As cited by the business intelligence report titled ‘Global Speech Analytics Market Size study, by Component (Solution and Services), by Deployment Mode (On-Premises And Cloud), by Organization Size (Large Enterprises and Small and Medium-Sized Enterprises), by Application (Customer Experience Management, Call Monitoring, Agent Performance Monitoring, Sales and Marketing Management, Competitive Intelligence, Risk and Compliance Management and Others), by Vertical (BFSI, Retail and eCommerce, IT and Telecom, Energy and Utilities, Travel and Hospitality, Government, Healthcare and Life Sciences, Media and Entertainment and Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global speech analytics market was worth USD 1.2 billion in 2019 and is projected to register a robust CAGR of 20.2% over 2020-2027, subsequently reaching a valuation of USD 5.4 billion by the end of the forecast period.
 

According to seasoned experts, increasing smartphone penetration and devices, along with growing requirement of businesses to efficiently address customer needs and enhance overall experience are spurring global speech analytics market growth. Further, escalating demand for monitoring and improving agent performance, coupled with imposition of regulatory and compliance standards are propelling industry expansion.
 

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For those unaware, speech analytics refers to the process of analyzing recorded calls to collect customer information for improving communication as well as future interaction. The process is utilized to identify various parameters including prevalent trends and cost drivers. It assists organizations in achieving a significant competitive advantage by providing advanced functionalities and recognizing the strengths and weaknesses of their processes and commodities. Further, integration of IoT technology provides organization with real-time data about how their products are being utilized after purchase.  
 

Speaking of restraints to global speech analytics market growth, inability of speech analytics systems to quantify return on investment (ROI) and integration barriers with existing systems will continue to impede business progression during the analysis timeframe.
 

From a regional perspective, North America (United States, Canada), Europe (United Kingdom, Germany, Spain, France, Italy), Latin America (Brazil, Mexico), and Asia Pacific (India, Japan, China, South Korea, Australia) are the key contributors to global speech analytics market remuneration.
 

North America captures a significant portion of the market share and is slated to show strong growth over 2020-2027, on account of rapid adoption of advanced technologies. Meanwhile, Asia-Pacific marketplace is touted to grow tremendously during the stipulated timeframe.
 

Elaborating on competitive hierarchy, the leading players influencing worldwide speech analytics market trends are Micro Focus International plc, NICE Systems Ltd., Calabrio, Inc., Verint Systems, Inc., OpenText Corp., Avaya, Inc., Google, LLC, Vonage Holdings Corp., Amazon Web Services, Inc., and Genesys Telecommunications Laboratories, Inc. (Genesys).