Strong Growth Expected for Speech Analytics
QY Research valued the global speech analytics market at $950 million in 2018 and expects it to grow at a compound annual rate of 13.84 percent through 2025.
This follows robust growth of the entire speech technology market, which it says is poised for compound annual growth of 18.92 percent, from $8.59 billion in 2018 to $28.9 billion by the end of 2025.
Speech analytics, QY Research says, has become increasingly popular in the telecommunications industry because of the huge amount of data produced and a rise in call volume.
In particular, companies are implementing cloud-based contact analytics, which helps identify potential risks with real-time insights into consumers.
Also key to the industry growth is the increasing use of artificial intelligence integrated with voice and speech analytics. Voice and speech data categorization based on AI can analyze words, acoustics, and feelings automatically and derive hidden opinions and emotions.
Businesses, QY Research maintains, have implemented speech analytics software through a combination of internally recorded data, social media, and external syndicated data to create cutting-edge analytics solutions.
Among the leading vendors cited in the report are NICE, Verint Systems, Avaya, Genesys, Hewlett-Packard, Calabrio, CallMiner, and Clarabridge.
The report identifies North America as having the largest share of the global voice analytics market, with growth due to the presence of a large number of voice analytics software vendors in the United States and an increasing number of contact centers in the area. Europe, it says, is expected to witness significant growth due to growing number of contact centers, increased voice importance in the multichannel world, and increasing demand for cloud analytics.