DUBLIN--(BUSINESS WIRE)--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 speech analytics market 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.
Among applications, the customer experience management applications segment is expected to dominate the market throughout the forecast period. Speech analytics empowers organizations to use historical and real-time customer data to identify patterns and trends and devise retention strategies and reduce customer churn. This would help companies to enhance customer experience.
The cloud deployment model is expected to grow at a higher CAGR during the forecast period. Cloud-based solutions are gaining a firm hold in the market due to various benefits, such as cost control, resource pooling, and less implementation time.
Large enterprises are expected to dominate the market in terms of market size, as such they are keenly focusing on CEM to encourage repeat business and improve customer loyalty. However, the Small and Medium-sized Enterprises (SMEs) are expected to grow at a higher CAGR, owing to the easy availability and scalability of cloud-based deployments.
Market Dynamics
Drivers
- Need for Higher Customer Satisfaction
- Rising Significance for Real-Time Speech Analytics
- Increasing Need of Speech Analytics Software and Services to Cater to the Growing BPO Sector
- Adherence to Regulatory and Compliance Standards
Restraints
- Integrating With Existing Systems and Selection of Right Approach
- Difficult to Quantify Return on Investment (RoI)
Opportunities
- Rising Need to Predict Customer's Intent and Monitor Agent's Behavior
- Cloud-Based Speech Analytics Solutions
Challenges
- Data Ecosystem and Exchanges Leading to Data Security Concerns
- Inconsistent Link Between Business Semantics and Business Goals
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Speech Analytics Market, by Component
7 Speech Analytics Market, by Application
8 Market By Deployment Model
9 Market By Organization Size
10 Speech Analytics Market, by Industry Vertical
11 Speech Analytics Market, by Region
12 Competitive Landscape
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/jvf38w/2_17_billion?w=4
