Published on: March 15, 2021

Speech Analytics Market by Component and Geography Market Analysis

Speech analytics market size will increase at a steady pace. The increasing need to improve customer journey and overall experience and the rising need to predict customer intent and monitor agent behavior will be key factors influencing market growth during the forecast period. NICE, MICRO FOCUS, VERINT, AVAYA, and OPENTEXT are some of the key vendors in this marketspace.

This report provides a comprehensive analysis of the market by component (solution and services) and geography.

Key Takeaways from this Speech Analytics Market Report

Top Market Trend - Rising need to predict customer intent and monitor agent behavior

Growth Driver - Increasing need to improve customer journey and overall experience

Parent Market - Application Software

Parent Market Size - Application software Industry was worth $301.04 billion in 2020

Prominent Vendors - NICE, MICRO FOCUS, VERINT, AVAYA, and OPENTEXT

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Parent Market Insights - Application Software Industry

The speech analytics market is catalogued under the application software industry will grow at a moderate pace during the forecast period.

Companies across various sectors deal with huge volumes of data, which are stored, managed, and processed in real-time. Enterprises generate many forms of data related to customer demographics, sales data, marketing campaigns data, websites, and others. With the proliferation in the volume, velocity, and variety of data being generated by enterprises, there is an increased demand for data and analytics software.

The implementation of data analytics helps enterprises to understand the market, improve decision-making processes, analyze markets, and determine the fluctuations in the market. Most of the companies across the retail, BFSI, healthcare, and telecom and IT sectors are increasingly adopting data analytics applications to increase their revenues and reduce their cost base

Speech Analytics Market Segmentation

The global market for speech analytics has been segmented by component and geography. Based on component, the market has been further segmented into solution and services.

Based on Geography

Regional analysis segments the market by North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa (MEA) and covers various factors including market demand, threat from local vendors, and the region’s contribution to global market growth.

Regional-specific analysis also provide insights of the upcoming demand for Speech Analytics Market across key countries in these regions.

What are the Upcoming Speech Analytics Market Trends?

Major market trends such as the rising need to predict customer intent and monitor agent behavior and the increasing need to improve customer journey and overall experience will have a positive influence on market growth and as a result, the market size will increase at a steady rate year-over-year.

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Who are the Key Vendors in the Speech Analytics Market?

Some of the key speech analytics market vendors covered in this report include:

NICE
MICRO FOCUS
VERINT
AVAYA
OPENTEXT

The market is competitive and with the upcoming number of growth opportunities for market vendors, the competitive landscape is set to intensify further. The key players are adopting various strategies including collaborations, M&As, and the development of innovative products to enhance their customer base.

Key Speech Analytics Market Report Benefits

Gain in-depth insights about your market that will aid in making strategic decisions related to market entry, partnerships, new product launch, and more.
Identify the most profitable product/service segments which will help in upgrading product offerings, portfolio expansion, and market entry.
Accurate prediction on speech analytics market CAGR, market size, and growth potential.
Insights on the market’s growth & opportunities in the global and regional levels.
Get a clear understanding on the business implications of key market trends.
Detailed analysis of market challenges and risks.
Comprehensive data that covers region-, segment-, and company-specific information.
Identify key competitors and the products/services they offer, their market share, and business strategies including investments & M&As.

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Scope of the Report
Report Coverage	Details
Page number	120
Base year	2020
Forecast period	2021-2025
Parent Market	Application Software
Parent Market Size	$301.04 billion
By Component	Solution Services
Regional analysis	North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa (MEA)
Companies profiled	NICE, MICRO FOCUS, VERINT, AVAYA, and OPENTEXT
Top Market Trend	Increasing need to improve customer journey and overall experience Rising need to predict customer intent and monitor agent behavior
Report Benefits	Market trends analysis, Competitor market share and strategies, Company profiling and competitive benchmarking, Growth opportunities in global and regional levels, Business implications of market risks and challenges