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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