Speech Analytics Market - Global Forecast to 2022

Dublin, April 11, 2018 -- The "Speech Analytics Market by Component, Application, Deployment Model, Organization Size, Industry Vertical, and Region - Global Forecast to 2022" report has been added to ResearchAndMarkets.com's offering.

The global speech analytics market size is expected to grow from USD 941.1 million in 2017 to USD 2,175.8 million by 2022, at a Compound Annual Growth Rate (CAGR) of 18.2% during the forecast period.

Increasing focus on higher customer satisfaction is one of the key factors fueling the growth of this market. Cloud-based speech analytics solutions and rising need to predict are expected to evolve the speech analytics. As a result, it will provide growth opportunities for the market. However, integrating with the existing system with the right approach is a major restraining factor for the growth of speech analytics market.

Indexing starts with the analysis of the subject and various target words in a speech. This process involves the extraction of words directly from the speech or searches the words from the in-built vocabulary. The software derives the findings from speech engine to index them for further analysis and ad-hoc searching. This is where the tools import data from other telephony and servicing solutions. Phonetic indexing converts the agent-customer conversation into a string of phonemes and identifies a predefined list of words or else conducts a free text search.

Without the indexing process, the speech engine software scans for every document, which would take considerable time. Therefore, companies utilize this solution to minimize the time involved. The query engine helps end users in defining their queries and presenting the required output from the solution. The search tool conducts ad-hoc searches on processed audio files for nested filtering.

The speech analytics market growth in Asia Pacific (APAC) region is gaining momentum and is expected to grow at the highest rate in the coming years. Rising awareness can be attributed to continuous increase in companies' focus on improving their customer service to drive competitive differentiation and revenue growth. Also, to enhance business productivity supplemented by speech analytics solutions and services has made APAC a highly potential market. In addition, major economies in APAC, such as India, Singapore, Malaysia, Japan, South Korea, and Australia are adopting the cloud technology.

Key Topics Covered:

1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.4 Years Considered for the Study
1.5 Currency
1.6 Stakeholders

2 Research Methodology
2.1 Research Data
2.2 Market Size Estimation
2.3 Assumptions
2.4 Limitations

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in the Market
4.2 Speech Analytics Market, By Region
4.3 Speech Analytics Market, Top 3 Industry Verticals and Regions
4.4 Investment Opportunities in the Market

5 Market Overview
5.1 Introduction
5.1.1 Market Dynamics
5.1.2 Drivers
5.1.2.1 Need for Higher Customer Satisfaction
5.1.2.2 Rising Significance for Real-Time Speech Analytics
5.1.2.3 Increasing Need of Speech Analytics Software and Services to Cater to the Growing Bpo Sector
5.1.2.4 Adherence to Regulatory and Compliance Standards
5.1.3 Restraints
5.1.3.1 Integrating With Existing Systems and Selection of Right Approach
5.1.3.2 Difficult to Quantify Return on Investment (RoI)
5.1.4 Opportunities
5.1.4.1 Rising Need to Predict Customer's Intent and Monitor Agent's Behavior
5.1.4.2 Cloud-Based Speech Analytics Solutions
5.1.5 Challenges
5.1.5.1 Data Ecosystem and Exchanges Leading to Data Security Concerns
5.1.5.2 Inconsistent Link Between Business Semantics and Business Goals
5.2 Industry Trends
5.2.1 Features/Functionalities
5.2.1.1 Emotion Detection
5.2.1.2 Speech-To-Text Recognition
5.2.1.3 Phonetic Indexing
5.2.1.4 Talk Over Analytics
5.2.2 Use Cases
5.2.2.1 Use Case 1: Insurance Services
5.2.2.2 Use Case 2: Energy and Utilities
5.2.2.3 Use Case 3: Financial Services
5.2.3 Innovation Spotlight
5.2.3.1 Advent of Artificial Intelligence(AI) and Machine Learning Into Speech Analytics
5.2.3.2 Emergence of Real-Time Into Speech Analytics

6 Speech Analytics Market, By Component
6.1 Introduction
6.2 Solutions
6.2.1 Speech Engine
6.2.2 Indexing, Analysis, and Query Tools
6.2.3 Reporting and Visualization Tools
6.3 Services
6.3.1 Managed Services
6.3.2 Professional Services
6.3.2.1 Support and Maintenance
6.3.2.2 Consulting Services
6.3.2.3 Deployment and Integration

7 Speech Analytics Market, By Application
7.1 Introduction
7.2 Customer Experience Management
7.3 Call Monitoring
7.4 Agent Performance Monitoring
7.5 Sales Performance Management
7.6 Competitive Intelligence
7.7 Risk and Compliance Management
7.8 Others

8 Market By Deployment Model
8.1 Introduction
8.2 On-Premises
8.3 Cloud

9 Market By Organization Size
9.1 Introduction
9.2 Small and Medium-Sized Enterprises
9.3 Large Enterprises

10 Speech Analytics Market, By Industry Vertical
10.1 Introduction
10.2 Banking, Financial Services, and Insurance
10.3 Telecommunications and IT
10.4 Retail and Ecommerce
10.5 Healthcare and Life Sciences
10.6 Media and Entertainment
10.7 Government and Defense
10.8 Energy and Utilities
10.9 Travel and Hospitality
10.10 Others

11 Speech Analytics Market, By Region

12 Competitive Landscape
12.1 Overview
12.2 Prominent Players Operating in the Speech Analytics Market
12.3 Partnerships, Agreements, and Collaborations
12.4 New Product Launches and Product Upgradations
12.5 Acquisitions

13 Company Profiles

• Almawave
• Avaya
• Calabrio
• Callminer
• Clarabridge
• Genesys
• HPE
• Nice Systems
• Verint Systems
• VOCI Technologies
• Zoom International

For more information about this report visit https://www.researchandmarkets.com/research/84wfc6/speech_analytics?w=12

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         Related Topics: Natural Language Processing