According to a market research, the global Speech Analytics Market size is expected to grow from $941.1 million in 2017 to $2,175.8 million by 2022, at a CAGR of 18.2%. The key forces driving the Speech Analytics Market include the need for higher customer satisfaction, rising significance for real-time analytics, and increasing need of speech analytics solutions to the growing BPO sector, said ResearchAndMarket.
The speech analytics solutions are expected to dominate the market from 2015 to 2022, with larger market share than the service segment, due to growing trends of analytical insights from customer interaction data. Furthermore, due to future saturation in the solution segment in the developed economies and variation in global government customer protection norms and regulations, demand for professional services is expected to gain traction in the next five years.
Among industry verticals, the Banking, Financial Services and Insurance (BFSI) vertical is expected to continue to hold the largest market share during the forecast period. The vertical is experiencing massive transformation with increasing investments for data analysis. BFSI companies are focusing on customer experience management to accelerate customer acquisition, improve business loyalty, and enhance customer retention ratio. The retail and eCommerce vertical is expected to grow at the highest CAGR during the forecast period, owing to an increased focus on reducing customer churn rate.
North America is expected to hold the largest market size and continue to dominate the global Speech Analytics Market from 2017 to 2022, due to the notable adoption of speech analytics solutions and the presence of a large number of analytics vendors in the US. Asia Pacific (APAC) offers significant growth opportunities, owing to growing technology expenditures in major countries, such as Australia, China, and India, and the demand for cost-effective analytical software and services among the Small and Medium-sized Enterprises (SMEs) are expected to drive the market growth during the forecast period.
The global Speech Analytics Market is fragmented in nature, as no single vendor dominates the market. Major vendors offering 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).