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Global Speech Analytics Market is Set to Reach USD 2,963.5 million by 2024, Observing a CAGR of 19.2% during 2019–2024: VynZ Research

Industry Insights by Offering (Solution, Service [Professional, Managed]), by Deployment Type (On-Premises, Cloud-Based), by Enterprise Size (Small & Medium Enterprise, Large Enterprise), by Vertical (BFSI, Media & Entertainment, Manufacturing, Automotive, Healthcare, Energy & Utilities, Government, Retail, Others), by Application (Customer Experience Management, Call Monitoring, Agent Performance Monitoring, Risk & Compliance Management, Others)

/EIN News/ -- NEW YORK, Oct. 08, 2019 (GLOBE NEWSWIRE) -- The global speech analytics market is expected to grow at a CAGR of 19.2% during the forecast period with its market size predicted to reach USD 2,963.5 million by 2024. Globally, speech analytics industry players are leveraging market growth through product launches, partnerships, mergers & acquisitions, and geographic expansion. For example, in August 2019, NICE Ltd. acquired Mattersight Corporation (cloud-based speech analytics software provider).

Get a free copy of sample report: https://www.vynzresearch.com/ict-media/speech-analytics-market/request-sample

Further, in June 2019, Amazon Web Services Inc. launched artificial intelligence (AI)-powered speech analytics for Amazon Connect that offers customer insights in real time and enable agents to respond as per the customers need and enhance the overall customer experience.

BFSI category held largest share in the speech analytics market in 2018

On the basis of vertical, the global speech analytics market is divided into BFSI, hospitality, it & telecom, healthcare, media & entertainment, manufacturing, government, retail, and others. Of all, the BFSI category held largest share in the market in 2018, owing to the increasing use of speech analytics solutions by financial institutions, in order to enhance customer satisfaction, and ensure regulatory compliances.

Based on application, the global speech analytics market is categorized into customer experience management, call monitoring, agent performance monitoring, risk & compliance management, and others. Of all, the customer experience management category held the largest share in the market in 2018, owing to the growing need to analyse overall customer experience, and then forecast customer satisfaction score, which helps firms to improve their sales strategies.

Explore key industry insights in  84 tables and  50 figures from the 161 pages of report, “Global Speech Analytics Market Analysis and Forecast to 2024 - Industry Insights by Offering (Solution, Service [Professional, Managed]), by Deployment Type (On-Premises, Cloud-Based), by Enterprise Size (Small & Medium Enterprise, Large Enterprise), by Vertical (BFSI, Media & Entertainment, Manufacturing, Automotive, Healthcare, Energy & Utilities, Government, Retail, Others), by Application (Customer Experience Management, Call Monitoring, Agent Performance Monitoring, Risk & Compliance Management, Others)

Geography Insight

Geographically, North America has accounted for the largest share in speech analytics market, globally and is predicted to grow significantly during the forecast period. The growth of this market is attributed towards the existence of a large number of speech analytics solution vendors in the U.S., increasing service industry, and increasing number of contact centers in the region.

Competitive Insight

Some of the key players operating in the global speech analytics market are Hewlett Packard Enterprise Company, Calabrio Inc., Clarabridge Inc., NICE Ltd., Verint Systems Inc., CallMiner Inc., Genesys Telecommunications Laboratories Inc., Avaya Holdings Corporation, Aspect Software Inc., Zoom International, and Castel Communications.

Do you have any specific research requirement? Ask for customization: https://www.vynzresearch.com/ict-media/speech-analytics-market/customize-report

Key Takeaway from the Report:

  • Among all the offerings, solution category held larger share in the market in 2018. However, service category is expected to witness the faster growth during the forecast period.
  • Of all the deployment type, cloud-based category is expected to witness the faster growth during the forecast period.
  • The large enterprises category held larger share in the speech analytics market in 2018.
  • Of all vertical, the BFSI category held largest share in the market in 2018.
  • Among all the application, the customer experience management category held the largest share in the market in 2018.

