SPEECH ANALYTICS MARKET ANALYSIS

Name: Speech Analytics MarketChallenges and Opportunities
Creator: Coherent Market Insights
License: https://www.coherentmarketinsights.com/privacy-policy
Keywords: Speech Analytics Market, Speech Analytics Market Report, Speech Analytics Industry Report, Speech Analytics Market Size, Speech Analytics Market Share, Speech Analytics Market Analysis, Speech Analytics Market Growth, Speech Analytics Market Trends, Speech Analytics Market Overview, Speech Analytics Market Forecast

Speech Analytics Market, by Type (Solutions and Services), by Deployment Model (On-Premises and Cloud), by Organization Size (Small and Medium Enterprises and Large Enterprises), by End User Industry (Banking, Financial Services, and Insurance, Telecommunication and IT, Retail and Consumer Goods, Healthcare and Life Sciences, Media and Entertainment, Government, Public Sector, and Utilities, Travel and Hospitality, and Others), and By Region - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2022-2028

To Be Published : Dec 2024
Code : CMI1169
Formats :
Excel and PDF
Industry : Smart Technologies

Market Challenges And Opportunities

The major drivers responsible for growth of global speech analytics technology market are increasing number of call centers, which demands for more customer satisfaction. According to Coherent Market Insights analysis, in 2015, the U.S. has over 60% of contact centers and the global contact center industry is expected to grow at a CAGR of 12% by 2025. Moreover in 2015, the mass market contact center dominated the global contact center market with over 40% share. Universal center and B2B center accounted about 30% and 32% share of global contact center market respectively, in 2015. These factors are responsible for increasing demand for advanced technology, customer relationship management (CRM), and increasing requirement to provide accurate solutions. These are some major driving factors that are expected to escalate the growth of the overall speech analytics market by 2015. According to Coherent Market Insights analysis, speech analytics technology is one of the fastest growing segments in the contact centers tools industry. The adoption of speech analytics technology grew by over 62% in 2016 and it is anticipated to grow at a 17% growth rate by 2018.

However, high initial cost to implement this solution is expected to restraint the growth of the global speech analytics solutions market.