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Speech analytics is a process that deals with extracting a meaning from audio recordings and analyzing it to derive relevant business information. Speech analytics provide greater and advanced functionality essential across all businesses. Multi language processing in audio mining systems used in speech analytics is a huge trend in the market. Multilingual audio mining systems can support Arabic, Mandarin, German, English, Japanese and other languages as a result of which, companies such as BBN, IBM, Fast talk and Scan soft have designed novel audio mining technology that are largely speaker independent. For example, BBN Audio Indexer plug-in can provide searchable transcriptions of any audio source in multiple languages including Chinese, Arabic, Spanish and English. Speech analytics have a huge importance in healthcare sector too. Speech analytics in healthcare gives organizations valuable insights about interaction between patient and call center representatives. With speech analytics, healthcare system can automatically monitor, analyze and gain 100% of patient interaction through any medium such as phone, social media, live chat, email etc. The global speech analytics market is projected to grow at the CAGR of 22% during the forecast period and reach new heights by 2023 growing at a CAGR of 22% during 2016-2023. The market was valued at $719 million for the year 2016 and is estimated to generate a revenue of about $2895 million by the year 2023.
Major driving factors for the growth of the global speech analytics market includes:
The need to improve organization market intelligence capabilities and growing prominence of voice across multi-channel is expected to positively impact the growth of global speech analytics market. In the recent years, there has been an emphasis to improve the market intelligence abilities of the organization; the increasing importance of voice across multichannel world is accelerating the market growth. Positive impact on growth of the market is due to the increase in demand of risk management solutions and cloud analytics. Rise in cost and lack of awareness of speech analytics are some of the challenge faced by global speech analytics market.
Source: OBRC Analysis
The global speech analytics market is segmented on the basis of type, deployment, organization size and industrial verticals. On the basis of type, the global speech analytics market is sub segmented into:
On the basis of deployment, the global speech analytics market is sub segmented into:
On the basis of organization size, the global speech analytics market is sub segmented into:
On the basis of vertical segment, the global speech analytics market is sub segmented into:
The revenue for the above industrial verticals are specific to the speech analytics market. However, the total revenue of these applications in general has been excluded from the scope of the report. Also, the total market revenue has been calculated by summing up type, deployment, organization size segments. Geographically, the global speech analytics market is segmented into:
North America is expected to hold the largest market share of global speech analytics market. Contact center outsourcing has witnessed highest growth in the region which compels to provide innovative speech analytics. Latin America is the fastest growing market for speech analytics due to the outsourcing of contact center which prompts companies to provide speech analytic solutions to tap the market opportunities. Also, there have been increased investments by huge companies into speech analytics market in APAC region. Increasing industrialization, technology penetration, ever growing competition among the companies are some of the factors contributing to the market growth in APAC region.
On the basis of type, the market is segmented into solutions and services. The speech analytic solution market is expected to dominate the market as compared to the service segment, owing to the increasing trend of analytical insights and the data available from customer interaction. On the basis of deployment, the market is segmented into cloud based and on-premises. The cloud based speech analytics solution as well as the real-time speech analytics solutions are the latest trend, contributing to the demand across many industries. Further on the basis of organization size the speech analytics market includes small scale and medium scale organization segment. Industry verticals of the market includes banking and financial services, IT and telecom, retail and consumer goods, health care and life science, media and entertainment, government and public sector entities, travel and hospitalities and others. IT, outsourcing and telecom are projected to contribute to the largest market share in the global speech analytics market. The speech analytics is expected to surge in IT sector due to rising adoption of speech analytic tool in business process outsourcing industry. The introduction of advanced technological tools to enhance customer experience is expected to increase the speech analytics demand.
The major market players of the global speech analytics market are:
Detailed analysis of these companies provided in this report comprises overview, SCOT analysis, product portfolio, strategic initiative and strategic analysis.
These companies use various strategies such as merger & acquisition, collaboration, partnership and product launching. Example: January 2016, NICE corporations acquired Nexidia a leading provider of advanced customer analytics. This acquisition lead to the transformation of the market by delivering analytics capabilities with scalability, performance and unparalleled accuracy allowing organizations to expand their usage of analytics in critical business processes as well. NICE is the market leader in analytics-based solutions, the acquisition strengthens the position of the company making it the largest and an advanced provider of cross channels and Interaction.
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At Occams we provide an extensive portfolio which is comprehensive market analysis along with the market size, market share, and market segmentations. Our report on global speech analytics market offers the longest chain of market segmentation covering major market segmentation based on vertical, deployment, organization size etc. The report tracks the major market trends in the global speech analytics market such as multi language processing in audio mining systems. For each market segments covered in global speech analytics market report, we provide opportunity matrix, and DROC analysis, that enable the clear growth assessment across each market segment. The report discusses competitive landscape of the smart security industry, with giving extensive strategy analysis of more than 15 companies. Moreover, the report discusses various models such as 360 degree analysis, See Saw analysis, and Porter five force model and so on. For the high level analysis in the report we provide a comparative analysis of historic and current year data.
Key findings of the global speech analytics market.