Europe Speech Analytics Market to Witness Significant Growth until 2025
Growing demand from the BPO
industry is expected to drive the growth of Europe speech analytics
market
According to
TechSci Research report, “Europe Speech Analytics Market By Component (Solution v/s Service), By Deployment
Mode (On-Premise v/s Cloud), By Organization Size (Large Enterprises v/s SMEs),
By Application (Customer Experience Management, Call Monitoring, Agent
Performance Monitoring, Sales Performance Management, Competitive Intelligence,
Risk & Compliance Management, Others), By End User Industry (IT &
Telecommunication, BFSI, Retail & E-Commerce, Healthcare, Energy &
Utilities, Government & Defense, Others), By Country, Forecast &
Opportunities, 2025”, the Europe speech analytics market
is expected to grow at an impressive rate during the forecast period on account
of the increasing demand from the telecommunications industry. The telecom
industry has voluminous amount of data, which it needs to analyze using speech
analytics solution. This in turn helps in improving customer satisfaction and
also helps the telecom operators improve their services. Additionally, increasing
importance of voice channels across various end user industries is further
expected to propel the market growth through 2025. Furthermore, speech
analytics solutions help in understanding customer needs, improve brand loyalty
and predict customer behavior. This in turn has led to widespread adoption of
speech analytics solutions across different industries. However, high costs of
installation and deployment might hamper the market growth through 2025.
Besides, data breaches, theft and cyber security concerns might further
restrict the market growth over the next few years.
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The Europe
speech analytics market is segmented based on component, deployment mode,
organization size, application, end user industry, company, and region. Based
on deployment mode, the market can be split into on-premise and cloud. Here, the
cloud segment is expected to dominate the market on account of the associated
benefits such as flexibility, scalability, affordability, 24/7 availability,
large storage space, auto-update feature, and others. Based on application, the
market can be categorized into customer experience management, call monitoring,
agent performance monitoring, sales performance management, competitive
intelligence, risk & compliance management and others. Among these, the customer
experience management segment is expected to dominate the market through 2025.
This can be attributed to the growing need to analyze overall customer
experience, and then forecast customer satisfaction score, which helps firms to
improve their sales strategies. Based on end user industry, the market can be
fragmented into IT & telecommunication, BFSI, retail & e-commerce,
healthcare, energy & utilities, government & defense and others. Out of
these, the IT & telecommunication segment is expected to hold the largest
market share owing to the fact that they are the major end users of speech
analytics solutions and enjoy all the benefits offered by the technology such
as increased profits, improved security, risk mitigation, improving services,
enhanced customer satisfaction, among others.
Almawave
Srl, Hewlett Packard Enterprise Development LP, Verint Systems UK Ltd,
Clarabridge Inc., Avaya Inc., CallMiner Inc., ZOOM International, Genesys,
Calabrio, Inc., NICE Ltd. and others are some of the leading players operating
in Europe speech analytics market. The companies operating in the market are
using organic strategies such as product launches, mergers and collaborations
to boost their share.
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“Europe’s speech analytics
market is expected to witness robust growth during the forecast period, owing
to the growing number of contact centers especially in the United Kingdom and
Germany. Additionally, banks in Germany are widely using speech analytics solution,
thereby spurring the market growth. Also, various enterprises in Europe are
highly proficient in terms of data & information, security, technical
expertise, awareness, among others. This is further expected to positively
influence the market growth through 2025. Furthermore, presence of major
players operating in the market in the region are expected to create lucrative
opportunities for the market growth.” said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“Europe Speech Analytics Market By Component (Solution
v/s Service), By Deployment Mode (On-Premise v/s Cloud), By Organization Size
(Large Enterprises v/s SMEs), By Application (Customer Experience Management,
Call Monitoring, Agent Performance Monitoring, Sales Performance Management,
Competitive Intelligence, Risk & Compliance Management, Others), By End
User Industry (IT & Telecommunication, BFSI, Retail & E-Commerce,
Healthcare, Energy & Utilities, Government & Defense, Others), By Country,
Forecast & Opportunities, 2025”, has evaluated the future growth potential of Europe speech
analytics market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in Europe speech analytics market.
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