The exponential growth in the number of connected and smart devices across different organizations, verticals and organizations day to day activities has resulted in the high volume of structured and unstructured data generation. Which has ultimately fostered the adoption of efficient Speech Analytics solutions and services.
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As Speech Analytics technologies and solutions offers users’ actionable insights which are critical for their businesses, it has experienced a good adoption rate in almost every industry verticals.
Speech Analytics solution and services providers offer a great deal to end users in gaining insights which help companies into better decision making and formulating effective business strategies.
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It also helps companies in determining areas for cost and time reduction, causes of failure, highlighting defects in a real time basis. Speech Analytics is highly impacting the way organizations use to work, it is arming organizations with critical data useful for their businesses and improving operational efficiency.
It also helps companies to gain competitive advantage while creating new sources for revenue.
Increasing numbers of connected devices and growth in data volume from various devices and sources are some of the factors that are driving the adoption of Speech Analytics solutions and Services. Low awareness of the usage of Speech Analytics analytics and high presence of legacy architecture are few of the factors that will hinder the growth of Speech Analytics solutions and services market, however high growth in demands of on cloud Speech Analytics solutions and services are expected to provide high growth opportunities for various Speech Analytics solutions and service providers.
The Speech Analytics market is segmented on the basis of component into solution and services. Further, on the basis of deployment model the global Speech Analytics market is segmented into On-premise and cloud.
The Speech Analytics market is also divided on the basis of industry vertical into Banking, Financial Services and Insurance (BFSI), Retail and Consumer Goods, Media and Entertainment, Healthcare and Life Sciences, Manufacturing and others. The global Speech Analytics market is also bifurcated on the basis of regions into North America, Europe, Asia Pacific, South America and Middle East & Africa.
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North America holds one of the largest share in the global Speech Analytics market. High technological adoption trends and high growth of data among different verticals in North American region has particularly boosted the growth of the Speech Analytics market.
Asia Pacific is also one of the most promising market for Speech Analytics due to increasing data growth in the developing economies such as India and China.
Some of the major players operating in the global Speech Analytics market are International Business Machines (IBM) Corporation, Hewlett-Packard Enterprise, Amazon Web Services, Microsoft Corporation, SAP SE, Dell Inc., SAS Institute, Teradata Corporation, Splunk, 1010data Inc., Palantir Technologies, Inc., Hitachi Ltd., Cloudera, Inc. ,Opera Solutions , Calpont Corporation , Mu Sigma ., Sisense, CSC Corporation, Wipro Limited and Bodhtree among others.
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