The global demand for Speech Analytics Market is presumed to reach the market size of nearly USD XX MN by 2028 from USD XX MN in 2021 with a CAGR of XX% under the study period 2022 - 2028.
Speech analytics is the process in which live or recorded speech data is analyzed using natural language processing (NLP) and machine learning (ML) algorithms to extract valuable insights and information. It involves transcribing and analyzing audio recordings of customer interactions with a company's call centre, social media channels, and other communication platforms to identify trends, sentiments, and customer behavior. Speech analytics software can be used to analyze large volumes of audio data to uncover insights that can be used to improve customer service, enhance sales, reduce costs, and gain a competitive advantage.
Market Dynamics
Companies are looking for ways to better understand customer needs and preferences to provide a better experience. Speech analytics provides valuable insights into customer behavior, pain points, and feedback. Speech analytics is used to monitor and detect non-compliant behavior, such as fraud or regulatory violations, in industries such as finance and healthcare. The need for compliance and risk management is increasing globally, driving the demand for speech analytics. The use of AI and ML algorithms in speech analytics enables more accurate and efficient analysis of spoken language. With the advancement of technologies, the capabilities of speech analytics will also improve. The cloud-based solutions are being increasingly adopted due to the benefits of scalability, flexibility, and cost-effectiveness. Cloud-based speech analytics solutions offer real-time analysis and enable easy integration with other software applications. Speech analytics is being increasingly adopted in industries such as healthcare, finance, retail, and telecommunications, among others. The growing demand for speech analytics in different sectors is driving the overall market growth.
The research report covers Porter’s Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis. These tools help to get a clear picture of the industry’s structure and evaluate the competition attractiveness at a global level. Additionally, these tools also give an inclusive assessment of each segment in the global market of speech analytics. The growth and trends of speech analytics industry provide a holistic approach to this study.
Market Segmentation
This section of the speech analytics market report provides detailed data on the segments at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities.
By Offering
By Enterprise Size
By Application
- Customer Experience Management
- Call Monitoring and Summarization
- Agent Performance Monitoring
- Sales and Marketing Management
- Others
By Industry Vertical
- BFSI
- IT And Telecom
- Media and Entertainment
- Retail and E-Commerce
- Government and Defence
- Others
Regional Analysis
This section covers the regional outlook, which accentuates current and future demand for the Speech Analytics market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions.
Global Speech Analytics Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the speech analytics market include Avaya Inc., Amazon Web Services, Inc., CallMiner, Genesys Telecommunications Laboratories, Inc., Gnani Innovations Private Limited., Google LLC, LivePerson, Inc., Micro Focus, NICE Systems Ltd., Verint System Inc. This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
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