HOME Top Market Reports Speech Analytics Market by Component (Solutions (Speech Engine, Indexing, Analysis & Query Tools, Reporting & Visualization Tools) and Services), Application, Deployment Model, Organization Size, Industry Vertical, and Region - Global Forecast to 2022

Speech Analytics Market by Component (Solutions (Speech Engine, Indexing, Analysis & Query Tools, Reporting & Visualization Tools) and Services), Application, Deployment Model, Organization Size, Industry Vertical, and Region - Global Forecast to 2022

By: marketsandmarkets.com
Publishing Date: February 2018
Report Code: TC 2259

 

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The speech analytics market size is expected to grow from USD 756.9 Million in 2016 to USD 2,175.8 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 18.2% during the forecast period. The base year considered for this report is 2016, and the market forecast period is 2017–2022. The major growth drivers of the speech analytics market include an increasing focus on higher customer satisfaction, rising significance for real-time speech analytics solutions, adherences of regulatory and compliance standards, and growing demand for speech analytics solutions to cater growing BPO sector.

Objectives of the Study

The main objective of the report is to define, describe, and forecast the global speech analytics market by components (solutions and services), applications, deployment models, organization sizes, industry verticals, and regions. The report provides detailed information regarding the major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the growth of the market. The report aims to strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the total speech analytics market. The report attempts to forecast the market size with respect to five main regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. The report strategically profiles key players and comprehensively analyzes their core competencies. It also tracks and analyzes competitive developments, such as partnerships, collaborations, and agreements; mergers and acquisitions; new product launches and new product developments; and Research and Development (R&D) activities in the speech analytics market.

Research Methodology

The research methodology used to estimate and forecast the speech analytics market begins with capturing data on key vendor revenues through secondary research, which includes directories and databases (D&B Hoovers, Bloomberg Businessweek, and Factiva). Vendor offerings have also been taken into consideration to determine the market segmentation. The bottom-up procedure was employed to arrive at the overall market size of the global market that was derived from the revenue of the key players in the market. After arriving at the overall market size, the total market was split into several segments and subsegments, which were then verified through primary research by conducting extensive interviews with key people, such as Chief Executive Officers (CEOs), Vice Presidents (VPs), directors, and executives. The data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The breakdown of profiles of primary participants is depicted in the figure below:

Speech Analytics Market

To know about the assumptions considered for the study, download the pdf brochure

The speech analytics ecosystem comprises vendors, such as Verint Systems (US), Avaya (US), Calabrio (US), Clarabridge (US), Voci Technologies (US), Zoom International (Czech Republic), NICE Systems (Israel), Genesys (US), HPE (US), CallMiner (US), and Almawave (Italy). Other stakeholders of the speech analytics market include research organizations, network and system integrators, speech analytics managed service providers, Business Intelligence (BI) solution providers, marketing analytics executives, third-party providers, and technology providers.

Key Target Audience:

  • Service providers and distributors
  • Speech analytics application builders
  • Independent Software Vendors (ISVs)
  • Analytics consulting companies
  • Enterprises
  • End users

“The study answers several questions for the stakeholders, primarily which market segments to focus on in the next 2–5 years for prioritizing efforts and investments.”

Scope of the Report

The research report categorizes the speech analytics market to forecast the revenues and analyze trends in each of the following subsegments:

By Components

  • Solutions
    • Speech engine
    • Indexing, analysis, and query tools
    • Reporting and visualization
  • Services
    • Managed services
    • Professional services
      • Consulting services
      • Support and maintenance

By Application

  • Customer experience management
  • Call monitoring
  • Agent performance monitoring
  • Sales performance management
  • Competitive intelligence
  • Risk and compliance management
  • Others

By Deployment Model

  • On-premises
  • Cloud

By Organization Size

  • Small and Medium-sized Enterprises (SMEs)
  • Large enterprises

By Industry Vertical

  • Banking, Financial Services, and Insurance
  • Retail and eCommerce
  • Travel and Hospitality
  • Government and Defense
  • Healthcare and Life Sciences
  • Energy and Utilities
  • Telecommunications and IT
  • Media and Entertainment
  • Travel and Hospitality
  • Others (Manufacturing, Real Estate, and Education)

