Speech Analytics Market
Global Speech Analytics Market: Overview
Speech analytics has become a vital tool that analyzes voice recordings or live customer calls of contact centers and collect useful information and provide quality assurance. With the help of speech analytics software, organization can identify words and audio patterns to detect stress and emotions in a speaker’s voice.
Global Speech Analytics Market: Growth Factors
Speech analytics is proven to be a promising tool for contact centers. Changing dynamics of the contact center, increasing demand to improve overall customer demand, the growing importance of quality transcription, and rising need for monitoring customer care executives & operator's performance are some of the factors contributing to the growth of the global speech analytics market. Higher authorities of contact centers and customer experience executives are focusing on listening to the voice of the customer to understand loopholes and points of improvement. Furthermore, increasing the scope of speech analytics in lead attribution & campaign validation will provide better growth opportunities to the market. However, the lack of a workforce with specific skills in speech analytics is one of the major challenges for the global speech analytics market. Understanding the operation and effectively analyze results provided by speech analytics software is the work of a skilled person, as the concept of speech analytics has not reached till the bottom of the industry, hence fewer people are aware or trained to handle such tools. On the other side, integration of speech analytics with existing systems and their successful interaction is a difficult task that may hamper the growth of the market during the forecast period.
Global Speech Analytics Market: COVID-19 Impact
COVID-19 pandemic has a considerable impact on all the elements (hardware and software) of the technology sector. The overall market for information and communication technology is expected to come down to some extent by the end of 2020. Strict lockdown and restrictions on transport and personnel movement hampered the manufacturing activities. The major impact can be seen in the hardware business due to shortened supplies and production processes. Furthermore, COVID 19 pandemic has also impacted market liquidity. Decision-makers are now mainly focused on strengthening their existing business and not on heavy investments in new projects. Hence, the global speech analytics market value for the year 2020 will get affected. However, the market can be expected to get stabilized by the end of the year 2020 and thus get back to the rhythm with steady growth.
Global Speech Analytics Market: Segmentation
The speech analytics market is categorized by component, application, vertical, mode of deployment, organization size, and region. The speech analytic market by component is further segmented by solutions and services. By component, the services segment is expected to register a high CAGR over the forecast period. Speech analytic solutions are implemented by several contact centers in many applications to gain market intelligence such as customer experience management, agent performance management, and compliance management. However, due to wide implementation, the segment is experiencing a maturity phase whereas the services segment is expected to get a stronghold of the market over the forecast period.
By application, the competitive intelligence segment is expected to record a higher CAGR during the forecast period. Competitive intelligence has changed the way to connect and communicate for contact centers. Such advantages will spur the growth of the segment over the forecast year.
Global Speech Analytics Market: Regional Analysis
North America is projected to be the largest market shareholder during the forecast period. The key factor contributing to the growth of the market is the high demand for enhanced customer support services to strengthen customer retention initiatives. Europe is expected to capture the second-highest share of the market. On the other hand, Asia Pacific market is expected to witness significant growth during the forecast period. Rising adoption of speech analytic solutions and an increasing number of market players are expected to boost the market.
Global Speech Analytics Market: Competitive Players
The key players operating in the global speech analytics market are Business Systems, Open Text, Marchex, Castel, Verint, SpeechTech, Almawave, Castel, Kwantics, Tech Mahindra, Tethr, OpenText, and Speech Village.
Global Speech Analytics Market: Regional Segment Analysis
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