BANGALORE, India, Jan. 7, 2020 /PRNewswire/ — Speech Analytics has become increasingly popular in the telecommunications industry because of the huge amount of data produced by the emergence of the connected world definition. The reported calls were initially analyzed manually, but the rise in call volume demands sufficient and reliable analysis, leading to the introduction of voice analytics.
In particular, companies are implementing cloud-based contact analytics, which helps identify potential risks with real-time insights into consumers; it can identify high-value customers and handle them effectively through product life cycles to increase sales.
THE KEY PLAYERS COVERED IN THIS STUDY
- Interactive Intelligence Group
- NICE Systems
- Verint Systems
- Hewlett-Packard Enterprise
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REGION WISE SPEECH ANALYTICS MARKET ANALYSIS
- North America accounted for the largest share in global voice analytics market and is expected to grow significantly over the forecast period. This market’s growth is due to the presence of a large number of voice analytics software vendors in the U.S service industry, and increasing number of contact centers in the area.
- Europe is expected to witness significant growth rate due to growing number of contact centers, increased voice importance in the multi-channel world, and increasing demand for cloud analytics.
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SPEECH ANALYTICS MARKET SEGMENT BY REGIONS/COUNTRIES THIS REPORT COVERS
- United States
- Southeast Asia
- Central & South America
SPEECH ANALYTICS MARKET SEGMENT BY TYPE, THE PRODUCT CAN BE SPLIT INTO
SPEECH ANALYTICS MARKET SEGMENT BY APPLICATION, SPLIT INTO
The study objectives of this report are:
- To analyze global Speech Analytics status, future forecast, growth opportunity, key market and key players.
- To present the Speech Analytics development in the United States, Europe and China.
- To strategically profile the key players and comprehensively analyze their development plan and strategies.
- To define, describe and forecast the market by product type, market and key regions.
REPORTS RELATED TO THE SUBSEGMENTS OF SPEECH ANALYTICS MARKET
GLOBAL SPEECH TECHNOLOGY MARKET ANALYSIS
Rapid penetration of IoT devices enabled with multifunctional and smart voice is one of the factors that is contributing to the growth of the Global Speech Technology Market.
The Global Speech Technology Market is expected to grow at a compound annual growth rate (CAGR) of 18.92 percent from USD 8591.78 million in 2018 to USD 28901.67 million by the end of 2025.
Other factors attributable to the market growth are the potential impact of AI on speech and voice recognition accuracy, increasing need for better healthcare software, mobile banking, smart home automation applications, and increased demand for multifactor authentication voice-based biometric systems.
The Global Speech Technology Market is expected to showcase opportunities such as the potential development of speech technology systems for micro-linguistics and local languages, an increasing number of voice control-based smart assistive devices for customers in corporate verticals, and growing demand for disabled students in autonomous cars, service robotics, and education.
GLOBAL VOICE AND SPEECH ANALYTICS MARKET ANALYSIS
Increasing use of AI integrated with voice and speech analytics is influencing the market growth. The voice and speech data categorization based on AI can analyze words, acoustics, and feelings automatically and efficiently as well as derive hidden opinions and emotions.
AI integrated with voice and speech analytics helps to proactively derive critical insights into the customer management domain in optimizing the pattern recognition process.
The report covers both sales and revenue, and analyses the processes, goods, facilities, and regions segments. The research report also explores the competitive landscape of the global voice and speech analytics market in order to evaluate the direction of the market.
The forecast data gives the reader an estimate of the market’s prospects. The same data is used to forecast the company’s aspirations and how they will change in the coming years. The report offers historical data from 2019 to 2025 as well as projections.
GLOBAL SPEECH ANALYTICS SOFTWARE MARKET
In order to gain a better understanding of their customer requirements, businesses have implemented speech analytics software through a combination of internally recorded data, social media as well as external syndicated data to create cutting-edge analytics solutions.
The study also details the sales and revenue from the global market for Speech Analytics Software. It is broken down by type, application, and others in many segments. This allows for a granular view of the market, focusing on the policies of the government that could change the dynamics. It also analyses the firms R&D programs for enhanced product innovation. Region-wise data on North America, Europe, China, Japan, Southeast Asia, India and Central & South America are provided in this global Speech Analytics Software market report.
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