.3 North America Speech Analytics Market
8.3.1 North America Speech Analytics Market, by Component, 2016-2023 (US$ Mn)
8.3.2 North America Speech Analytics Market, by Deployment , 2016-2023 (US$ Mn)
8.3.3 North America Speech Analytics Market, by Application, 2016-2023 (US$ Mn)
8.3.1 North America Speech Analytics Market, by End-use Industry, 2016-2023 (US$ Mn)
8.3.2 United States Country Profile
8.3.2.1 United States Speech Analytics Market, 2016-2023 (US$ Mn)
8.3.3 Canada Country Profile
8.3.3.1 Canada Speech Analytics Market, 2016-2023 (US$ Mn)
8.3.4 Mexico Country Profile
8.3.4.1 Mexico Speech Analytics Market, 2016-2023 (US$ Mn)
8.4 Europe Speech Analytics Market
8.4.1 Europe Speech Analytics Market, by Component, 2016-2023 (US$ Mn)
8.4.2 Europe Speech Analytics Market, by Deployment , 2016-2023 (US$ Mn)
8.4.3 Europe Speech Analytics Market, by Application, 2016-2023 (US$ Mn)
8.4.4 Europe Speech Analytics Market, by End-use Industry, 2016-2023 (US$ Mn)
8.4.5 United Kingdom Country Profile
8.4.5.1 United Kingdom Speech Analytics Market, 2016-2023 (US$ Mn)
8.4.6 Germany Country Profile
8.4.6.1 Germany Speech Analytics Market, 2016-2023 (US$ Mn)
8.4.7 France Country Profile
8.4.7.1 France Speech Analytics Market, 2016-2023 (US$ Mn)
8.4.8 Italy Country Profile
8.4.8.1 Italy Speech Analytics Market, 2016-2023 (US$ Mn)
8.4.9 Spain Country Profile
8.4.9.1 Spain Speech Analytics Market, 2016-2023 (US$ Mn)
8.4.10 Rest of Europe
8.4.10.1 Rest of Europe Speech Analytics Market, 2016-2023 (US$ Mn)
8.5 Asia Pacific Speech Analytics Market
8.5.1 Asia Pacific Speech Analytics Market, by Component, 2016-2023 (US$ Mn)
8.5.2 Asia Pacific Speech Analytics Market, by Deployment , 2016-2023 (US$ Mn)
8.5.3 Asia Pacific Speech Analytics Market, by Application, 2016-2023 (US$ Mn)
8.5.4 Asia Pacific Speech Analytics Market, by End-use Industry, 2016-2023 (US$ Mn)
8.5.5 China Country Profile
8.5.5.1 China Speech Analytics Market, 2016-2023 (US$ Mn)
8.5.6 Japan Country Profile
8.5.6.1 Japan Speech Analytics Market, 2016-2023 (US$ Mn)
8.5.7 India Country Profile
8.5.7.1 India Speech Analytics Market, 2016-2023 (US$ Mn)
8.5.8 South Korea Country Profile
8.5.8.1 South Korea Speech Analytics Market, 2016-2023 (US$ Mn)
8.5.9 Southeast Asia Country Profile
8.5.9.1 Southeast Asia Speech Analytics Market, 2016-2023 (US$ Mn)
8.5.10 Rest of Asia Pacific
8.5.10.1 Rest of Asia Pacific Speech Analytics Market, 2016-2023 (US$ Mn)
8.6 Latin America Speech Analytics Market
8.6.1 Latin America Speech Analytics Market, by Component, 2016-2023 (US$ Mn)
8.6.2 Latin America Speech Analytics Market, by Deployment , 2016-2023 (US$ Mn)
8.6.3 Latin America Speech Analytics Market, by Application, 2016-2023 (US$ Mn)
8.6.4 Latin America Speech Analytics Market, by End-use Industry, 2016-2023 (US$ Mn)
8.6.5 Brazil Country Profile
8.6.5.1 Brazil Speech Analytics Market, 2016-2023 (US$ Mn)
8.6.6 Argentina Country Profile
8.6.6.1 Argentina Speech Analytics Market, 2016-2023 (US$ Mn)
8.6.7 Rest of Latin America
8.6.7.1 Rest of Latin America Speech Analytics Market, 2016-2023 (US$ Mn)
8.7 Middle East & Africa Speech Analytics Market
8.7.1 Middle East & Africa Speech Analytics Market, by Component, 2016-2023 (US$ Mn)
8.7.2 Middle East & Africa Speech Analytics Market, by Deployment , 2016-2023 (US$ Mn)
8.7.3 Middle East & Africa Speech Analytics Market, by Application, 2016-2023 (US$ Mn)
8.7.4 Middle East & Africa Speech Analytics Market, by End-use Industry, 2016-2023 (US$ Mn)
8.7.5 Southern Africa
8.7.5.1 Southern Africa Speech Analytics Market, 2016-2023 (US$ Mn)
8.7.6 Northern Africa