By Region

  • North America
  • Europe
  • Asia Pacific (APAC)
  • Middle East and Africa (MEA)
  • Latin America

Available Customizations

With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:

Product Analysis

  • Product matrix gives a detailed comparison of the product portfolio of each company

Geographic Analysis

  • Further breakdown of the North American speech analytics market
  • Further breakdown of the European market
  • Further breakdown of the APAC market
  • Further breakdown of the Latin American market
  • Further breakdown of the MEA speech analytics market

Company Information

  • Detailed analysis and profiling of additional market players up to 5.

Table of Contents

1 Introduction (Page No. - 16)
    1.1 Objectives of the Study
    1.2 Speech Analytics Market Definition
    1.3 Market Scope
    1.4 Years Considered for the Study
    1.5 Currency
    1.6 Stakeholders

2 Research Methodology (Page No. - 19)
    2.1 Research Data
           2.1.1 Secondary Data
           2.1.2 Primary Data
                    2.1.2.1 Breakdown of Primaries
                    2.1.2.2 Key Industry Insights
    2.2 Speech Analytics Market Size Estimation
           2.2.1 Bottom-Up Approach
           2.2.2 Top-Down Approach
    2.3 Assumptions
    2.4 Limitations

3 Executive Summary (Page No. - 26)

4 Premium Insights (Page No. - 31)
    4.1 Attractive Opportunities in the Market
    4.2 Speech Analytics Market, By Region
    4.3 Market Top 3 Industry Verticals and Regions
    4.4 Investment Opportunities in the Market

5 Market Overview (Page No. - 33)
    5.1 Introduction
           5.1.1 Speech Analytics Market Dynamics
           5.1.2 Drivers
                    5.1.2.1 Need for Higher Customer Satisfaction
                    5.1.2.2 Rising Significance for Real-Time Speech Analytics
                    5.1.2.3 Increasing Need of Speech Analytics Software and Services to Cater to the Growing Bpo Sector
                    5.1.2.4 Adherence to Regulatory and Compliance Standards
           5.1.3 Restraints
                    5.1.3.1 Integrating With Existing Systems and Selection of Right Approach
                    5.1.3.2 Difficult to Quantify Return on Investment (RoI)
           5.1.4 Opportunities
                    5.1.4.1 Rising Need to Predict Customer’s Intent and Monitor Agent’s Behavior
                    5.1.4.2 Cloud-Based Speech Analytics Solutions
           5.1.5 Challenges
                    5.1.5.1 Data Ecosystem and Exchanges Leading to Data Security Concerns
                    5.1.5.2 Inconsistent Link Between Business Semantics and Business Goals
    5.2 Industry Trends
           5.2.1 Features/Functionalities
                    5.2.1.1 Emotion Detection
                    5.2.1.2 Speech-To-Text Recognition
                    5.2.1.3 Phonetic Indexing
                    5.2.1.4 Talk Over Analytics
           5.2.2 Use Cases
                    5.2.2.1 Use Case 1: Insurance Services
                    5.2.2.2 Use Case 2: Energy and Utilities
                    5.2.2.3 Use Case 3: Financial Services
           5.2.3 Innovation Spotlight
                    5.2.3.1 Advent of Artificial Intelligence(AI) and Machine Learning Into Speech Analytics
                    5.2.3.2 Emergence of Real-Time Into Speech Analytics

6 Speech Analytics Market, By Component (Page No. - 40)
    6.1 Introduction
    6.2 Solutions
           6.2.1 Speech Engine
           6.2.2 Indexing, Analysis, and Query Tools
           6.2.3 Reporting and Visualization Tools
    6.3 Services
           6.3.1 Managed Services
           6.3.2 Professional Services
                    6.3.2.1 Support and Maintenance
                    6.3.2.2 Consulting Services
                    6.3.2.3 Deployment and Integration

