Speech Analytics Market to Hit $1.33 Billion by 2019
The global speech analytics market is expected to grow from $456 million in 2014 to $1.33 billion by 2019, at a compound annual growth rate (CAGR) of 23.9 percent, according to Research and Markets in its"Speech Analytics Market by Solutions & Applications - Worldwide Market Forecast (2014-2019)" report.
Latin America and the Middle East and Africa regions are growing rapidly with CAGRs of 38.2 percent and 35.6 percent, respectively, from 2014 to 2019, according to the report.
The report points out that the speech analytics market is growing rapidly, fueled by the emergence of call centers, increasing focus on regulatory requirements, and market intelligence and competitive intelligence. It identifies real-time analytics as the important product trend that fulfills regulatory requirements in government, utilities, and other verticals, which are expected to have an optimum market share.
Vendors are focusing on packaged solutions that can be integrated into other solutions, such as workforce management solutions and analytics software, it further contends. Speech analytics technology consists of speech engine, indexing and analysis software, query engine, and reports and dashboard solutions. Further, it is integrated with real-time analytics tools and real-time guidance tools, enabling end-users to take the best actions on customer conversations in a short period of time.
Speech analytics technology is applied into business process management, agent performance management, customer experience management, market intelligence management, and risk and compliance management applications. The implementation helps enterprises to capture and analyze customer audio and text from phone calls. The analysis tracks trends, assesses the effectiveness improvement, and demonstrates the data into dashboards and reports for upper level management.
The telecommunication and IT verticals have the highest share in the overall market, but the consumer goods, retail, healthcare and life science, government, defense, aerospace, manufacturing, transportation and logistics, travel and hospitality, media and entertainment, energy, utilities, and outsourcing verticals are also experiencing strong growth in the market, according to the report.
Innovative companies will make use of alternative and traditional channels.