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The Global Speech Analytics Market size is expected to reach $2.5 billion by 2023, rising at a market growth of 17% CAGR during the forecast period. Speech analytics is used in identifying patterns and trends from the historical and real-time customer data and devise retention strategies and as a result, limit customer churning. This would help companies to enhance customer experience. The BFSI segment is witnessing massive transformation with increasing investments into data analysis. Companies operating in the BFSI segment are focusing on customer experience management to accelerate customer acquisition, improve business loyalty, and enhance customer retention ratio. The retail and eCommerce vertical is expected to grow at the highest CAGR during the forecast period, due to an increased focus on reducing customer churn rate.
Based on Component, the market report segments the market into Solution and Services. Solution type includes Speech Engine, Indexing, Analysis, & Query Tools, and Reporting & Visualization Tools. The Services type includes Professional and Managed Services.Based on Application, the Speech Analytics market segments the market into Customer Experience Management, Agent Performance Monitoring, Sales Performance Management, Call Monitoring & Competitive Intelligence, and Others. Based on Organization Size, the Speech Analytics market segments the market into Small & Medium Enterprises and Large Enterprises. Based on Deployment Type, the market report segments the market into Cloud and On-Premise. Based on Vertical, the market report segments the market into BFSI, Government, Energy & Utilities, Healthcare, Media & Entertainment, Retail, Telecom & IT, Travel & Hospitality, and Others. Based on Regions, the Speech Analytics market segments the market into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa.
The market research report covers the competition analysis of key stake holders of the Global Speech Analytics Market. Key companies profiled in the report include Verint Systems, NICE Ltd., CallMiner, Avaya, Hewlett Packard Enterprise (HPE) Company, VOCI Technologies, Zoom International, Clarabridge, Almawave, and Calabrio, Inc.