Global Speech Analytics Survey: Destination 2020

May 24, 2019: The speech analytics market is expected to reach USD 1.64 billion by 2025, according to a new report by Grand View Research, Inc.

The market is estimated to witness a robust growth exceeding a CAGR of 10% over the forecast period.

This growth is ascribed to the increasing emphasis by organizations on improving the market intelligence capabilities along with the growing prominence of voice in the multi-channel world.The number of contact centers is increasing, resulting in industry players to innovate speech analytics solutions, which help companies understand the changing customer requirements.

The technology has been increasingly adopted in consumer electronics devices, including laptops, smartphones, and tablets, as it significantly increases the enterprise's scope as well as improves performance.

This, in turn, has resulted in elevating adoption of speech analytics solutions worldwide.

In addition, upcoming technologies, such as voice print authentication, are estimated to spur growth over the coming years.Download sample Copy of This Report at: https://www.radiantinsights.com/research/speech-analytics-market/request-sample Furthermore, the rising demand for risk management solutions and cloud analytics is also anticipated to favorably impact growth over the next nine years.

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 significant need for higher customer satisfaction, rising significance for real-time speech analytics, increasing need for speech analytics solutions and services, and adherences of regulatory and compliance standard have driven the need for speech analytics solutions and services, as they provide a complete set of analysis on speaker separation, customer discontent, root-cause analysis, call-topic, and visual context.An increasing need to predict customers’ intents and monitor agent’s behavior, and cloud-based speech analytics solutions are the major opportunities present in the speech analytics market.

Integrating speech analytics with the existing system with right approach is the major factor restraining the market growthDownload PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=17297779 Banking, financial services, and insurance (BFSI); healthcare and life sciences; retail and eCommerce; energy and utilities; telecommunications and IT; government and defense; travel and hospitality: media and entertainment; and others (manufacturing, real estate, and education) are among the major industries leveraging the benefits of speech analytics solutions and services substantially.Retail and eCommerce among the industry verticals is expected to grow at the highest CAGR in the speech analytics market.

Speech analytics brings forward-looking perspective to their existing business processes.

Through analyzing existing customers’ data behavioral predictions are made which can help in mitigating the risk of default payment, thus reducing one of the major issues faced by the industry.

Natural language processing (NLP), speech analytics, and dynamic workflows facilitated by speech analytics solutions can help companies to create 360° view of a customer, and maximize value of customer relationships.

According to Market Research Future (MRFR), the global speech analytics market size is projected to reach USD 1.75 billion at an estimated CAGR of 23% from 2016 to 2022 (forecast period).

The study discusses industry competition and global market patterns, offering a detailed overview of both growth drivers and constraints that could have a significant impact on market outlook over the forecast period.Speech Analytics is the process of analyzing recorded calls for the collection of customer information with the goal of enhancing communication and potential interaction.

The process is used by contact centers to extract information from clients' interactions with the organization.

Technology can detect cost drivers, strengths, and limitations in processes and products, analyses trends, and help explain how the marketplace recognizes the offerings.Market DynamicsThe key factors impelling the growth of the speech analytics market are the growing need for customer relationship management, an increase in the level of competition of existing players, new product development, and rigorous management.

Risk management, along with increasing compliance requirements, also attributes to the growth rate.

The demand for this sector rises with the expertise and awareness of third-party resources to implement such solutions.

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They spoke of the wide-ranging possibilities; that computers might match or even exceed human intelligence and capabilities on tasks such as complex decision-making, reasoning and learning, sophisticated analytics and pattern recognition, visual acuity, speech recognition and language translation.

They said “smart” systems in communities, in vehicles, in buildings and utilities, on farms and in business processes will save time, money and lives and offer opportunities for individuals to enjoy a more-customized future.

There are many applications of AI that make this technology more accessible to the average layman person or kids at home.

IT & Telecom, BFSI are the major industries in which speech analytics is used.

As these industries are growing at a good pace, the global speech analytics market is expected to witness growth in the future.

Innovations of solutions are required because of rising demand for risk, compliance management as well as increasing number of contact centers, so these solutions must help companies to understand the changing customer requirements.

however because of higher adoption it will be expected to witness maturity phase with service segment will gain from this help it for doing well in upcoming nine years.The service segment is expected to grow at the at rate more than 8 % of CAGR in forecasted period.

Services are necessary to manage the extensive portfolio of solutions that market offers which help organization to expand business process to gain competitive advantage.Deployment Insights:50% of the total revenue came from the on-premised employment in 2015.system furthermore data was better controlled by On-premise solutions however this segment might witness a sluggish growth because of high cost of deployment methods, requirement of dedicated IT staff for maintenance, requires high-end IT infrastructure as compared to the cloud deployment.As a result of this edge cloud based deployment segment gained a considerable share in 2015 this will drive high demand in the forecasted period.IT, BFSI, Media & entertainment will drive the demand for cloud deployment options.SMEs are also getting cost effective solutions from the New firms in the market.Enterprise Size Insights:40% of total share came from the SMEs in the year 2015 furthermore it will be expected to grow at a CAGR exceeding 8% in forecasted period.

Also cloud analytics will help to increase in the product demand among SMEs.End-Use Insights:Telecom sector accounted over 15% share in 2015 and expected to grow more in the forecasted period.

This technology can identify cost drivers, trend analysis, identify strengths and weaknesses with processes and commodities, and helps to understand how the marketplace perceives contributions.

The process is primarily used by customer contact centers to extract information buried in client interactions with an enterprise.Integration with existing systems and selection of the right approach and difficult to quantify Return on Investment (RoI) are restraining factors that would affect the growth of the market during the forecast period.

