North American Speech Analytics Market Is Expected to Top $614 Million in 2019

The North American speech analytics market is estimated to grow from $233.2 million in 2014 to $614.1 million in 2019, a compound annual growth rate (CAGR) of 21.4 percent, according to analysts at MicroMarket Monitor.

Thanks to the high market penetration rate in the media and entertainment, healthcare, government, and defense and aerospace verticals, North America is the strongest market for speech analytics and has the highest penetration rate in this region. The increasing number of call centers is another key factor driving growth. Previously, speech analytics in call centers were considered only to centralize calls, reduce costs, and support sales teams. However, in the current scenario, speech analytics technology is mostly being used in call centers to extract valuable business intelligence. Analysts name NICE, Nexidia, Verint, HP Autonomy, and CallMiner as the key players in the market.

The Latin American speech analytics market is expected to grow from $9.7 million in 2013 to $56.5 million by 2018, with an expected CAGR of 38.2 percent. This market contributes 2.75 percent of the global market, and is expected to remain at that percentage through 2018, due to economic factors. 

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