Speech Analytics Market was valued at US$ 1.9 Bn in 2021 and is expected to reached at US$ 7.3 Bn in 2029. Speech Analytics Market size is expected to grow at a CAGR of 21.2% through the forecast period.
Speech Analytics Market Overview:
Speech Analytics market landscape has been examined, and all of the key suppliers and application development and delivery developers have been present. Customer-centric methods by businesses, as well as the necessity to handle massive volumes of material, may define the market's future shape. During the projected period (2021-2027), there will be alliances with integration partners to achieve optimal technology, as well as webinars for future trends and insights.
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Speech Analytics Market Scope:
Maximize Market Research report on Speech Analytics Market provides an investigative analysis with a cohesive grasp of the economy's events as well as the consequences of the COVID-19 pandemic. It outlines drivers, challenges, opportunities, trends, and niches that industry leaders may leverage over the projected period.
The report discusses major advancements in the Speech Analytics industry, as well as organic and inorganic growth strategies. Various businesses are concentrating on organic growth tactics such as new launches, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth tactics observed in the industry. With the increased demand, industry participants in the Speech Analytics market are expected to benefit from attractive growth prospects in the future. The following is a list of a few firms involved in the Speech Analytics industry.
Segment Analysis:
According to projections, the solutions sector will have the biggest market share in 2021. During the projection period, the customer experience management application category is anticipated to hold a greater market share. It enables businesses to develop retention strategies, stop customer churn, and spot patterns and trends in real-time customer data. Customers' recorded calls must be examined in order to identify consumer intent and do behaviour analysis, which is why the indexing and query tools segment has a large market share.
Customer Experience Management is anticipated to have the highest CAGR based on Applications during the projection period. These applications have significantly changed how contact centres connect and communicate, enhancing business performance. By offering many techniques to guarantee that they are providing a consistent level of client support and a secure experience at every point of contact, speech analytics solutions may revolutionise an organisation. The speech engine gets outputs from talks that it recognises and understands.
The industry vertical for retail and e-commerce is anticipated to experience the highest CAGR during the projection period based on End-Users. As the relevance of speech analytics to improve customer happiness, raise customer retention rates, and lower customer churn rates grows, the BFSI vertical is projected to hold a greater market share during the projection period. The majority of businesses use speech analytics tools to comprehend the conversational data produced and to use that data to improve operational efficiency.
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Key Companies:
The market research study analyses the market's main stakeholders. Among the key firms highlighted in the study are:
• Verint Systems
• Avaya
• Calabrio
• CallMiner
• Clarabridge
• Almawave
• Voci Technologies
• Zoom International
• NICE Systems
• Genesys
• HPE
• Tatwa Technologies
• Uniphore Software Systems
• Micro Focus
• Avaya
• Google
• AWS
• Vonage
• OpenText
• Calabrio
• Eleveo
• Almawave
Regional Analysis:
The report offers a comprehensive overview of the sector, including both qualitative and quantitative data. It gives a global market analysis and prediction based on several segments. It also offers market size and forecast projections for five key regions, including North America, Europe, Asia-Pacific, the Middle East Africa, and South America.
COVID-19 Impact Analysis on Speech Analytics Market:
The COVID-19 pandemic has had an impact on markets and consumer behaviour. It has had a significant influence on economies and civilizations alike. The effects of COVID-19 are expected to shift consumer demand to online platforms. This might permanently alter customer behaviour because once individuals get into the habit of purchasing online, it becomes a pattern that is difficult to break, compelling businesses to increase their online presence. COVID-19 has an immediate and extensive influence on consumer behaviour across all industries.
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Key Questions answered in the Speech Analytics Market Report are:
- Which is the potential market for Speech Analytics in terms of the region?
- What are the opportunities for new market entrants?
- What is expected to drive the growth of the Speech Analytics market in the next seven years?
- What is the projected market size growth rate of the Speech Analytics Market?
- What segments are covered in the Speech Analytics Market report?
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