Speech analytics is the process of assessing recorded customer calls to gather information. This process is adopted to enhance communication and future interaction with the customers. Call recordings assist a firm in obtaining an unfamiliar perception about customer satisfaction. A speech analytic solution renders advanced functionalities and precious intellects from customer calls. The company further uses the information to determine the data associated with the firm's strategy, operational problems, and contact center agent performance. There is an increase in demand from contact centers to extract recorded customer interactions and gain intelligence for effective cost control and customer service strategies. Real-time speech analytics and speech engines assist companies in effective and fast decision-making. Lack of awareness about the different types of features in speech analytics tools and how they impact business worthiness may limit the market growth. The Speech Analytics Market is expected to grow at the rate of 20.3% CAGR by 2026.    

Research Methodology:

The speech analytics market has been analyzed by utilizing the optimum combination of secondary sources and in-house methodology, along with an irreplaceable blend of primary insights. The real-time assessment of the market is an integral part of our market sizing and forecasting methodology. Our industry experts and panel of primary participants have helped in compiling relevant aspects with realistic parametric estimations for a comprehensive study. The participation share of different categories of primary participants is given below:

By Component

• Solutions
  • Speech Engine
  • Indexing and Query Tools
  • Reporting and Visualization Tools
  • Workforce Optimization
  • Others
• Services
  • Professional Services
  • Managed Services

By Application

• Customer Experience Management
• Call Monitoring
• Agent Performance Monitoring
• Sales and Marketing Management
• Competitive Intelligence
• Risk and Compliance Management
• Others

By Deployment Mode

• Cloud
• On-premises

By Geography

• North America
• Europe
• Asia Pacific
• Rest of the World

As observed in the market by component, the speech analytics market is furcated into solutions and services. In solutions segmentation, the index and query tools solutions segment are holding a large share. This is large because of the increasing requirement of analyzing the recorded customers' calls to assess the customer intention and perform behavior analysis. Moreover, these solutions help the company gain the right customer's right perception at the right time.

As per the application, the speech analytics process is broadly applied in competitive intelligence, which provides this segment with higher market growth. Competitive intelligence has a significant role in the competitive advantage of the market, where the information regarding the competitors and customers is essential.

In terms of deployment mode, cloud deployment is holding the major share in the speech analytics market. Many industries adopt cloud deployment because it is a cost-effective option in speech analytics.

In the geographical market for speech analytics, North America has a substantial share in the market. The considerable share is ascribed to the rising demand for effective customer service to improve the customer experience and increase the adoption of new technology in business enhancements.

In the present competitive scenario, providing excellent customer satisfaction is considered an essential strategy for any enterprise's growth and firmness. One way to obtain this is by employing speech analytics. Most organizations aim to exceed customer expectations. Speech analytics allow organizations to disclose the invisible insights from customer interaction; thus aids in better understanding customer needs and effectively estimating the fluctuating customer needs. Thus, the factor mentioned above is majorly enhancing the global speech analytics market.

The leading vendors of the Speech Analytics Market are OpenText, Micro Focus, Voci Technologies, Business Systems, Enghouse Interactive, Tech Mahindra, NICE, Verint, Avaya, Genesys, Google, AWS, Vonage, Calabrio, CallMiner, Clarabridge, Eleveo, Almawave, Marchex, Castel, Aspect, Sabio, and Talkdesk.

Therefore, the businesses' primary focus is on customer retention, satisfaction, and a better customer experience, in which speech analytics has a prominent role. The various companies adopt this software to increase their growth and increase industry competition through market intelligence.

• This report specifies the region and segment projected to witness the highest CAGR rate and dominate the market.
• The report also analyzes geography, highlighting the consumption of the service in the region and the factors affecting the market in each region.
• This report gives the competitive outlook, which includes the market ranking of the major players.
• Further provides the information of new product launches, partnerships, business expansions, and market players' acquisitions.

