Speech Analytics Market to More Than Double in 5 Years

The global speech analytics market was valued at $756.9 million in 2016 and $941.1 million in 2017 and is projected to reach $2.18 billion by 2022, growing at a compound rate of 18.2 percent per year, according to the latest research from MarketsandMarkets.

An increasing focus on improving customer satisfaction, the rise in cloud-based solutions, and a greater incorporation of predictive capabilities are all factors driving the industry forward, according to the research firm. However, at the same time, the firm identified an ongoing industry challenge with integrating current solutions into existing systems.

It also found that indexing, analysis, and query tools will hold the largest market share of the overall speech analytics market for several years to come. Indexing starts with analyzing the subject and target words in audio files, extracting them directly from the audio, and then storing them for further analysis and ad-hoc searching. This is where the tools import data from other telephony and servicing solutions. Phonetic indexing converts the agent-customer conversation into a string of phonemes and identifies a predefined list of words or conducts a free text search. The query engine helps users define their queries and present the required output from the solution. The search tool conducts ad-hoc searches on processed audio files for nested filtering.

MarketsandMarkets also found that the Asia-Pacific region, particularly India, Singapore, Malaysia, Japan, South Korea, and Australia, will have the highest rate of growth in the next few years. These nations are not only growing their economies rapidly, but they are also greatly expanding their use of cloud-based technologies, it found.

MarketsandMarkets also identified Verint Systems, Avaya, Calabrio , Clarabridge, Voci Technologies, Zoom International, NICE, Genesys, HPE, CallMiner, and Italian startup Almawave as leaders in the industry.