Global Speech Analytics Industry
New Study On “Global Speech Analytics Market 2019 by Manufacturers, Regions, Type and Application, Forecast to 2023” Added to Wise Guy Reports Database
The report published in the global speech analytics market revealed the growth to be at a notable pace. The valuation of the speech analytics market was further stated to surpass its previous valuation.
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Speech analytics can be defined as a process through which recorded calls among consumers and companies are analyzed to gain or extract valuable information. The tool is used for determining cost drivers, trend analysis, and to identify strength and weakness within a particular product and process. Growing competition between the players in the market and increasing trend of big data analytics are some of the biggest driving factors of growth for the market. The rising demand of speech analytics in the business process outsourcing industry or BPO, coupled with the demand for customer intelligence services and solutions, is expected to boost the global market at a proliferating pace. Add to this, the heightening need and requirement for risk management and compliance and the growing significance of voice in the multichannel landscape are also identified to be key driving factor of the global market.
However, on the other side, it was reported that there is a lack of awareness among customers concerning the features of the technology and how it has an influencing effect on business values. Furthermore, these tools are integrated with predictive analytics, which is highly expensive. These factors are slated to be the biggest restraining factors for the market over the forecast period.
The global speech analytics market has been segmented in terms of type, organization size, and end-users.
By deployment, the market breaks down into on-premise and cloud-based. The cloud-based deployment segment is projected to enjoy a majority of the market share due to the rising demand for cloud services across the world.
By organization size, the market is divided into SMEs and large enterprises. Speech analytic tools are reported to be analyzed by organizations of all sizes.
By end-users, the market comprises public sector and utilities, BFSI, IT and telecommunication, travel and hospitality, healthcare and life science, government, retail, and others.
The global speech analytics market is geographically distributed across the following key regions: Latin America, Asia Pacific, North America, Europe, and the Middle East and Africa. The Asia Pacific regional market boasts massive potential in the speech analytics landscape due to the increasing penetration of technology and the massive investments being made in contact centers that utilize speech analytic solutions to gain insights from customer interaction data.
The global speech analytics market comprises a host of key players. This includes names like Calabridge Inc., Interactive Intelligence Group Inc., Calabrio Inc., Avaya Inc., Almawave, IBM Corporation and others.
September 2019, Aural Analytics, a speech analytics startup in the healthcare domain, announced that it has raised more than USD 4.3 million in seed funding. The funding was led by Tamarisc Ventures and Morningside Ventures and was additionally supported by other investors.
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