1. Executive Summary
2. Industry Outlook
   1. Industry Overview
   2. Industry Trends
3. Market Snapshot
   1. Market Definition
   2. Market Outlook
      1. Porter Five Forces
   3. Related Markets
4. Market characteristics
   1. Market Overview
   2. Market Segmentation
   3. Market Dynamics
      1. Drivers
      2. Restraints
      3. Opportunities
   4. DRO - Impact Analysis
5. Component: Market Size & Analysis
   1. Overview
   2. Solutions
      1. Speech Engine
      2. Indexing and Query Tools
      3. Reporting and Visualization Tools
      4. Workforce Optimization
      5. Others
   3. Services
      1. Consulting
      2. Professional Services
      3. Managed Services
6. Application: Market Size & Analysis
   1. Overview
   2. Customer Experience Management
   3. Call Monitoring
   4. Agent Performance Monitoring
   5. Sales and Marketing Management
   6. Competitive Intelligence
   7. Risk and Compliance Management
   8. Others
7. Deployment Mode: Market Size & Analysis
   1. Overview
   2. Cloud
   3. On-premises
8. Geography: Market Size & Analysis
   1. Overview
   2. North America
   3. Europe
   4. Asia Pacific
   5. Rest of the World
9. Competitive Landscape
   1. Competitor Comparison Analysis
   2. Market Developments
      1. Mergers and Acquisitions, Legal, Awards, Partnerships
      2. Product Launches and execution
10. Vendor Profiles
    1. OpenText
       1. Overview
       2. Financial Overview
       3. Product Offerings
       4. Developments
       5. Business Strategy
    2. Micro Focus
       1. Overview
       2. Financial Overview
       3. Product Offerings
       4. Developments
       5. Business Strategy
    3. Voci Technologies
       1. Overview
       2. Financial Overview
       3. Product Offerings
       4. Developments
       5. Business Strategy
    4. Business Systems
       1. Overview
       2. Financial Overview
       3. Product Offerings
       4. Developments
       5. Business Strategy
    5. Enghouse Interactive
       1. Overview
       2. Financial Overview
       3. Product Offerings
       4. Developments
       5. Business Strategy
    6. Tech Mahindra
       1. Overview
       2. Financial Overview
       3. Product Offerings
       4. Developments
       5. Business Strategy
    7. NICE
       1. Overview
       2. Financial Overview
       3. Product Offerings
       4. Developments
       5. Business Strategy
    8. Verint, Avaya
       1. Overview
       2. Financial Overview
       3. Product Offerings
       4. Developments
       5. Business Strategy
    9. Genesys
       1. Overview
       2. Financial Overview
       3. Product Offerings
       4. Developments
       5. Business Strategy
    10. Google
        1. Overview
        2. Financial Overview
        3. Product Offerings
        4. Developments
        5. Business Strategy
11. Companies to Watch
    1. AWS
       1. Overview
       2. Products & Services
       3. Business Strategy
    2. Vonage
       1. Overview
       2. Products & Services
       3. Business Strategy
    3. Calabrio
       1. Overview
       2. Products & Services
       3. Business Strategy
    4. CallMiner
       1. Overview
       2. Products & Services
       3. Business Strategy
    5. Clarabridge
       1. Overview
       2. Products & Services
       3. Business Strategy
    6. Eleveo
       1. Overview
       2. Products & Services
       3. Business Strategy
    7. Almawave
       1. Overview
       2. Products & Services
       3. Business Strategy
    8. Marchex
       1. Overview
       2. Products & Services
       3. Business Strategy
    9. Castel
       1. Overview
       2. Products & Services
       3. Business Strategy
    10. Aspect
        1. Overview
        2. Products & Services
        3. Business Strategy
    11. Sabio
        1. Overview
        2. Products & Services
        3. Business Strategy
    12. Talkdesk
        1. Overview
        2. Products & Services
        3. Business Strategy
12. Analyst Opinion
13. Annexure
    1. Report Scope
    2. Market Definitions
    3. Research Methodology
       1. Data Collation and In-house Estimation
       2. Market Triangulation
       3. Forecasting
    4. Report Assumptions
    5. Declarations
    6. Stakeholders
    7. Abbreviations