Speech Analytics to Grow 23.9 Percent Globally

Research firm MicroMarketMonitor recently released three separate reports that project strong demand globally for speech analytics solutions. The firm has predicted a compound annual growth rate of 23.9 percent across Europe, North America, and the Asia-Pacific region through 2019.

The firm identified the current value of the speech analytics market in Europe at $120.6 million and projects that it will climb to $352.5 million by 2019.

The increasing need of market intelligence to address the cut-throat competition is one of the major drivers of speech analytics market in Europe, according to the research, which also found that most of the organizations in Europe are adopting speech analytics solutions to gain business intelligence and formulate the latest promotional strategies accordingly.

Across North America, the speech analytics market is valued at $248.1 million but is projected to reach $706.7 million by 2019.

Globally, North America is the largest market for speech analytics and has the highest penetration rate, as majority of the analytics companies are based in this region, the research pointed out. The rapid increase in the number of call centers is one of the key factors that have triggered the growth of speech analytics market in North America. particularly as companies discover its ability for extracting valuable business intelligence.

In Asia and the Pacific, the current value is $71.18 million and should reach $208 million by 2019, the firm concluded.

MicroMarketsMonitor identified Asia-Pacific as one of the emerging markets for speech analytics, with the strongest interest among companies in financial services, insurance, telecommunications, and other IT verticals. The technology is quickly finding a home in China, Japan, India, and Australia, the report notes, with the increase in the number of call centers as one of the major factors for the growth.

The research firm defines speech analytics, also known as audio mining, as technology used to spot and analyze spoken words that bring structure to interactions and reveal information buried in the interaction between the customer contact centers and organizations. Speech analytics adoption optimizes workforce performance and enhances customer experience, it said.

Major companies in the speech analytics market are NICE Systems, Verint Systems, HP Autonomy, CallMiner, Nexidia, Aspect, and Genesys, according to the reports.

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