HOME Research Insight NICE Systems (Israel) and Verint Systems (US) are the Major Players in the Speech Analytics Market

NICE Systems (Israel) and Verint Systems (US) are the Major Players in the Speech Analytics Market

The speech analytics market is rapidly growing, owing to growing focus on higher customer satisfaction, rising significance of real-time speech analytics, and increasing need for speech analytics solutions from the Business Process Outsourcing (BPO) sector. The global speech analytics market size is estimated to be USD 941.1 Million in 2017 and is projected to reach USD 2,175.8 Million by 2022, growing at a Compound Annual Growth Rate (CAGR) of 18.2%.

The global speech analytics market is fragmented in nature, as no single vendor dominates the market. Major vendors that offer 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).

The major players in the speech analytics market have adopted various strategies to expand their global presence and enhance their market shares. They have adopted partnerships, collaborations, new product launches, and acquisitions to expand their product portfolios and gain a competitive edge in the market.

NICE Systems has undertaken product launch as its major development strategies to gain a leading position in the market. As a part of its organic growth strategy, in January 2017, NICE introduced the Nexidia Interaction Analytics solution, a CEM platform. The advanced analytics solution has the capability to discover, process, and report relevant customer data, thereby improving the overall efficiency. In March 2016, NICE Systems collaborated with Microsoft to deploy the NICE Investigate digital policing solution on the Microsoft Azure Government cloud platform to provide law enforcement agencies with a comprehensive Criminal Justice Information Services (CJIS)-compliant cloud solution for managing investigations and digital evidence. NICE Investigate streamlines the collection, analysis, and sharing of digital evidence, thereby making it an effective tool for customer interaction analytics.

Verint Systems, another major provider of speech analytics solutions and services, has adopted a mix of organic and inorganic growth strategies to gain a strong foothold in the market. For instance, in October 2017, Verint introduced the Verint WFO solution that integrates secure mobile access into WFO applications, providing flexibility to employees and managers to get work done from anywhere. WFO has an ACD that provides on-premises and cloud ACD suppliers with an open API library. In February 2016, Verint acquired Contact Solutions, one of the leading providers of real-time, contextual, customer care solutions, to deliver optimized customer care solutions and help an enterprise achieve superior results at a sustainable cost. The acquisition would strengthen Verint’s product portfolio, enabling decision-makers to anticipate, respond, and make more informed, effective, and timely decisions over a single call.

Related 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

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