Harrisburg, NC -- (SBWIRE) -- 04/17/2019 -- "Global Speech Analytics Market Report 2019-2023" helps the clients to take business decisions and to understand strategies of major players in the industry. The report also calls for market- driven results deriving feasibility studies for client needs. MarketInsightsReports ensures qualified and verifiable aspects of market data operating in the real- time scenario. The analytical studies are conducted ensuring client needs with a thorough understanding of market capacities in the real- time scenario.
The global speech analytics market was valued at USD 0.81 billion in 2017, and is expected to reach a value of USD 3.69 billion by 2023, at a CAGR of 28.82%, during the forecast period (2018 - 2023). The scope of the report is limited to deployment type offered by major players, which involves on premise, and on demand. While the end-users considered in the scope of the report include Retail, Banking, Telecommunications, Travel & Hospitality, Utilities, Healthcare, Government, Entertainment & Media.
Prominent Players in the global Speech Analytics market are –
VERINT SYSTEM INC., NICE LTD., AVAYA INC., MICRO FOCUS, GENESYS, CALLMINER INC., MATTERSIGHT CORPORATION, RAYTHEON BBN TECHNOLOGIES, CALABRIO INC., VOICEBASE INC.,amongst others.
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North America has the Highest Market Share, US Occupies Majority of the Share
The US speech analytics market is driven by factors, such as increase in digital marketing spending, Central Intelligence Agency's increased technology spending, and increased focus on treating mental illness in the region, among others.
Marketing expenditure in U.S has been decreasing for conventional forms of advertising, but budget for digital marketing has been increasing exponentially. Digital technology has constituted about 36.8% of the total advertising expenditure owing to an increase in smart phone usage in recent years, which has emerged as the primary source of infotainment for majority of the population. Such rise in digital advertisement technology budgets in U.S have encouraged the use of speech analytics technologies to further enhance the consumer experience by providing the consumer with more targeted product offers, which in turn increases the sale of products for companies. It has been reported that on an average about 1 in 5 of the American population suffers from a mental illness. Many mental illnesses do not have proper analytical tests to conclude a particular behavior among the patients.
The report contains pages which highly exhibit on current market analysis scenario, upcoming as well as future opportunities, revenue growth, pricing and profitability.
Speech analytical solutions have the ability to enable users to gain insights, to make key business decisions, by providing deeper and faster analysis of voice - data, with context and relevance, across multiple channels. Enterprises have implemented speech analytics through a combination of internally recorded data, social media, as well as external syndicated data, to create cutting-edge analytics solutions in order to gain a better understanding of their customer requirements. The original pioneers in speech analytics, such as Utopy, CallMiner, and Nexidia. CallMiner and Nexidia are still operating as standalone companies focused on this niche. While Utopy was acquired by Genesys, that brought speech analytics into a much broader contact center technology suite.
Speech Analytics Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger and acquisitions along with trending innovation and business policies are reviewed in the report. The report contains basic, secondary and advanced information pertaining to the Speech Analytics Market global status and trend, market size, share, growth, trends analysis, segment and forecasts from 2019–2025.
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Key Developments In The Market
November 2017 - NICE Systems collaborated with Convexus to expand its presence in the Latin American region. The strategic partnership introduces NICE leading analytics-based software solutions to various sectors across the Peruvian market.
September 2017 - Micro Focus completed the merger with HPE software business, creating one of the world's largest pure-play software companies. The merger brings together two software companies with focus on helping customers, extend existing software investments, while embracing innovation in a world of hybrid IT.
September 2017 - Raytheon BBN announced collaboration with USAFs foreign language information retrieval process through automation of its processes. The company has won a USD 21.7 million contract to develop an automated technology platform for the U.S. Air Force, to retrieve foreign language information. BBN will build the platform to support cross - language information retrieval, machine translation, automatic speech recognition, and surprise language summarization.
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