Speech Analytics Market (by Component (Solution and Services) -by Application (Customer experience management, Call monitoring, Agent performance monitoring, Sales performance management, Competitive intelligence, Risk and compliance management, Others)-by Deployment Model (On-premises, Cloud)-by Organisation Size (Small and Medium-sized Enterprises (SMEs), Large Enterprises)-by Industry Vertical (Banking, Financial Services, and Insurance, Retail and eCommerce, Travel and Hospitality, Government and Defense, Healthcare and Life Sciences, Energy and Utilities, Telecommunications and IT, Media and Entertainment, Travel and Hospitality, Others)–by Geography (North America, Europe, Asia Pacific, Middle East & Africa and Latin America)) – is expected to reach US$ $2175.5 Mn by 2026 at a CAGR of 18%.

Speech analytics is the process of analyzing recorded calls. Speech analytics helps to collect customer information to improve communication and future interaction. Speech analytics in contact centres can be used to mine recorded customer interactions to surface the intelligence essential for building effective cost containment and customer service strategies. This technology can identify cost drivers, trend analysis, identify strengths and weaknesses with processes and commodities, and helps to understand how the marketplace perceives contributions. The process is primarily used by customer contact centres to extract information buried in client interactions with an enterprise.

Integration with existing systems and selection of the right approach and difficult to quantify Return on Investment (RoI) are restraining factors that would affect on the growth of the market during the forecast period.

Focus on higher customer satisfaction, an increasing need for speech analytics solutions from the Business Process Outsourcing (BPO) sector and rising significance of real-time speech analytics are some of the major factors expected to drive the growth of the market during the forecast period.

The customer experience management applications segment is expected to hold the larger market share during 2018-2026

While using applications, the customer experience management applications segment is expected to hold the larger market share during the forecast period. It allows organizations to use real-time customer data to identify patterns and trends and devise retention strategies and reduce customer churn.

The cloud deployment model is expected to hold the larger market share during 2018-2026

The deployment segment is divided into cloud and on-premises. Among these, the cloud deployment model is likely to reach at a higher CAGR during the forecast period, as Cloud-based solutions are gaining a firm hold in the speech analytics market as is provides various benefits, such as resource pooling, and less implementation time cost control.

The BFSI vertical is likely to hold the larger market share during 2018-2026

Among verticals, the retail and e-commerce industry vertical is expected to grow at the highest CAGR during the forecast period. The BFSI vertical is likely to hold larger market share during the forecast period, as the importance of speech analytics is growing to enhance the customer satisfaction, increase the retention rate, and reduce the customer churn rate.

The larger enterprise segment is expected to have the largest market size during 2018-2026

In the case of organization size, large enterprises are likely to have larger market share during the forecast period, as they are keenly focusing on CEM to encourage repeat business and improve customer loyalty. The Small and Medium-sized Enterprises (SMEs) are likely to grow at a higher CAGR, due to the easy availability and scalability of cloud-based deployments.