San Francisco, 1
November 2018: The speechanalytics market is
expected to reach USD 1.64 billion by 2025, according to a new report by Grand
View Research, Inc. The market is estimated to witness a robust growth
exceeding a CAGR of 10% over the forecast period. This growth is ascribed to
the increasing emphasis by organizations on improving the market intelligence
capabilities along with the growing prominence of voice in the multi-channel
world.
The number of contact centers is
increasing, resulting in industry players to innovate speech analytics
solutions, which help companies understand the changing customer requirements.
The technology has been increasingly adopted in consumer electronics devices,
including laptops, smartphones, and tablets, as it significantly increases the
enterprise’s scope as well as improves performance. This, in turn, has resulted
in elevating adoption of speech analytics solutions worldwide. In addition,
upcoming technologies, such as voice print authentication, are estimated to
spur growth over the coming years.
Furthermore, the rising demand for risk
management solutions and cloud analytics is also anticipated to favorably
impact growth over the next nine years. These solutions offer several growth
opportunities as this solution helps optimize performance and enhance customer
experience. However, issues pertaining to lack of awareness and rise in cost
may pose a challenge to the speech analytics market growth in the near future.
Access Research Report
of Speech Analytics Market@ www.grandviewresearch.com/industry-analysis/speech-analytics-market
Further key findings from the report suggest:
· The service segment is anticipated to grow
at a CAGR exceeding 8.0% from 2016 to 2025, which is attributed to the wide
product and solution portfolio offerings by service firms operating in the
market.
· The cloud-based deployment segment captured
over 25.0% of the total revenue share in 2015 and is anticipated to exhibit
growth of over 9.0% from 2016 to 2025, primarily ascribed to the cost benefits
and improved performance offered by cloud over the on-premise solutions, along
with the increasing adoption of cloud analytics in contact centers.
· Speech analytics allows organizations to
work on unstructured data obtained through customer interactions to enhance
customer experience and gain a competitive advantage on account of which the
small & medium-sized enterprise segment is expected to gain prominence over
the forecast period.
· The telecommunication segment accounted for
a significant market share in 2015, capturing over 15% of the entire revenue
share in the same year, which is majorly due to the integration of speech
analytics into enterprise systems to enhance efficiency as well as customer
experience.
· Asia Pacific is expected to emerge as the
fastest growing region with a CAGR exceeding 12.0% over the forecast period,
which is mainly on account of rapid industrialization, and since, organizations
have become more competitive and are focusing on better customer service.
Browse more reports of this category by Grand View
Research at: www.grandviewresearch.com/industry/communication-services
Grand View Research has segmented the speech analytics
market on the basis of type, deployment, enterprise size, end-use, and region:
Type Outlook (Revenue, USD Million; 2014 -
2025)
·
Solution
·
Service
Deployment Outlook (Revenue, USD Million;
2014 - 2025)
·
On-premise
·
Cloud
Enterprise Size Outlook (Revenue, USD
Million; 2014 - 2025)
·
Small & Medium Enterprise
·
Large Enterprise
End-Use Outlook (Revenue, USD Million; 2014
- 2025)
·
BFSI
·
Telecommunication
·
IT
·
Retail
·
Healthcare
·
Government
·
Hospitality
·
Others
Regional Outlook (Revenue, USD Million;
2014 - 2025)
·
North America
·
Europe
·
Asia Pacific
·
Latin America
·
Middle East & Africa
Access Press Release of
Speech Analytics Market@ www.grandviewresearch.com/press-release/global-speech-analytics-market
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting services.
To help clients make informed business decisions, we offer market intelligence
studies ensuring relevant and fact-based research across a range of industries,
from technology to chemicals, materials and healthcare.
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