The speech analytics provide for greater and advanced functionality which is essential across all business. The global speech analytics market is projected to grow and reach new heights aby 2022 growing at a CAGR of 22% during 2016-2022.
Major driving factor for the growth of the global speech analytics market is the increasing adoption of the various speech analytical tools in the BPO (Business Process Outsourcing) sector, increasing contact centers, increasing need of CRM (Customer Relationship Management), and product development. These tools help the organization to gain competitive edge by helping work upon unorganized data which has been gathered from customer interactions and enhanced customer experiences. In the recent years, there has been a growing emphasis to improve the market intelligence abilities of the organization; also the growing importance of voice across multi channel world is accelerating the market growth. Positive impact on growth has been there due to the increase in demand of risk management solution and cloud analytics.
IT, outsourcing and telecom are projected to contribute to the largest market share in the global speech analytics market. The speech analytic solution market is expected to be the dominant one as compared to the services segment owing to the increasing trend of analytical insights from the data available from customer interaction. The cloud based speech analytics solution as well as the real time speech analytics solutions are the latest trend, fueling the demand across many industries.
Three approaches are followed by the speech analytics technology, namely, the Large Vocabulary Continuous Speech Recognition (LVCSR), phonetic and direct phase recognition. The tools of speech analytics technology are speech engine, query engine, reports, dashboard solutions and indexing & analysis software. The speech analytics technology is been increasing adopted by various industries like BFSI (Banking, Financial services, & Insurance), IT & Telecom, healthcare, and retail for enhanced customer experience which fuel market growth.
The factors that pose as restraining factors for the growth of global speech analytic market are the increased cost associated with the technology, error prone nature that the systems posses and lack of awareness among the potential customers related to the benefits of the speech analytics solutions.
North America holds the largest market share, and Latin America is the fastest growing market for the global speech analytics due to the growing CAGR. The outsourcing of contact center is booming in Latin America which is prompting companies to provide for speech analytic solutions to tap the market opportunities. Also, there have been increased investments by huge companies into speech analytics market in APAC region owing to the increasing industrialization, technology penetration, ever growing competition among the companies due to which companies need to remain competitive and provide for better customer services.
The key market players of the global speech analytics market are NICE Systems, Hewlett-Packard Enterprise, Avaya Aurix, CallMiner, Verint Systems, Calabrio, Uptivity and Genesys, and Interactive Intelligence. In order to comply with the regulations like Payment Card Industry – Data Security Standard (PCI-DSS) companies are increasingly adopting speech analytic technology.
