Speech analytics technologies are used to extract information at customer contact points across various channels such as voice, chat, email, social channels, and surveys. Across the world, voice and phone interaction is the most common mode of communication used by consumers. Therefore, speech analytics is used in Voice User Interface (VUI) to derive insights at different contact points. In current times, organizations across various industry sectors are undertaking programs for transcripting and analyzing customer and organizational media. This is mainly to take logical decisions for customer and business management with the help of speech and text intelligence.

Rising number of contact centers and necessity for compliance and risk management across several verticals have led the companies to invent solutions in speech analytics which will aid companies to comprehend the changing necessities of customers. Several organizations functioning in diverse industrial domains have been evolving interests for the transcription and analyzing of customers and structural media and uptake rational decisions for the management of business and consumers with the help of speech and text intelligence. This is the main factor that is responsible for the growth of the speech analytics market and a protuberant driving factor in the growing demands for speech analytics in several industrial applications. This rising demand can also be accredited to the burdens on businesses for safeguarding their rational assets for improving agility and competence in business operations via the all-embracing insights quarried in the Voice of Customer (VoC). Speech analytics is used in sectors such as customer experience management, agent performance, business processes, compliance and risk management, and market intelligence.

Rising number of contact centers and necessity for compliance and risk management across several verticals have led the companies to invent solutions in speech analytics which will aid companies to comprehend the changing necessities of customers. Several organizations functioning in diverse industrial domains have been evolving interests for the transcription and analyzing of customers and structural media and uptake rational decisions for the management of business and consumers with the help of speech and text intelligence. This is the main factor that is responsible for the growth of the speech analytics market and a protuberant driving factor in the growing demands for speech analytics in several industrial applications. This rising demand can also be accredited to the burdens on businesses for safeguarding their rational assets for improving agility and competence in business operations via the all-embracing insights quarried in the Voice of Customer (VoC). Speech analytics is used in sectors such as customer experience management, agent performance, business processes, compliance and risk management, and market intelligence.

Rising number of contact centers and necessity for compliance and risk management across several verticals have led the companies to invent solutions in speech analytics which will aid companies to comprehend the changing necessities of customers. Several organizations functioning in diverse industrial domains have been evolving interests for the transcription and analyzing of customers and structural media and uptake rational decisions for the management of business and consumers with the help of speech and text intelligence. This is the main factor that is responsible for the growth of the speech analytics market and a protuberant driving factor in the growing demands for speech analytics in several industrial applications. This rising demand can also be accredited to the burdens on businesses for safeguarding their rational assets for improving agility and competence in business operations via the all-embracing insights quarried in the Voice of Customer (VoC). Speech analytics is used in sectors such as customer experience management, agent performance, business processes, compliance and risk management, and market intelligence.

According to a new market research report, "Speech Analytics Market by Type (Solutions (Speech Engine, Indexing, Analysis and Query Tools, and Dash Boards and Reporting Tool) and Services), by Deployment Type (On- Remise, Cloud), by Organization Size, by Vertical, & by Region – Global Forecast to 2020?, published by MarketsandMarkets, the market size is estimated to grow from USD 589.2 Million in 2015 to USD 1.60 Billion by 2020, at an estimated Compound Annual Growth Rate (CAGR) of 22.0% from 2015 to 2020. Browse 66 market data Tables and 25 Figures spread through 145 Pages and in-depth TOC on"Speech Analytics Market" Early buyers will receive 10% customization on this report. The speech analytics technology is witnessing the rising demand due to the need to decipher hidden insights from the customer interaction data. Rising number of contact centers, importance of customer feedback, need for Customer Relationship Management (CRM), product development, increasing competition among organizations, and stringent compliance management are some of the factors deriving the demand of speech analytics solutions and services. The speech analytics solutions are expected to dominate the market from 2015 to 2020, with larger market share than the service segment, due to growing trends of analytical insights from customer interaction data.