7 Speech Analytics Market, By Application (Page No. - 52)
    7.1 Introduction
    7.2 Customer Experience Management
    7.3 Call Monitoring
    7.4 Agent Performance Monitoring
    7.5 Sales Performance Management
    7.6 Competitive Intelligence
    7.7 Risk and Compliance Management
    7.8 Others

8 Speech Analytics Market, By Deployment Model (Page No. - 61)
    8.1 Introduction
    8.2 On-Premises
    8.3 Cloud

9 Speech Analytics Market, By Organization Size (Page No. - 65)
    9.1 Introduction
    9.2 Small and Medium-Sized Enterprises
    9.3 Large Enterprises

10 Speech Analytics Market, By Industry Vertical (Page No. - 69)
     10.1 Introduction
     10.2 Banking, Financial Services, and Insurance
     10.3 Telecommunications and IT
     10.4 Retail and Ecommerce
     10.5 Healthcare and Life Sciences
     10.6 Media and Entertainment
     10.7 Government and Defense
     10.8 Energy and Utilities
     10.9 Travel and Hospitality
     10.10 Others

11 Speech Analytics Market, By Region (Page No. - 79)
     11.1 Introduction
     11.2 North America
             11.2.1 By Component
             11.2.2 By Solution
             11.2.3 By Service
             11.2.4 By Professional Service
             11.2.5 By Application
             11.2.6 By Deployment Model
             11.2.7 By Organization Size
             11.2.8 By Industry Vertical
     11.3 Europe
             11.3.1 By Component
             11.3.2 By Solution
             11.3.3 By Service
             11.3.4 By Professional Service
             11.3.5 By Application
             11.3.6 By Deployment Model
             11.3.7 By Organization Size
             11.3.8 By Industry Vertical
     11.4 Asia Pacific
             11.4.1 By Component
             11.4.2 By Solution
             11.4.3 By Service
             11.4.4 By Professional Service
             11.4.5 By Application
             11.4.6 By Deployment Model
             11.4.7 By Organization Size
             11.4.8 By Industry Vertical
     11.5 Middle East and Africa
             11.5.1 By Component
             11.5.2 By Solution
             11.5.3 By Service
             11.5.4 By Professional Service
             11.5.5 By Application
             11.5.6 By Deployment Model
             11.5.7 By Organization Size
             11.5.8 By Industry Vertical
     11.6 Latin America
             11.6.1 By Component
             11.6.2 By Solution
             11.6.3 By Service
             11.6.4 By Professional Service
             11.6.5 By Application
             11.6.6 By Deployment Model
             11.6.7 By Organization Size
             11.6.8 By Industry Vertical

12 Competitive Landscape (Page No. - 105)
     12.1 Overview
     12.2 Prominent Players Operating in the Speech Analytics Market
     12.3 Partnerships, Agreements, and Collaborations
     12.4 New Product Launches and Product Upgradations
     12.5 Acquisitions

13 Company Profiles (Page No. - 109)
     13.1 Introduction
(Business Overview, Solutions Offered, Recent Developments, SWOT Analysis, MnM View)*
     13.2 Verint Systems
     13.3 Nice Systems
     13.4 Callminer
     13.5 Avaya
     13.6 Calabrio
     13.7 Clarabridge
     13.8 VOCI Technologies
     13.9 Zoom International
     13.10 Genesys
     13.11 HPE
     13.12 Almawave

*Details on Business Overview, Solutions Offered, Recent Developments, SWOT Analysis, MnM View Might Not Be Captured in Case of Unlisted Companies.

14 Appendix (Page No. - 141)
     14.1 Key Insights of Industry Experts
     14.2 Discussion Guide
     14.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     14.4 Introducing RT: Real-Time Market Intelligence
     14.5 Available Customization
     14.6 Related Reports
     14.7 Author Details


List of Tables (82 Tables)

