New York, NY -- (SBWIRE) -- 03/08/2021 -- The speech analytics market is expected to reach USD 4.24 Billion by 2026, according to a new report by Reports and Data. Speech analytics is used to detect and analyze spoken words that produce structure to interactions and exhibit information buried in the communication between the customer contact centers and companies. Speech analytics adoption maximizes workforce enforcement and improves customer experience. Growing focus on higher customer satisfaction is one of the essential factors kindling the growth of this market. Cloud-based speech analytics solutions are anticipated to develop the speech analytics. As a result, it will present growth opportunities for the market.

The market in the APAC region is expected to witness the highest CAGR of 19.0% during the forecast period. The speech analytics market in the Asia-Pacific region is one of the emerging markets focusing on several domains, such as telecommunications and IT and BFSI verticals. Due to the adoption in potential countries such as India, Japan, China, and Australia, the market is expanding at a fast speed. The rising number of call centers is one of the significant factors for the market growth. Thousands of calls are recorded in call centers to enhance customer experience, upgrade service quality, decrease operating costs, and find out different opportunities

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Further key findings from the report suggest

The Speech Analytics Market is estimated to reach USD 4.24 Billion by 2026, at a CAGR of 18.6% during the forecast period.

The solution component accounted for a larger share of 65.1% of the market in 2018.

The cloud deployment is anticipated to grow at a higher rate of 19.3% during the forecast period.

The IT & Telecommunications application segment is anticipated to grow at the highest rate of 18.7% during the forecast period.

The Small & Medium Enterprises (SMEs) organization is anticipated to grow at a higher rate of 19.1% during the forecast period.

The North America region accounted for the largest share of 29.3% of the market in 2018. The booming service industry in the region and growing number of contact centers, which are outsourced and can be administered by speech analytics solution, are boosting the growth of the market in this region. The presence of a number of big industries, significant IT spending, and technological progress are some of the other factors that are boosting the growth of the market in the region.

Various players are developing strategies to mark their presence in the industry

Based on the regions, the report covers the following regions:

North America (U.S.A., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia-Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
The Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Competitive Terrain:

The global Speech Analytics market has a consolidated presence of a large number of companies that have been performing consistently to achieve optimum market growth. The report comprehensively discusses these companies' current market standing, past performances, demand & supply graphs, sales network, production & consumption patterns, and distribution channels. The report thus points out the effective business approaches undertaken by these market players to build on their market footprint.

The leading companies operating across the global Speech Analytics market are listed below:

Verint Systems Inc., Hewlett Packard Enterprise Company, NICE Ltd., CallMiner Inc., Avaya Holdings Corporation, Genesys Telecommunications Laboratories Inc., Aspect Software Inc., Castel Communications, Clarabridge Inc., Zoom International, and Calabrio Inc.

Deployment Outlook (Revenue, USD Million; 2016-2026)

On-Premise

Cloud

Component Outlook (Revenue, USD Million; 2016-2026)

Solutions

Services

Application Outlook (Revenue, USD Million; 2016-2026)

BFSI

IT & Telecom

Energy and Utilities

Retail and Ecommerce

Others

Organization size Outlook (Revenue, USD Million; 2016-2026)

Large Enterprises

Small & Medium Enterprises (SMEs)

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Radical Features of the Speech Analytics Market Report:

Valuable insights into the Speech Analytics market to impart an in-depth understanding of the business verticle

An 8-year forecast estimation along with an analysis of key elements of the market

Technological advancements, regulatory framework, and recent developments covered in the report

Growth analysis and projections until 2027

Statistical analysis of the key players operating in the Speech Analytics industry

Table Of Contents:

Chapter 1. Market Synopsis

    1.1. Market Definition

    1.2. Research Scope & Premise

    1.3. Methodology

    1.4. Market Estimation Technique

Chapter 2. Executive Summary

    2.1. Summary Snapshot, 2018-2026

Chapter 3. Indicative Metrics

Chapter 4. Speech Analytics Market Segmentation & Impact Analysis

    4.1. Speech Analytics Market Component Segmentation Analysis

    4.2. Industrial Outlook

          4.2.1. Market indicators analysis

          4.2.2. Market drivers analysis

                    4.2.2.1. Increasing number of contact centers, growing focus on customer satisfaction

                    4.2.2.2. Developing significance of real-time speech analytics

          4.2.3. Market restraints analysis

                    4.2.3.1. Incorporation with existing systems and selection of right approach

    4.3. Technological Insights

    4.4. Regulatory Framework

    4.5. ETOP Analysis

    4.6. Porter's Five Forces Analysis

    4.7. Competitive Metric Space Analysis

    4.8. Price trend Analysis

Chapter 5. Speech Analytics Market By Deployment Insights & Trends

    5.1. Deployment Dynamics & Market Share, 2019 &2026

    5.2. On-Premise

          5.2.1. Market estimates and forecast, 2016 – 2026 (USD Million)

          5.2.2. Market estimates and forecast, By Region, 2016 – 2026 (USD Million)

    5.3. Cloud

          5.3.1. Market estimates and forecast, 2016 – 2026 (USD Million)

          5.3.2. Market estimates and forecast, By Region, 2016 – 2026 (USD Million)

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