The Report Offers:

  • Historical market estimate for the years 2014–2018 and forecast for the years 2019–2024
  • Insight on current market trends, market dynamics, key opportunities and major challenges in the industry
  • Market insights by in-depth segmentation with industry dynamics.
  • Competitive analysis and benchmarking of the industry leaders and their product offerings
  • Profiles of leading players and innovators, their financial overview and product portfolio
  • Analysis of key industry trends and recent developments
  • Value chain analysis and distribution channel analysis with opportunity assessment
  • Market share analysis of major players

Benefits of Report Purchase from VynZ:

Detailed Research

We provide accurate data and in-depth analysis with all-inclusive coverage.

Robust Research Methodology

Robust research methodology and data triangulation to ensure high quality report.

Analyst Support

24*7 analyst support – Pre and post purchase of the report as well as during the project tenure.

Sales Support

24*7 sales support – Hassle free delivery of the report and quick response and support by sales team.

Free Customization

20% post purchase free customization to meet your requirements.

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Security

High level of data security and confidentiality of your information.

The report provides the market value for the base year 2018 and a yearly forecast till 2024 in terms of revenue (USD Million). The report segments the global speech analytics market on the basis of offering, deployment type, enterprise size, vertical, application, and region.

Global Speech Analytics Market Coverage

Offering Insight and Forecast 2014-2024

  • Solution
  • Service
    • Professional
    • Managed

Deployment Type Insight and Forecast 2014-2024

  • On-Premises
  • Cloud-Based

Enterprise Size Insight and Forecast 2014-2024

  • Large Enterprises
  • Small & Medium Enterprises

Vertical Insight and Forecast 2014-2024

  • Banking, Financial Services, and Insurance (BFSI)
  • Hospitality
  • Information Technology (IT) & Telecom
  • Healthcare
  • Media & Entertainment
  • Manufacturing
  • Government
  • Retail
  • Others

Application Insight and Forecast 2014-2024

  • Customer Experience Management
  • Call Monitoring
  • Agent Performance Monitoring
  • Risk & Compliance Management
  • Others

Geographical Segmentation

Speech Analytics Market by Region

North America

  • By Offering
  • By Deployment Type
  • By Enterprise Size
  • By Vertical
  • By Application
  • By Country – U.S., Canada, and Mexico

Europe

  • By Offering
  • By Deployment Type
  • By Enterprise Size
  • By Vertical
  • By Application
  • By Country – Germany, U.K., France, Italy, Spain, and Rest of Europe

Asia-Pacific (APAC)

  • By Offering
  • By Deployment Type
  • By Enterprise Size
  • By Vertical
  • By Application
  • By Country – China, Japan, India, South Korea, Australia, and Rest of Asia-Pacific

Rest of the World (RoW)

  • By Offering
  • By Deployment Type
  • By Enterprise Size
  • By Vertical
  • By Application
  • By Country – Brazil, Saudi Arabia, South Africa, and Other Countries

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Market players in the global enterprise asset management industry are majorly focusing on mergers & acquisitions to expand their customer base. For example, in November 2018, Bentley Systems Incorporated acquired ACE enterprise Slovakia. With this acquisition, the company aims to increase the scope of knowledge that can be accessed through AssetWise. In April 2017, ABB Ltd., and International Business Machines (IBM) Corporation collaborated to expand and upgrade ABB’s existing asset and analytics implementation with IBM Watson’s cognitive abilities and ABB Agility.

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About VynZ Research

VynZ Research is a market research firm offering research, analytics, and consulting services on business strategies. The company focuses on providing valuable insights on various technology verticals such as Chemicals, Automotive, Transportation, Energy, Consumer Durables, Healthcare, ICT and other emerging technologies. VynZ Research assists enterprises to take strategic decisions for helping their businesses to grow. The reports developed by VynZ are based on market facts that include comprehensive analysis and quantification of market drivers, industry dynamics, opportunities, challenges, threats, and market shares and anticipated new trends & technologies arising across wide range of industries.

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