Table 1 Speech Analytics Market Size, By Component, 2015–2022 (USD Million)
Table 2 Solutions: Market Size By Region, 2015–2022 (USD Million)
Table 3 Solutions: Market Size By Type, 2015–2022 (USD Million)
Table 4 Speech Engine Market Size, By Region, 2015–2022 (USD Million)
Table 5 Indexing, Analysis, and Query Tools Market Size, By Region, 2015–2022 (USD Million)
Table 6 Reporting and Visualization Tools Market Size, By Region, 2015–2022 (USD Million)
Table 7 Services: Speech Analytics Market Size, By Region, 2015–2022 (USD Million)
Table 8 Services: Market Size By Type, 2015–2022 (USD Million)
Table 9 Managed Services: Market Size By Region, 2015–2022 (USD Million)
Table 10 Professional Services: Market Size By Region, 2015–2022 (USD Million)
Table 11 Professional Services: Market Size By Type, 2015–2022 (USD Million)
Table 12 Support and Maintenance Market Size, By Region, 2015–2022 (USD Million)
Table 13 Consulting Services Market Size, By Region, 2015–2022 (USD Million)
Table 14 Deployment and Integration Market Size, By Region, 2015–2022 (USD Million)
Table 15 Speech Analytics Market Size, By Application, 2015-2022 (USD Million)
Table 16 Customer Experience Management: Market Size By Region, 2015-2022 (USD Million)
Table 17 Call Monitoring: Market Size By Region, 2015-2022 (USD Million)
Table 18 Agent Performance Monitoring: Market Size By Region, 2015-2022 (USD Million)
Table 19 Sales Performance Management: Market Size By Region, 2015-2022 (USD Million)
Table 20 Competitive Intelligence: Market Size By Region, 2015-2022 (USD Million)
Table 21 Risk and Compliance Management: Market Size By Region, 2015-2022 (USD Million)
Table 22 Others: Market Size By Region, 2015-2022 (USD Million)
Table 23 Speech Analytics Market Size, By Deployment Model, 2015–2022 (USD Million)
Table 24 On-Premises: Market Size By Region, 2015–2022 (USD Million)
Table 25 Cloud: Market Size By Region, 2015–2022 (USD Million)
Table 26 Market Size By Organization Size, 2015–2022 (USD Million)
Table 27 Small and Medium-Sized Enterprises: Market Size By Region, 2015–2022 (USD Million)
Table 28 Large Enterprises: Market Size By Region, 2015–2022 (USD Million)
Table 29 Speech Analytics Market Size, By Industry Vertical, 2015–2022 (USD Million)
Table 30 Banking, Financial Services, and Insurance: Market Size By Region, 2015–2022 (USD Million)
Table 31 Telecommunications and IT: Market Size By Region, 2015–2022 (USD Million)
Table 32 Retail and Ecommerce: Market Size By Region, 2015–2022 (USD Million)
Table 33 Healthcare and Life Sciences: Market Size By Region, 2015–2022 (USD Million)
Table 34 Media and Entertainment: Market Size By Region, 2015–2022 (USD Million)
Table 35 Government and Defense: Market Size By Region, 2015–2022 (USD Million)
Table 36 Energy and Utilities: Market Size By Region, 2015–2022 (USD Million)
Table 37 Travel and Hospitality: Market Size By Region, 2015–2022 (USD Million)
Table 38 Others: Market Size By Region, 2015–2022 (USD Million)
Table 39 Speech Analytics Market Size, By Region, 2015–2022 (USD Million)
Table 40 North America: Market Size By Component, 2015–2022 (USD Million)
Table 41 North America: Market Size By Solution, 2015–2022 (USD Million)
