DUBLIN, December 03, 2021--(BUSINESS WIRE)--The "Speech Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026" report has been added to ResearchAndMarkets.com's offering.
The global speech analytics market exhibited strong growth during 2015-2020. Looking forward, the market is set to grow at a CAGR of around 22% during 2021-2026.
Speech analytics refers to the automated process of extracting audio recordings or live calls and analyzing them to find relevant business insights. It is performed using specialized software that can understand the spoken word of many dialects and translate it into text.
It is widely utilized in healthcare and banking, financial services, and insurance (BFSI) sectors, which have compliance requirements regarding customer data storing and searching. Nowadays, it can be combined with customer relationship management (CRM) strategies to help businesses increase their bottom line and improve customer retention rates.
Speech Analytics Market Trends:
Contact centers have become a major source for gaining customer feedback. However, the volume of call recordings exceeds the contact center's ability to review and analyze them manually.
This represents one of the significant factors influencing the demand for speech analytics for automatically providing insights about customer satisfaction, competitive intelligence, service issues, agent performance, and campaign effectiveness.
Additionally, due to the escalating need for risk and compliance management, organizations worldwide are adopting speech analytics to help retain existing customers, reduce the need for additional marketing, advertising, and on-boarding costs for acquiring new customers.
Moreover, speech analytics is gaining traction in the information technology (IT) and telecommunication sector to help organizations expand their consumer base and overall profits.
Apart from this, several market players are providing economical, cloud-based solutions, which is anticipated to promote the adoption of speech analytics across small and medium-sized enterprises (SMEs) worldwide.
Key Questions Answered in This Report:
How has the global speech analytics market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global speech analytics market?
What are the key regional markets?
What is the breakup of the market based on the type?
What is the breakup of the market based on the deployment?
What is the breakup of the market based on the enterprise size?
What is the breakup of the market based on the end use?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global speech analytics market and who are the key players?
What is the degree of competition in the industry?
The competitive landscape of the industry has also been examined along with the profiles of the key players being
ASC Technologies AG
inContact (NICE Systems)
Verint System Inc.
Key Market Segmentation
Breakup by Type:
Breakup by Deployment:
Breakup by Enterprise Size:
Small and Medium Enterprises
Breakup by End Use:
IT and Telecommunication
Breakup by Region:
Middle East and Africa
For more information about this report visit https://www.researchandmarkets.com/r/z3v1c5
View source version on businesswire.com: https://www.businesswire.com/news/home/20211203005290/en/
Laura Wood, Senior Press Manager
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