MarketsandMarkets Values Speech Analytics Industry at $1.6 Billion by 2020
The speech analytics market is estimated to grow from $589.2 million today to $1.6 billion by 2020, at an estimated compounded annual growth rate (CAGR) of 22 percent, according to the latest research from MarketsandMarkets.
The speech analytics market is seeing rising demand due primarily to the need to decipher hidden insights from customer interaction data, but other factors include a growing number of contact centers around the world, added importance being placed on customer feedback, more robust product development, increasing competition among organizations, and stringent compliance requirements, according to the report.
Speech analytics solutions are expected to dominate the market over the services segment, but, due to future saturation in the solution segment in developed economies and variation in global governmental customer protection regulations, demand for professional services is expected to gain traction in the next five years, the research firm predicts.
The report also notes that the telecom, IT, and outsourcing segments are expected to contribute the largest market share in the speech analytics market, but growing interest is being seen in the travel and hospitality, financial services, retail, and consumer goods segments. North America is expected to have the largest market share, due especially to the presence of a large number of analytics vendors in the United States, but the report also notes that Asia-Pacific offers huge potential growth because the region is witnessing a rise in technology penetration and larger investments in contact centers.
The report identifes the major vendors in the speech analytics market as Interactive Intelligence Group, NICE Systems, Verint Systems, Avaya, Genesys, Hewlett-Packard Enterprise, inContact, Calabrio, CallMiner, and ClaraBridge. It also named Almawave, Nexidia (which was recently acquired by NICE), Voci Technologies, and ZOOM International, as key innovators in the market.