Table 42 North America: Market Size By Service, 2015–2022 (USD Million)
Table 43 North America: Market Size By Professional Service, 2015–2022 (USD Million)
Table 44 North America: Market Size By Application, 2015–2022 (USD Million)
Table 45 North America: Market Size By Deployment Model, 2015–2022 (USD Million)
Table 46 North America: Market Size By Organization Size, 2015–2022 (USD Million)
Table 47 North America: Market Size By Industry Vertical, 2015–2022 (USD Million)
Table 48 Europe: Speech Analytics Market Size, By Component, 2015–2022 (USD Million)
Table 49 Europe: Market Size By Solution, 2015–2022 (USD Million)
Table 50 Europe: Market Size By Service, 2015–2022 (USD Million)
Table 51 Europe: Market Size By Professional Service, 2015–2022 (USD Million)
Table 52 Europe: Market Size By Application, 2015–2022 (USD Million)
Table 53 Europe: Market Size By Deployment Model, 2015–2022 (USD Million)
Table 54 Europe: Market Size By Organization Size, 2015–2022 (USD Million)
Table 55 Europe: Market Size By Industry Vertical, 2015–2022 (USD Million)
Table 56 Asia Pacific: Speech Analytics Market Size, By Component, 2015–2022 (USD Million)
Table 57 Asia Pacific: Market Size By Solution, 2015–2022 (USD Million)
Table 58 Asia Pacific: Market Size By Service, 2015–2022 (USD Million)
Table 59 Asia Pacific: Market Size By Professional Service, 2015–2022 (USD Million)
Table 60 Asia Pacific: Market Size By Application, 2015–2022 (USD Million)
Table 61 Asia Pacific: Market Size By Deployment Model, 2015–2022 (USD Million)
Table 62 Asia Pacific: Market Size By Organization Size, 2015–2022 (USD Million)
Table 63 Asia Pacific: Market Size By Industry Vertical, 2015–2022 (USD Million)
Table 64 Middle East and Africa: Speech Analytics Market Size, By Component, 2015–2022 (USD Million)
Table 65 Middle East and Africa: Market Size By Solution, 2015–2022 (USD Million)
Table 66 Middle East and Africa: Market Size By Service, 2015–2022 (USD Million)
Table 67 Middle East and Africa: Market Size By Professional Service, 2015–2022 (USD Million)
Table 68 Middle East and Africa: Market Size By Application, 2015–2022 (USD Million)
Table 69 Middle East and Africa: Market Size By Deployment Model, 2015–2022 (USD Million)
Table 70 Middle East and Africa: Market Size By Organization Size, 2015–2022 (USD Million)
Table 71 Middle East and Africa: Market Size By Industry Vertical, 2015–2022 (USD Million)
Table 72 Latin America: Speech Analytics Market Size, By Component, 2015–2022 (USD Million)
Table 73 Latin America: Market Size By Solution, 2015–2022 (USD Million)
Table 74 Latin America: Market Size By Service, 2015–2022 (USD Million)
Table 75 Latin America: Market Size By Professional Service, 2015–2022 (USD Million)
Table 76 Latin America: Market Size By Application, 2015–2022 (USD Million)
Table 77 Latin America: Market Size By Deployment Model, 2015–2022 (USD Million)
Table 78 Latin America: Market Size By Organization Size, 2015–2022 (USD Million)
Table 79 Latin America: Market Size By Industry Vertical, 2015–2022 (USD Million)
Table 80 Partnerships, Agreements, and Collaborations, 2015–2017
Table 81 New Product Launches and Product Upgradations, 2016–2017
Table 82 Acquisitions, 2015–2016


