Speech Analytics Market Growing at a CAGR 20.2% | Key Player NICE, Micro Focus, Verint, Avaya, Opentext

October 28 10:17 2020
Speech Analytics Market Growing at a CAGR 20.2% | Key Player NICE, Micro Focus, Verint, Avaya, Opentext

NICE (Israel), Verint (US), Micro Focus (UK), Avaya (US), Genesys (US), Google (US), AWS (US), Vonage (US), OpenText (Canada), Calabrio (US), CallMiner (US), Clarabridge (US), Eleveo (US), Voci Technologies (US), Almawave (Italy), Marchex (US), Enghouse Interactive (US), Castel (US), Aspect (US), Sabio (UK), Business Systems (England), Talkdesk (US),
Speech Analytics Market by Component (Solutions (Indexing & Query, Speech Engine) and Services), Application (Customer Experience Management, Competitive Intelligence), Vertical, Organization Size, Deployment Mode, and Region – Global Forecast to 2025

MarketsandMarkets expects the global Speech Analytics Market size to grow from USD 1.5 billion in 2020 to USD 3.8 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 20.2% during the forecast period. In today’s highly competitive and connected world, contact centers are flooded with large volumes of customer data, accumulated through hours of interactions each day. Speech analytics solutions have emerged as critical analytical software tools that analyze the speech data to devise statistically robust customer response models and strengthen the customer engagement process. They empower the contact center agents and customer representatives with integrated mining and analytics capabilities to provide insights into agent quality, enhance customer experience, identify revenue opportunities, and manage risks and compliance.

The reporting and visualization tools solution segment to record the highest growth rate during the forecast period

Under the solutions segment, the reporting and visualization tools solution segment is expected to grow at the highest growth rate during the forecast period. The high market share of the indexing and query tools segment is attributed to the need to analyze the recorded calls of customers in order to recognize customer intent and perform behavior analysis. Of the three solutions, the reporting and visualization tools segment is expected to gain traction, as it combines desktop activity analytics with speech analytics solutions to better manage the agent’s performance and deliver enhanced customer experience. Speech analytics solutions comprise speech engines; indexing and query tools; reporting and visualization tools; workforce optimization; and others (emotion detection, root cause analysis, and quality management tools). These solutions help businesses maintain audit and compliance needs, and obtain the right insights on the right people at the right time. Most of these solutions are said to be easy to deploy, and are feature-rich to address the rigors and requirements of communication centers. The solutions help to analyze all forms of audio — VoIP, analog, and digital telephony, and offer— support for a wide range of Private Branch Exchange (PBX) platforms, extensions, and IP switches. These processes help to derive meaningful data from customer conversations.

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The competitive intelligence segment to record the higher CAGR during the forecast period

In the speech analytics market by application, the competitive intelligence segment is expected to record the higher CAGR during the forecast period. The speech analytics market is segmented on the basis of applications into customer experience management, call monitoring, agent performance monitoring, sales ass, competitive intelligence, risk and compliance management, and others (business process management, and predictive analysis). These applications have made a huge difference to the way that contact centers connect and communicate, thus improving the performance of enterprises. Speech analytics solutions can transform an organization by providing many ways of ensuring that they are delivering a consistent quality of service and a secure experience at every customer touchpoint.

Key and emerging market players include NICE (Israel), Verint (US), Micro Focus (UK), Avaya (US), Genesys (US), Google (US), AWS (US), Vonage (US), OpenText (Canada), Calabrio (US), CallMiner (US), Clarabridge (US), Eleveo (US), Voci Technologies (US), Almawave (Italy), Marchex (US), Enghouse Interactive (US), Castel (US), Aspect (US), Sabio (UK), Business Systems (England), Talkdesk (US), VoiceBase (US), Tech Mahindra (India), Invoca (US), Tethr (US), Cognito (US), Intelligent Voice (UK), Kwantics (India), Batvoice AI (France), Speech Village (UK), Speech-i Ltd (UK), SpeechTech (US), Gnani.ai (India), Observe.AI (US), and Deepgram (US).

NICE (Israel) operates through two segments: customer engagement, and financial crime and compliance. These solutions enable companies to transform customer and workforce experiences, improve business results, ensure compliance, fight financial crimes, and safeguard people and assets. The company caters to various verticals, including financial services, telecommunications, healthcare, retail, media and entertainment, travel, education, and energy and utilities. Operating in over 150 countries, NICE has a significant presence across the Americas, Europe, APAC, and MEA. The solutions offered by NICE in the speech analytics market are NICE Recording, NICE Inform, NICE Advanced Interaction Recorder (AIR) & Engage Platform, NICE Audio Analytics, IP Command Call Recording, NICE Trading Recording (NTR), SURVEIL-X Holistic Surveillance, and Nexidia analytics.

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Micro Focus (UK), was founded in 1976 and is headquartered in Newbury, United Kingdom. The pure-play software company focuses on building, selling, and supporting software. The company operates through five major business segments: Application Modernisation & Connectivity (AMC), Application Delivery Management (ADM), IT Operations Management (ITOM), Security, and Information Management & Governance (IM&G). These product groups are uniquely positioned by Micro Focus to deliver a holistic set of digital transformation solutions, while helping customers optimize their existing software investments. Micro Focus caters to various industries, including aerospace and defense, education, healthcare and life sciences, finance, and IT & ITeS. In the speech analytics market, Micro Focus offers IDOL, an AI for enterprise search, chatbots, government open source intelligence, and unstructured data analytics. IDOL aggregates diverse forms of structured, semi-structured, or unstructured data using standardized workflows while managing data in place to minimize complexity and storage costs. Connecting to a wide range of disparate data sources repositories and supporting over 1000 file formats, IDOL breaks down data silos for holistic enterprise search and data analytics. It leverages AI to generate actionable image, audio, video and text analytics insights, and creates value by unlocking patterns, trends, and relationships across the entire library of unstructured data. The company has a robust presence in the Americas, Europe, and APAC, with over 40,000 customers in more than 49 countries. As of October 31, 2019, Micro Focus’s total employee strength, was 12,000.

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