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Speech Analytics Market worth $3.8 billion by 2025

CHICAGO, Oct. 20, 2020 /PRNewswire/ — According to a new market research report “Speech Analytics Market by Component (Solutions (Indexing & Query, Speech Engine) and Services), Application (Customer Experience Management, Competitive Intelligence), Vertical, Organization Size, Deployment Mode, and Region – Global Forecast to 2025″, published by MarketsandMarkets, the global Speech Analytics Market size to grow from USD 1.5 billion in 2020 to USD 3.8 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 20.2% during the forecast period.

The major factors driving the growth of the Speech Analytics Market are increasing need to improve customer journey and overall experience, growing demand to monitor and improve agent performance, and adherence to regulatory and compliance standards. Furthermore, rising need to predict customer intent and monitor agent behavior, use of AI and ML based technologies to facilitate real-time actionable customer insights, and growing need for cloud-based speech analytics solutions to bolster customer retention are expected to provide opportunities for enterprises operating in various verticals in the Speech Analytics Market.