Global Speech Analytics Market Research Report 2022-2027
Bharat Book Bureau Provides the Trending Market Research Report on “Speech Analytics Market by Component (Solutions, Services), Business Function, Application (Customer Experience Management, Sentiment Analysis), Vertical (BFSI, Telecom, Healthcare and Life Sciences) and Region - Global Forecast to 2027”under Services Market Research Report Category. The report offers a collection of superior Market research, Market analysis, competitive intelligence and Market reports.
The Speech Analytics Market is projected to grow from USD 2.3 billion in 2022 to USD 5.1 billion by 2027, at a compound annual growth rate (CAGR) of 17.3% during the forecast period. The speech analytics market is expected to grow at a significant rate during the forecast period, owing to various business drivers. Some factors driving the growth of the speech analytics market are the need to improve the customer journey and overall experience, the growing need to enhance and monitor agent performance, and the rising need to leverage analytics for customer retention and better customer satisfaction.
Speech analytics allows organizations to identify actionable data and gain insights from voice calls. The speech analytics solutions can carry out a broad range of customer interactions by combining recorded and omnichannel data to better understand customer needs. Speech analytics benefits organizations to evaluate the calls in an end-to-end manner and guides agents to mitigate risks by leveraging analytical tools to improve customer engagement processes.
On-premises to register for larger market size during forecast period
The speech analytics market, by deployment mode, includes on-premises and cloud. Speech analytics solutions can be deployed through either mode based on security, availability, and scalability. On-premises deployment mode to hold a larger market share in 2022 owing to the need to install software on a variety of in-house servers and on a private cloud with enhanced security. The cloud deployment mode segment is expected to gain traction in coming years as it eliminates the capital and maintenance costs of an organization. Cloud solutions offer several advantages including lower operational cost, high flexibility, and scalability over its complement.
SMEs to register higher CAGR during the forecast period
An SME is defined as a business entity with less than 1,000 employees. Speech analytics providers are expected to penetrate the SME market by understanding such organizations' key requirements and objectives and educating them on the benefits of solutions. The major challenges in SMEs adopting speech analytics solutions include skepticism about security and privacy, low confidence in the reliability of speech analytics solutions and services, and lack of awareness about IT and cloud vendors. However, adopting new technologies tailored to unified communication environments has helped companies identify the broad risk areas under various functional units. SMEs have shown tremendous growth and interest in getting an analytics platform to reap the desired outcome. Most SMEs view speech analytics solutions and services more as a strategic initiative and an opportunity to increase business revenue while reinforcing security and operational resiliency.
Asia Pacific to witness highest CAGR during the forecast period
Asia Pacific region continues to focus on enhancing customer services to boost market competitiveness and revenue growth. The tremendous increase in business deals and transactions, including mergers and acquisitions, joint ventures, and fundraising, across all industry verticals in the Asia Pacific region would enable to drive the growth of the market. The rapid expansion of domestic enterprises and the development of infrastructure are some of the important factors expected to drive the growth of the speech analytics market in Asia Pacific.
Browse our full report with Table of Content : https://www.bharatbook.com/report/1397033/speech-analytics-market-by-component-solutions-services-business-function-application-customer-experience-management-sentiment-analysis-vertical-bfsi-telecom-healthcare-and-life-sciences-and-region-global-forecast-to
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