Europe Speech Analytics Market By Component (Service, Solution), By Deployment Mode (Cloud, On-Premises), By Organization Size (SMEs, Large Enterprise), By Application (Call Monitoring, Customer Experience Management, Agent Performance Monitoring, Sales Performance Management, Competitive Intelligence, Risk and Compliance Management, Others), By End-user (BFSI, Government & Defense, Retail and eCo
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: ICT | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationEurope Speech Analytics Market By Component (Service, Solution), By Deployment Mode (Cloud, On-Premises), By Organization Size (SMEs, Large Enterprise), By Application (Call Monitoring, Customer Experience Management, Agent Performance Monitoring, Sales Performance Management, Competitive Intelligence, Risk and Compliance Management, Others), By End-user (BFSI, Government & Defense, Retail and eCo
The Europe Speech Analytics Market
The technique of deriving valuable information from audio recordings and using that information to gather useful business intelligence is known as speech analytics. Customer experience management, call monitoring and summarising, sales and marketing management, risk and compliance management, sentiment analysis, and fraud detection & security applications are some of the major uses of speech analytics. Due to expanding adoption across multiple industries, such as contact and call centers, healthcare and life sciences, and media and entertainment, speech analytics technologies are gaining traction.
Rising Contact Center is Anticipated to Propel the Market Growth
Due to the requirement to identify insights within the data of client interactions, speech analytics is in high demand in call centers. The expansion of contact centers is a key component in the market's expansion. For instance, Sestek, an enterprise that creates artificial intelligence-powered solutions using text-to-speech, speech recognition, natural language processing, and voice biometrics technologies. Sestek partnered with ING Bank with its speech analytics solution, which also led to a 10% increase in net promoter score, a 15% increase in sales quantity score, and a 3% decrease in overall over-silence rate. It is anticipated that the results attained by end-user business clients would increase demand for speech analytics in the European market.
Expanding Applications in the Financial and Commercial IT Industries
Increasing Voice's Significance in a Multichannel Environment
The majority of firms believe multi-channel interaction strategies to be standard. Many companies expand their capacity to connect with and communicate with clients by utilising social media platforms, desktop applications, mobile/text, and email communication channels. Speech analytics are becoming more widely known, outside of contact centers, as a result of all these factors. Speech analytics also enable businesses to automatically keep track of current and previous voice chats. The ensuing knowledge provides businesses with crucial data on a variety of topics, including market perceptions, process management, and product design, which in turn is sharply increasing the demand for speech analytics.
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Market Segmentation
The Speech Analytics market is segmented into
Market Player
Major market players in the Europe
Recent Development
VoiceBase, an AI-powered voice analytics firm, announced a strategic alliance with ThoughtSpot, a search and AI-driven analytics platform, in October 2020. This partnership will revolutionize how businesses can quickly extract insights from their voice data using cutting-edge search capabilities. Through a partnership with ThoughtSpot, VoiceBase clients can give their business users the necessary tools to mine their speech, text, and other contact centre data for potent, contextual insights. Companies are no longer needed to invest times in training or rely on technical experts to extract useful, detailed insights from their speech data, thanks to the straightforward search interface. VoiceBase and ThoughtSpot have combined to make it simpler to search voice data, personalize and share these insights, and use them to affect the performance that has a positive impact in the performance.
| Attribute | Details |
| Base Year | 2022 |
| Historic Data | 2018 – 2021 |
| Estimated Year | 2023 |
| Forecast Period | 2024 – 2028 |
| Quantitative Units | Revenue in USD Million and CAGR for 2018-2022 and 2024-2028 |
| Report coverage | Revenue forecast, company share, growth factors, and trends |
| Segments covered | By Component By Deployment Mode By Organization Size By Application By End-User |
| Country scope | Germany, United Kingdom, Italy, France, Spain, Netherlands, Poland, Russia |
| Key companies profiled | ASC Technologies, Avaya, Inc, Calabrio, Inc, Call Miner, Clarabridge, GemaTech Ltd, Genesys Telecommunications Laboratories, Inc.,, New Voice Media, Nice Systems, OnviSource, Inc. |
| Customization scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and purchase options | Avail customized purchase options to meet your exact research needs. Explore purchase options |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
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