Speech Analytics Market worth $1.33 Billion by 2019

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MarketsandMarkets Presents
Speech Analytics Market worth 1.33 Billion by
2019
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eech-analytics-market-17297779.html
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The report Speech Analytics Market Solutions
(Speech Engine, Indexing Analysis, Reports
Dashboards), Applications (Business Process,
Agent Performance, Market Intelligence, Risk
Compliance Management CEM) - Worldwide Market
Forecast (2014-2019) defines and segments the
speech analytics market into various sub-segments
with an in-depth analysis and forecasting of
revenues. It also identifies the drivers and
restraints for this market with the insights on
trends, opportunities, and challenges. Brows
e more than 69 market data tables with 25 figures
spread through 178 pages and in-depth TOC on
"Speech Analytics Market Solutions (Speech
Engine, Indexing Analysis, Reports
Dashboards), Applications (Business Process,
Agent Performance, Market Intelligence, Risk
Compliance Management CEM) - Worldwide Market
Forecast (2014-2019)"http//www.marketsandmarkets
.com/Market-Reports/speech-analytics-market-172977
79.html Early buyers will receive 10
customization on this report.
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Speech analytics, also known as audio mining, is
used to spot and analyze spoken words which bring
structure to interactions and reveal the
information buried in customer contact center. It
includes elements of automatic speech recognition
where identities of spoken words are determined.
This technology is used to extract important
business intelligence material which is used to
relate it to strategy, product, process,
operational issues, and contact center agent
performance. All this information helps to give
an insight regarding what customers or clients
actually think about their company, which in turn
will help the enterprise to react quickly in
favor of their working structure. The high
demand of speech analytics has led to the
invention of new technologies and solutions.
Speech analytics work on three main approaches.
First is the phonetic approach, which is related
to phoneme, a basic unit of language concerned
with the systematic organization of sounds in
language. Second approach is the Large Vocabulary
Continuous Speech Recognition (LVCSR), known for
its full transcription. Its basic unit comprises
some words so, the output needs time to be
processed out making it a slower process. Third
approach is the direct phase recognition which
directly analyzes speech by comparing it with the
pre-defined phrases. This method generally
provides the highest data reliability for overall
business performance management.
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MarketsandMarkets has broadly segmented the
speech analytics market by solutions speech
engine, indexing and analysis, query engine,
reports and dashboards, and others by services
professional services and support and maintenance
services by applications business process
management, agent performance management,
customer experience management, market
intelligence management, risk and compliance
management, and other applications by deployment
type on-premise and on-demand by organization
size small and medium businesses (SMBs) and
large enterprises by verticals banking,
financial services, and insurance (BFSI),
consumer goods and retail, healthcare and life
science, government, defense and aerospace ,
manufacturing, transportation and logistics,
travel and hospitality, telecommunication and
Information Technology (IT), media and
entertainment, public sector, energy and
utilities, outsourcing, and others by regions
North America (NA), Europe, Latin America (LA),
Asia-Pacific (APAC), and Middle East and Africa
(MEA).
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eech-analytics-market-17297779.html
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Marketsandmarkets believes that the increasing
cost and lack of awareness are the major issues
in the speech analytics market. These challenges
are restraining the enterprises and customers to
adopt speech analytics to support a wide range of
applications such as business process management,
agent performance management, customer experience
management, market intelligence management, risk
and compliance management, and other
applications. The speech analytics market is
estimated to grow from 456 million in 2014 to
1.33 billion in 2019, at a Compound Annual
Growth Rate (CAGR) of 23.9 from 2014 to 2019. In
terms of regions, North America is expected to be
the biggest market in terms of revenue
contribution, while emerging economies such as
Middle East and Africa (MEA), Latin America (LA),
and Asia-Pacific (APAC) are expected to
experience increased market traction with high
CAGRs, in the due course.
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About MarketsandMarkets
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