The global speech analytics market size is estimated to be USD 941.1 million in 2017 and is projected to reach USD 2,175.8 million by 2022, growing at a Compound Annual Growth Rate (CAGR) of 18.2%. The significant need for higher customer satisfaction, rising significance for real-time speech analytics, increasing need for speech analytics solutions and services, and adherences of regulatory and compliance standard have driven the need for speech analytics solutions and services, as they provide a complete set of analysis on speaker separation, customer discontent, root-cause analysis, call-topic, and visual context.
An increasing need to predict customers’ intents and monitor agent’s behavior, and cloud-based speech analytics solutions are the major opportunities present in the speech analytics market. Integrating speech analytics with the existing system with right approach is the major factor restraining the market growth
Banking, financial services, and insurance (BFSI); healthcare and life sciences; retail and eCommerce; energy and utilities; telecommunications and IT; government and defense; travel and hospitality: media and entertainment; and others (manufacturing, real estate, and education) are among the major industries leveraging the benefits of speech analytics solutions and services substantially.
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Retail and eCommerce among the industry verticals is expected to grow at the highest CAGR in the speech analytics market. Speech analytics brings forward-looking perspective to their existing business processes. Through analyzing existing customers’ data behavioral predictions are made which can help in mitigating the risk of default payment, thus reducing one of the major issues faced by the industry. Natural language processing (NLP), speech analytics, and dynamic workflows facilitated by speech analytics solutions can help companies to create 360° view of a customer, and maximize value of customer relationships. Analytics provides the ability to gain a deeper insight into each physical, online, and mobile customer interaction enabling companies to deliver differentiated customer experiences across every channel and touch point.
Speech analytics over the cloud is expected to record the highest growth and will be holding the largest market share by 2022, owing to surging demands for improved service and cost-effectiveness, and cloud-based speech solutions can be accessed through internet from anywhere. Also, increasing needs of organizations to improve productivity while maintaining the quality is another important factor driving the cloud deployment of speech analytics solutions. It also improves business agility and increases collaborations by shared services. Other driving factors for the cloud deployment are ready availability of and better visibility of data. In addition, cloud-based solutions make it easy for users in applying the speech capabilities to entire organization and helps in maintaining the competitive edge by eliminating the administrative roadblocks of the supporting infrastructure and allow organizations to focus on improving their competencies.
Asia Pacific (APAC) is estimated to grow at the highest CAGR during the forecast period. Rising disposable income and increasing digitalization have resulted in higher adoption of smartphones and other mobile devices. The region is witnessing increasing demand for cloud-based analytics solutions, owing to the increasing size of SMEs. Companies operating in the region provide different solutions based on organization size and customer requirements. Adoption of contact center analytics solutions will have the potential to drive performance, establish a single version of truth and realize accelerated time-to-value. The highly competitive environment in the region drives the need to promote and manage sales and marketing activities to build brand awareness and increase overall profitability.
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