Speech Analytics Market to See a Growth of 22% CAGR to 2020 Driven by Growing Adoption of Contact Centers

The speech analytics service market is expected to gain high traction (22.0% CAGR from 2015 to 2020.) during the forecast period with growing adoption of contact centers and increased importance of voice in the multichannel world are driving the speech analytics market.

The speech analytics market size is estimated to grow from USD 589.1 million in 2015 to USD 1.60 billion by 2020, at an estimated Compound Annual Growth Rate (CAGR) of 22.0% from 2015 to 2020. The speech analytics market is driven by factors such as growing adoption of contact centers, increased importance of voice in the multi-channel world, and increasing importance of compliance management in organizations.

Complete report on speech analytics market spread across 145 pages, profiling 10 companies and supported with 66 tables and 49 figures is now available at http://www.reportsnreports.com/reports/276472-speech-analytics-market-solutions-speech-engine-indexing-analysis-reports-dashboards-applications-business-process-agent-performance-market-intelligence-risk-compliance-management-cem-worldwide-market-forecast-2014-2019-.html .

The speech analytics service market is estimated to grow with high CAGR during the forecast period. Companies in the speech analytics market have extensive portfolio for solutions and therefore the requirement of services becomes necessary to manage these solutions and provide organizations with better business process to sustain themselves in the competitive market. This has led to the growth of professional and managed services in the speech analytics market. The professional services segment is expected to capture a major share in the speech analytics services market during the forecast period of 2015–2020.

North America has captured the largest market share in 2015 and Latin America is the fastest growing region in terms of CAGR. However, due to rapid industrialization, organizations are becoming more competitive and are focusing on better customer service. Thus, realizing the untapped potential of this region, business giants are investing in the speech analytics market into the APAC region. Moreover, in Latin America, the contact center outsourcing has witnessed a high growth rate, which is eventually leading market players to provide companies with innovative speech analytics solutions.

The latest trends in speech analytics include cloud-based speech analytics solutions and real-time speech analytics solutions. The availability of cloud deployment options for speech analytics solutions has further given a boost to the demand across many verticals. Also, the market in Asia-Pacific (APAC) is gaining high market traction due to increasing economic growth and cloud adoption in the region.

The various key speech analytics vendors and service providers profiled in the report such as Intelligence Interactive Group, Inc., NICE Systems Ltd., Verint Systems, Avaya, Inc., Genesys Telecommunication Laboratories, Inc., HP Enterprise, inContact, Inc., Calabrio, Inc., Callminer, Inc. and Calabridge, Inc. Order a copy of Speech Analytics Market by Type (Solutions (Speech Engine, Indexing, Analysis and Query Tools, and Dash Boards and Reporting Tool) and Services), by Deployment Type (On- Remise, Cloud), by Organization Size, by Vertical, & by Region - Global Forecast to 2020 research report at http://www.reportsnreports.com/purchase.aspx?name=276472 .

In the process of determining and verifying, the market size for several segments and sub segments gathered through secondary research, extensive primary interviews were conducted with key people. In Tier 1 (20%), Tier 2 (35) and Tier 3 (45%) companies were contacted for primary interviews. The interviews were conducted with various key people such as C-level (55%), Director Level (25%) and others (20%) from various key organizations operating in the global speech analytics market. The primary interviews were conducted worldwide covering regions such as North America (41%), Europe (36%), APAC (18%) and RoW (5%).

On a related note, another research on Social Media Analytics Market Global Forecast to 2020 says, massive surge in structured and unstructured social data is driving the growth to the market of Social Media Analytics. North America is expected to hold the largest market share. The global social media analytics market to grow from USD 1.60 billion in 2015 to USD 5.40billion by 2020, at a Compound Annual Growth Rate of 27.6%. Companies like Oracle Corporation (U.S.), SAS Institute (U.S.), IBM Corporation (U.S.), SAP SE (Germany),Tableau Software (U.S.), Good Data(U.S.), NetBase Solutions (U.S.), Salesforce.com (U.S.), Adobe Systems (U.S.), and Hootsuite Media(U.S.) have been profiled in this 156 pages research report available at http://www.reportsnreports.com/reports/473878-social-media-analytics-market-by-type-applications-customer-segmentation-targeting-multichannel-campaign-management-competitor-benchmarking-customer-behavioral-analysis-marketing-measurement-vertical-region-global-forecast-to-2020.html .

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