List of Figures (42 Figures)

Figure 1 Speech Analytics Market Segmentation
Figure 2 Market Regional Segmentation
Figure 3 Speech Analytics Market Research Design
Figure 4 Data Triangulation
Figure 5 Market Size Estimation Methodology: Bottom-Up Approach
Figure 6 Market Size Estimation Methodology: Top-Down Approach
Figure 7 Speech Analytics Market: Assumptions
Figure 8 Speech Analytics Market is Poised to Witness Significant Growth in the Global Market During the Forecast Period
Figure 9 Market Snapshot By Component (2017 vs 2022)
Figure 10 Market Snapshot By Service (2017–2022)
Figure 11 Market Snapshot By Application (2017–2022)
Figure 12 Market Snapshot By Deployment Model (2017–2022)
Figure 13 Market Snapshot By Organization Size (2017 vs 2022)
Figure 14 Market Snapshot By Industry Vertical (2017 vs 2022)
Figure 15 The Need to Generate Valuable Insights From the Customer Interactions is Expected to Drive the Speech Analytics Market Growth
Figure 16 North America is Estimated to Have the Largest Market Share in 2017
Figure 17 Banking, Financial Services, and Insurance Industry Vertical, and North America are Estimated to Have the Largest Market Shares in 2017
Figure 18 Asia Pacific is Expected to Be A Lucrative Market for Investments During the Forecast Period
Figure 19 Speech Analytics Market: Drivers, Restraints, Opportunities, and Challenges
Figure 20 Services Segment is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 21 Reporting and Visualization Tools Segment is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 22 Managed Services Segment is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 23 Consulting Services Segment is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 24 Competitive Intelligence Application is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 25 Cloud Deployment Model is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 26 Small and Medium-Sized Enterprises Segment is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 27 Retail and Ecommerce Vertical is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 28 Asia Pacific is Estimated to Grow at the Highest CAGR During the Forecast Period
Figure 29 North America is Projected to Have the Largest Market Share During the Forecast Period
Figure 30 North America: Market Snapshot
Figure 31 Asia Pacific: Market Snapshot
Figure 32 Key Developments By Leading Players in the Speech Analytics Market, 2015–2017
Figure 33 Geographic Revenue Mix of the Top 4 Market Players
Figure 34 Verint Systems: Company Snapshot
Figure 35 Verint Systems: SWOT Analysis
Figure 36 Nice Systems: Company Snapshot
Figure 37 Nice Systems: SWOT Analysis
Figure 38 Callminer: SWOT Analysis
Figure 39 Avaya: Company Snapshot
Figure 40 Avaya: SWOT Analysis
Figure 41 Genesys: SWOT Analysis
Figure 42 HPE: Company Snapshot

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. The speech analytics market is gaining traction, owing to an increased prevalence of voice, phone interactions among consumers while interacting with customer representatives to resolve their service issues. Other major factors, such as focus on higher customer satisfaction, rising significance of real-time speech analytics, and an increasing need for speech analytics solutions from the Business Process Outsourcing (BPO) sector, are expected to drive the global speech analytics market.

Various organizations operating in various industry verticals have been developing an interest in transcription and analysis of customer and organizational media and make informed decisions for customer and business management with the help of text and speech intelligence. The report provides detailed insights into the global speech analytics market. It is segmented by component, application, deployment model, organization size, industry vertical, and region. By component, the market is divided into solutions and services. The solutions segment outperforms the services segment and would see the maturation in the future due to the higher adoption. As a result, professional services are expected to gain traction in the next five years.

Among applications, the customer experience management applications segment is expected to dominate the global speech analytics 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 speech analytics market due to various benefits, such as cost control, resource pooling, and less implementation time.

Speech analytics solutions witness an increasing demand across industry verticals, such as BFSI, retail and eCommerce, telecommunications and IT, and healthcare and life sciences. With the largest market size, the BFSI vertical is expected to dominate the speech analytics market during the forecast period, due to the growing importance of speech analytics to enhance the customer satisfaction, increase the retention rate, and reduce the customer churn rate. The retail and eCommerce industry vertical is expected to grow at the highest CAGR during the forecast period, due to the growing application of speech analytics to gather market intelligence, enhance business processes and risk management, and improve customer experience management (CEM).

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.

Speech Analytics Market

The report covers all the major aspects of the speech analytics market and provides an in-depth analysis across North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. North America is expected to hold the largest market share and dominate the market from 2017 to 2022, due to the presence of a large number of solution vendors in the US. APAC offers potential growth opportunities, as deeper technology penetration and large investments in contact centers that are turning towards speech analytics solutions to efficiently gain insights from customer interaction data.

Integration with existing systems and selection of right approach and difficult to quantify Return on Investment (RoI) would restrain the speech analytics market growth during the forecast period.

The global speech analytics market is fragmented in nature, as no single vendor dominates the market. Major vendors of speech analytics software and services include Verint Systems (US), Avaya (US), Calabrio, (US), CallMiner (US), Clarabridge (US), Almawave (Italy), Voci Technologies (US), Zoom International (Czech Republic), NICE Systems (Israel), Genesys (US), and HPE (US). These vendors have adopted different types of organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, expansions, and acquisitions, to expand their offerings in the speech analytics market.

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