8.7.6.1 Northern Africa Speech Analytics Market, 2016-2023 (US$ Mn)
8.7.7 GCC
8.7.7.1 GCC Speech Analytics Market, 2016-2023 (US$ Mn)
8.7.8 Rest of Middle East & Africa
8.7.8.1 Rest of Middle East & Africa Speech Analytics Market, 2016-2023 (US$ Mn)
Chapter 9 Competitive Intelligence
9.1 Market Players Present in Market Life Cycle
9.2 Top 5 Players Comparison
9.3 Market Positioning of Key Players, 2018
9.4 Market Players Mapping
9.4.1 By Component
9.4.2 By Deployment
9.4.3 By Application
9.4.1 By End-use Industry
9.4.2 By Region
9.5 Strategies Adopted by Key Market Players
9.6 Recent Developments in the Market
9.6.1 Mergers & Acquisitions, Partnership, New Product Developments
9.7 Operational Efficiency Comparison by Key Players
Chapter 10 Company Profiles
10.1 Verint Systems
10.1.1 Verint Systems Overview
10.1.2 Key Stakeholders/Person in Verint Systems
10.1.3 Verint Systems Co. Products Portfolio
10.1.4 Verint Systems Financial Overview
10.1.5 Verint Systems Co. News/Recent Developments
10.2 Nice Systems
10.2.1 Nice Systems Overview
10.2.2 Key Stakeholders/Person in Nice Systems
10.2.3 Nice Systems Products Portfolio
10.2.4 Nice Systems Financial Overview
10.2.5 Nice Systems News/Recent Developments
10.3 Callminer
10.3.1 Callminer Overview
10.3.2 Key Stakeholders/Person in Callminer
10.3.3 Callminer Products Portfolio
10.3.4 Callminer Financial Overview
10.3.5 Callminer News/Recent Developments
10.4 Avaya
10.4.1 Avaya Overview
10.4.2 Key Stakeholders/Person in Avaya
10.4.3 Avaya Products Portfolio
10.4.4 Avaya Financial Overview
10.4.5 Avaya News/Recent Developments
10.5 Calabrio
10.5.1 Calabrio Overview
10.5.2 Key Stakeholders/Person in Calabrio
10.5.3 Calabrio Products Portfolio
10.5.4 Calabrio Financial Overview
10.5.5 Calabrio News/Recent Developments
10.6 Clarabridge
10.6.1 Clarabridge Overview
10.6.2 Key Stakeholders/Person in Clarabridge
10.6.3 Clarabridge Products Portfolio
10.6.4 Clarabridge Financial Overview
10.6.5 Clarabridge News/Recent Developments
10.7 VOCI Technologies
10.7.1 VOCI Technologies Overview
10.7.2 Key Stakeholders/Person in VOCI Technologies
10.7.3 VOCI Technologies Products Portfolio
10.7.4 VOCI Technologies Financial Overview
10.7.5 VOCI Technologies News/Recent Developments
10.8 Zoom International
10.8.1 Zoom International Overview
10.8.2 Key Stakeholders/Person in Zoom International
10.8.3 Zoom International Products Portfolio
10.8.4 Zoom International Financial Overview
10.8.5 Zoom International News/Recent Developments
10.9 Genesys
10.9.1 Genesys Overview
10.9.2 Key Stakeholders/Person in Genesys
10.9.3 Genesys Products Portfolio
10.9.4 Genesys Financial Overview
10.9.5 Genesys News/Recent Developments
10.10 HPE
10.10.1 HPE Overview
10.10.2 Key Stakeholders/Person in HPE
10.10.3 HPE Products Portfolio
10.10.4 HPE Financial Overview
10.10.5 HPE News/Recent Developments
TABLE 1 Market Snapshot: Global Speech Analytics Market Value
TABLE 2 Global Speech Analytics Market, by Component, 2016-2023 (US$ Mn)
TABLE 3 Global Speech Analytics Market, by Deployment , 2016-2023
TABLE 4 Global Speech Analytics Market, by Application, 2016-2023 (US$ Mn)
TABLE 5 Global Speech Analytics Market, by End-use Industry, 2016-2023 (US$ Mn)
TABLE 6 Global Speech Analytics Market, by Region, 2016-2023 (US$ Mn)
TABLE 7 North America Speech Analytics Market, by Component, 2016-2023 (US$ Mn)
TABLE 8 North America Speech Analytics Market, by Deployment , 2016-2023 (US$ Mn)
TABLE 9 North America Speech Analytics Market, by Application, 2016-2023 (US$ Mn)
TABLE 10 North America Speech Analytics Market, by End-use Industry, 2016-2023 (US$ Mn)
