Speech Analytics Market Report

Speech Analytics Market Analysis By Type (Solution, Service), By Deployment (On-Premise, Cloud), By Enterprise Size (Small & Medium Enterprise, Large Enterprise), By End-Use (BFSI, Telecom, IT, Retail, Healthcare, Hospitality) And Segment Forecasts, 2014 - 2025

Published: April 2015  |  117 Pages  |  Format: PDF  |  Report ID: GVR-1-68038-209-9

Industry Insights

The global speech analytics market size was valued at USD 626.4 million in 2015 and is expected to witness a significant growth owing to a wide application scope in the IT & telecom and BFSI industries. Furthermore, the rising demand for risk and compliance management across different verticals and the increasing number of contact centers have resulted in the innovation of solutions that help companies understand the changing customer requirements. This, in turn, is expected to open new avenues for the industry over the projected period.

The growth is attributed to the increasing pressure on businesses to protect their intellectual assets for improving agility and efficiency in their operations through the extensive insights mined in the Voice of Customer (VoC). For instance, the Dodd-Frank Wall Street Reform and Consumer Protection Act (July 2010) in the U.S. have put the onus on bankers to incorporate records of their mobile phone transactions.

Global speech analytics market by region, 2014 - 2025 (USD Million)

Global speech analytics market

Type Insights

Speech analytic solutions are deployed by a number of contact centers across the world in a variety of applications including compliance management, agent performance management, customer experience management, and to gain market intelligence.

In 2015, the solutions segment captured a significant share and is expected to dominate the market over the forecast period. However, the segment is expected to witness maturity a scribed to the higher adoption that will result in services segment to gain traction in the next nine years.

The market offers an extensive portfolio of solutions and, therefore, services are necessary to manage these solutions and help organizations enhance their business process for sustaining in this competitive landscape. The service segment is expected to grow at a CAGR exceeding 8% over the forecast period.

Deployment Insights

The on-premised employment was the largest segment, accounting for over 50% of the total revenue in 2015. On-premise solutions provide better control over the system and data. However, this deployment method is costly and requires a dedicated IT staff for the maintenance & support and high-end IT infrastructure, owing to which the segment is anticipated to witness a sluggish growth in comparison to the cloud deployment.

The cloud-based deployment segment accounted for considerable share in 2015 and is expected to witness a high demand over the forecast period. The availability of cloud deployment options for speech analytics solutions has propelled the demand further across different verticals, including telecom, IT, BFSI, and media & entertainment, among others. New firms are providing cloud-based solutions to offer SMEs cost effective solutions.

Enterprise Size Insights

SMEs accounted for over 40% of the total share in 2015 and the segment is expected to experience a growth at a CAGR exceeding 8% over the forecast period. This is ascribed to the high penetration of speech analytics solutions for applications in security systems as well as in improving the customer experience.

Small and Medium-sized Businesses (SMBs) are relying on web-enabled services and applications progressively to run their business. Furthermore, the increasing proliferation of cloud analytics is driving the product demand among SMEs.

End-Use Insights

The telecom sector is expected to witness a high growth over the forecast period, accounting for over 15% share in 2015.In the telecom industry, using speech analytics to gain hold over infrastructure, telecom industry easily resolves the issues, thereby increasing productivity, decreasing stress, and saving time & money.

The speech analytics market is expected to witness significant growth in IT industry owing to rising adoption of speech analytics tools across the Business Process Outsourcing industry (BPO). Further, the introduction of advanced technological tools to enhance customer experiences is anticipated to propel the speech analytics demand.

China speech analytics market, by end-use, 2015

China speech analytics market

Regional Insights

North America accounted for over 20% of the total share in 2015 owing to the presence of a large number of vendors in the region, particularly in the U.S. However, the region is expected to witness a slow growth over the forecast period, owing to the higher adoption of technology resulting in maturation.

Asia Pacific is expected to witness the fastest growth over the forecast period at a CAGR of over 7%. Moreover, recently, the Asia Pacific contact center outsourcing is witnessing a higher growth rate, thereby leading the industry participants to eventually offer companies with innovative solutions.

Competitive Insights

The market is consolidated owing to the presence of a few industry players. The major companies include Nice Systems, Verint Systems, Call Miner, Nexidia, Genesys, and Avaya Inc. Industry players are investing a huge amount in research and development to enhance their product accuracy and technological capability.

Furthermore, they are involved in strategic alliances to gain a competitive advantage over the other. For instance, Nice Systems acquired Nexidia, a major provider of advanced customer analytics, in order to expand its usage in critical business use cases.

Report Scope

Attribute

Details

Base year for estimation

2015

Actual estimates/Historic data

2014 - 2015

Forecast period

2016 - 2024

Market representation

Revenue in USD Million & CAGR from 2016 to 2025

Regional scope

North America, Europe, Asia Pacific, Central & South America & MEA

Country scope

U.S., Canada, UK, Germany, Japan, China, Brazil, Mexico, South Africa

Report coverage             

Revenue forecast, company share, competitive landscape, growth factors and trends

15% free customization scope(equivalent to 5 analyst working days)

If you need specific market information, which is not currently within the scope of the report, we will provide it to you as a part of customization

Segments Covered in the Report

This report forecasts revenue growth at global, regional & country levels and provides an analysis on the latest trends and opportunities in each of the sub-segments from 2014 to 2025 For the purpose of this study, Grand View Research has segmented the speech analytics market on the basis of solution, deployment, enterprise size, end-use and region:

  • Type Outlook (Revenue, USD Million; 2014 - 2025)

    • Solution

    • Service

  • Deployment Outlook (Revenue, USD Million; 2014 - 2025)

    • On-premise

    • Cloud

  • Enterprise Size Outlook (Revenue, USD Million; 2014 - 2025)

    • Small &Medium Enterprises (SMEs)

    • Large Enterprises

  • End-use Outlook (Revenue, USD Million; 2014 - 2025)

    • BFSI

    • Telecommunication

    • IT

    • Retail

    • Healthcare

    • Government

    • Hospitality

    • Others

  • Regional Outlook (Revenue, USD Million; 2014 - 2025)

    • North America

      • U.S.

      • Canada

    • Europe

      • Germany

      • UK

      • France

    • Asia Pacific

      • China

      • India

      • Japan

    • Central & South America

      • Brazil

      • Mexico

    • Middle East & Africa (MEA)

      • Saudi Arabia

      • UAE

Request Sample
Request for Customization

Choose License Type:

Single User - $4,950
Multi User - $7,950
Enterprise User - $9,950

Special Pricing & Discounts

Avail customized purchase options to meet your research needs:

  • Buy sections of this report
  • Buy country level reports
  • Request for historical data
  • Request discounts available for Start-Ups & Universities

Why Choose Us

  • Research support

    24/5 Research support

    Get your queries resolved from an industry expert. Request for a free product review before report purchase.

  • Custom research service

    Custom research service

    Speak to the report author to design an exclusive study to serve your research needs.

  • Quality assurance

    Quality assurance

    A testimonial for service excellence represented in the form of BBB "A" Accreditation.

  • BBB Rating dandb
  • Information security

    Information security

    Your personal and confidential information is safe and secure.

  • BOA