The speech analytics market generated $1,010.4 million revenue in 2018 and it is predicted to reach a value of $2,910.1 million by 2024. Furthermore, the market will progress at a CAGR of 19.9% from 2019 to 2024 (forecast period), as per the estimates of the market research company, P&S Intelligence. The market is being driven by the surging focus of enterprises on customer satisfaction, soaring number of contact centers, growing necessity of real-time speech analysis, and ballooning demand for compliance with stringent regulations across the world.
With the emergence of e-commerce platforms and the increasing number of companies in various industries, customer loyalty is no longer limited to a particular brand or organization, as they now have the luxury of choosing products and services from a diverse and wide range of offerings and brands. Moreover, customers nowadays are more likely to purchase products from other brands if they feel like their queries are not being resolved quickly and they are regularly facing price- or product-related problems.
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This is making businesses focus extensively on improving their customer care services as this would help them improve their customer retention rates. As speech analytics solutions help brands provide an enhanced customer experience, they are being increasingly adopted by organizations across the world.
Furthermore, the surging demand for these solutions among small and medium enterprises (SMEs) is generating lucrative growth opportunities for the speech analytics market players. Many SMEs are rapidly incorporating these solutions to offer enhanced customer services and retain their customers. In addition to this, the advent of cloud-based deployment mode has massively improved the accessibility of SMEs to these solutions, as this deployment mode eliminates the requirement for hardware investments.
This market research report provides a comprehensive overview of the market
- Future potential of the market through its forecast for the period 2020– 2024
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential
- Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
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