Focus on higher customer satisfaction, an increasing need for speech analytics solutions from the Business Process Outsourcing (BPO) sector and rising significance of real-time speech analytics are some of the major factors expected to drive the growth of the market during the forecast period.Speech Analytics Market Speech analytics market is segmented by component, application, deployment Model, organization Size, industry vertical, and region.

While using applications, the customer experience management applications segment is expected to hold the larger market share during the forecast period.

Among these, the cloud deployment model is likely to reach at a higher CAGR during the forecast period, as Cloud-based solutions are gaining a firm hold in the speech analytics market as is provides various benefits, such as resource pooling, and less implementation time cost control.Among verticals, the retail and e-commerce industry vertical is expected to grow at the highest CAGR during the forecast period.

The BFSI vertical is likely to hold larger market share during the forecast period, as the importance of speech analytics is growing to enhance the customer satisfaction, increase the retention rate, and reduce the customer churn rate.In case of organization size, large enterprises are likely to have larger market share during the forecast period, as they are keenly focusing on CEM to encourage repeat business and improve customer loyalty.

Originally referred to as audio-mining, in which audio files were translated to text to make searches of particular terms or keywords, speech analytics now includes in-depth phonetic-based searches with the potential to identify certain feelings conveyed on a phone call as well as patterns within a call, including hold times, silent gaps, or caller-talking agents.

Call centers can provide improved consumer interactions through emerging technology, including real-time speech analytics, emotional analytics, and Artificial intelligence.

According to a survey, an impressive 72% of organizations agree that speech analytics would lead to enhanced consumer service, 68% consider it a cost-saving tool, 52% believe that the implementation of speech analytics would contribute to an improvement in sales.The majority of consumers equate silence with an agent’s negligence.

A major insurance corporation noticed that about 74% of silence periods were indeed correlated with a lack of information.

They followed-up by continuing to examine right before the silence time what had been said.

Global Market Database is an effective market research tool that gives its users market wise quantitative inputs.In a case, study cited by an industry consulting group, one company in the United States said it might analyze the variations of high and low speech rates in design and implementation to determine various emotional factors by listening to simply 10 seconds of an individual communicating.

3 February 2020 - IT & Telecom, BFSI are the major industries in which Speech Analytics is used.

As these industries are growing at a good pace, the global speech analytics market is expected to witness growth in the future.

Innovations of solutions are required because of rising demand for risk, compliance management as well as increasing number of contact centers, so these solutions must help companies to understand the changing customer requirements.

however because of higher adoption it will be expected to witness maturity phase with service segment will gain from this help it for doing well in upcoming nine years.The service segment is expected to grow at the at rate more than 8 % of CAGR in forecasted period.

Services are necessary to manage the extensive portfolio of solutions that market offers which help organization to expand business process to gain competitive advantageDeployment Insights:50% of the total revenue came from the on-premised employment in 2015.system furthermore data was better controlled by On-premise solutions however this segment might witness a sluggish growth because of high cost of deployment methods, requirement of dedicated IT staff for maintenance, requires high-end IT infrastructure as compared to the cloud deployment.As a result of this edge cloud based deployment segment gained a considerable share in 2015 this will drive high demand in the forecasted period.IT, BFSI, Media & entertainment will drive the demand for cloud deployment options.SMEs are also getting cost effective solutions from the New firms in the market.Enterprise Size Insights:40% of total share came from the SMEs in the year 2015 furthermore it will be expected to grow at a CAGR exceeding 8% in forecasted period.

Also cloud analytics will help to increase in the product demand among SMEs.End-Use Insights:Telecom sector accounted over 15% share in 2015 and expected to grow more in the forecasted period.

New Delhi, July 10 (IANS) Samsung Venture Investment Corporation (SVIC), the venture capital arm of Samsung, on Wednesday announced its maiden investments in India, totaling $8.5 million (nearly Rs 60 crore) across four Indian start-ups.While SVIC did not disclose how much it invested in which start-up, a company spokesperson told IANS that the investment in each of the start-ups ranges between $1 million to $5 million.Vidstatus“SVIC is planning to make 100 investments (each amounting $1 million to $5 million) in India in the next three to five years,” Aloknath De, Corporate Vice President and Chief Technology Officer, Samsung RD Institute Bengaluru, told IANS in a telephonic conversation.Vidstatus apkThe four start-ups in which SVIC has invested so far in the country are system apps company OSLabs (Indus OS), speech technology startup Gnani.ai, IoT solutions provider Silvan Innovation Labs and an early stage computer vision start-up the name of which has not been disclosed.Vidstatus downloadMumbai-based OSLabs has developed a curated app store, Indus App Bazaar, which has a collection of over 400,000 mobile apps in multiple Indian languages.Bangalore-based Gnani.ai works in the space of automatic speech recognition and natural language processing in Indic languages for building voice assistants and for speech analytics.Vidstatus for android Speech recognition is today an important part of human to machine interactions and there is a rising need for automated speech recognition (ASR) in the vernacular languages space.Read more :https://www.hindustantimes.com/tech/samsung-s-vc-arm-invests-8-5-million-in-4-indian-start-ups/story-Srb5EEEZDBvDOnRVZy4ExO.html

This data then further undergoes a speech recognition process and is being converted into text and parameters such as voice, loudness, and tempo are analysed.

The global speech analytics market was valued at US$ 950.2 Million in 2017 and is expected to grow with the highest CAGR during the forecast period.

An exclusive coverage is provided for market drivers and challenges & opportunities for a country-level market in the respective regional segments.

The cloud-based segment is dominating the market, owing to the growing adoption of speech analytics in various organizations for identifying the premium customers, cost control, less implementation time, and for risk identification.

That will further accelerate the speech analytics market in this sector during the forecast years.

Telecommunication Industry has one of the Highest Market Shares in Speech Analytics Market