Speech Analytics Market worth $1.33 Billion by 2019

Friday 28 March 2014, Amsterdam

Speech analytics, also known as audio mining, is used to spot and analyze spoken words which bring structure to interactions and reveal the information buried in customer contact center. It includes elements of automatic speech recognition where identities of spoken words are determined. This technology is used to extract important business intelligence material which is used to relate it to strategy, product, process, operational issues, and contact center agent performance. All this information helps to give an insight regarding what customers or clients actually think about their company, which in turn will help the enterprise to react quickly in favor of their working structure.

The high demand of speech analytics has led to the invention of new technologies and solutions. Speech analytics work on three main approaches. First is the phonetic approach, which is related to phoneme, a basic unit of language concerned with the systematic organization of sounds in language. Second approach is the Large Vocabulary Continuous Speech Recognition (LVCSR), known for its full transcription. Its basic unit comprises some words; so, the output needs time to be processed out making it a slower process. Third approach is the direct phase recognition which directly analyzes speech by comparing it with the pre-defined phrases. This method generally provides the highest data reliability for overall business performance management.

Analysts have broadly segmented the speech analytics market by solutions: speech engine, indexing and analysis, query engine, reports and dashboards, and others; by services: professional services and support and maintenance services; by applications: business process management, agent performance management, customer experience management, market intelligence management, risk and compliance management, and other applications; by deployment type: on-premise and on-demand; by organization size: small and medium businesses (SMBs) and large enterprises; by verticals: banking, financial services, and insurance (BFSI), consumer goods and retail, healthcare and life science, government, defense and aerospace , manufacturing, transportation and logistics, travel and hospitality, telecommunication and Information Technology (IT), media and entertainment, public sector, energy and utilities, outsourcing, and others; by regions: North America (NA), Europe, Latin America (LA), Asia-Pacific (APAC), and Middle East and Africa (MEA).

Analysts believe that the increasing cost and lack of awareness are the major issues in the speech analytics market. These challenges are restraining the enterprises and customers to adopt speech analytics to support a wide range of applications such as business process management, agent performance management, customer experience management, market intelligence management, risk and compliance management, and other applications.

The speech analytics market is estimated to grow from $456 million in 2014 to $1.33 billion in 2019, at a Compound Annual Growth Rate (CAGR) of 23.9% from 2014 to 2019. In terms of regions, North America is expected to be the biggest market in terms of revenue contribution, while emerging economies such as Middle East and Africa (MEA), Latin America (LA), and Asia-Pacific (APAC) are expected to experience increased market traction with high CAGRs, in the due course.