TABLE 11 Europe Speech Analytics Market, by Component, 2016-2023 (US$ Mn)
TABLE 12 Europe Speech Analytics Market, by Deployment , 2016-2023 (US$ Mn)
TABLE 13 Europe Speech Analytics Market, by Application, 2016-2023 (US$ Mn)
TABLE 14 Europe Speech Analytics Market, by End-use Industry, 2016-2023 (US$ Mn)
TABLE 15 Asia Pacific Speech Analytics Market, by Component, 2016-2023 (US$ Mn)
TABLE 16 Asia Pacific Speech Analytics Market, by Deployment , 2016-2023 (US$ Mn)
TABLE 17 Asia Pacific Speech Analytics Market, by Application, 2016-2023 (US$ Mn)
TABLE 18 Asia Pacific Speech Analytics Market, by End-use Industry, 2016-2023 (US$ Mn)
TABLE 19 Latin America Speech Analytics Market, by Component, 2016-2023 (US$ Mn)
TABLE 20 Latin America Speech Analytics Market, by Deployment , 2016-2023 (US$ Mn)
TABLE 21 Latin America Speech Analytics Market, by Application, 2016-2023 (US$ Mn)
TABLE 22 Latin America Speech Analytics Market, by End-use Industry, 2016-2023 (US$ Mn)
TABLE 23 Middle East & Africa Speech Analytics Market, by Component, 2016-2023 (US$ Mn)
TABLE 24 Middle East & Africa Speech Analytics Market, by Deployment , 2016-2023 (US$ Mn)
TABLE 25 Middle East & Africa Speech Analytics Market, by Application, 2016-2023 (US$ Mn)
TABLE 26 Middle East & Africa Speech Analytics Market, by End-use Industry, 2016-2023 (US$ Mn)
TABLE 27 Top 5 Players Comparison
TABLE 28 Market Players Mapping – By Component
TABLE 29 Top Players Market Mapping – By Deployment
TABLE 30 Top Players Market Mapping – By Application
TABLE 31 Top Players Market Mapping – By End-use Industry
TABLE 32 Top Players Market Mapping – By Region
TABLE 33 Strategies Adopted by Key Market Players
TABLE 34 Mergers & Acquisitions, Partnership, New Product Developments
TABLE 35 Verint Systems Overview
TABLE 36 Key Stakeholders/Person in Verint Systems
TABLE 37 Verint Systems Co. Product Portfolio
TABLE 38 Verint Systems Co. News/Recent Developments
TABLE 39 Nice Systems Overview
TABLE 40 Key Stakeholders/Person in Nice Systems
TABLE 41 Board of Director
TABLE 42 Nice Systems Product Portfolio
TABLE 43 Nice Systems News/Recent Developments
TABLE 44 Callminer Overview
TABLE 45 Key Stakeholders/Person in Callminer
TABLE 46 Board of Director
TABLE 47 Callminer Product Portfolio
TABLE 48 Callminer News/Recent Developments
TABLE 49 Avaya Overview
TABLE 50 Key Stakeholders/Person in Avaya
TABLE 51 Board of Director
TABLE 52 Avaya Product Portfolio
TABLE 53 Avaya News/Recent Developments
TABLE 54 Calabrio Overview
TABLE 55 Key Stakeholders/Person in Calabrio
TABLE 56 Board of Director
TABLE 57 Calabrio Product Portfolio
TABLE 58 Calabrio News/Recent Developments
TABLE 59 Clarabridge Overview
TABLE 60 Key Stakeholders/Person in Clarabridge
TABLE 61 Board of Director
TABLE 62 Clarabridge Product Portfolio
TABLE 63 Clarabridge News/Recent Developments
TABLE 64 VOCI Technologies Overview
TABLE 65 Key Stakeholders/Person in VOCI Technologies
TABLE 66 Board of Director
TABLE 67 VOCI Technologies Product Portfolio
TABLE 68 VOCI Technologies News/Recent Developments
TABLE 69 Zoom International Overview
TABLE 70 Key Stakeholders/Person in Zoom International
TABLE 71 Board of Director
TABLE 72 Zoom International Product Portfolio
TABLE 73 Zoom International News/Recent Developments
TABLE 74 Genesys Overview
TABLE 75 Key Stakeholders/Person in Genesys
TABLE 76 Board of Director
TABLE 77 Genesys Product Portfolio
TABLE 78 Genesys News/Recent Developments
TABLE 79 HPE Overview
TABLE 80 Key Stakeholders/Person in HPE
TABLE 81 Board of Director
TABLE 82 HPE Product Portfolio
TABLE 83 HPE News/Recent Developments
