The vast unattended audio and video data available in the
enterprises along with the increasing concern to know about the insights and
objectives of the consumers are the factors contributing to the growth of the
North America speech analytics market.
Browse through the TOC of the North
America speech analytics market.
Speech analytics, also known as audio mining, is used to spot and
analyze spoken words which bring structure to interactions and reveal
information buried in the customer contact centers. It is highly essential for
the smooth running of a business. This technology empowers the organizations to
extract useful insights from the vast unstructured qualitative data that lies/is
available in the enterprises. The countries such as, the U.S., Canada, and Mexico
are the mature markets for speech analytics solutions in the North American
region. The North American speech analytics market is primarily driven by the
increasing usage of the applications supporting the speech analytics technology
to extract valuable business intelligence through the unattended audio and
video data. This has also led to increase in the number of investments in the
speech analytics solutions by the leading market players. For example, NICE Systems
(Israel) acquired Verint’s HQ (Melville, New York) with a view to expand the
company’s business by augmenting the fast product development. This deal aimed
at combining the two companies in the security and analytics software market.
The speech analytics solutions in the U.S. and Canada are expected
to witness the highest CAGR in the coming years. The growing customer interaction
management and impact analysis on the consumers are the factors driving the North
American speech analytics market. Various organizations are using various speech
analytics tools, such as, speech engine, query engine, indexing and analysis
software to understand customer voice and derive value added information from
the raw audio and video data. The media sources help in the collection of huge
amounts of data while the speech analytics solutions help in meeting the customer
objectives and aspirations. Microsoft Corporation (U.S) acquired Netbreeze to
develop social analytics and customer relationship monitoring. This acquisition
is expected to strengthen Microsoft Dynamics by providing multilingual access
to the social networking platforms.
Download Sample Copy for North
America speech analytics market Report.
The factors, such as, rapid adoption of the networking technology and
extensive use of call centers are contributing to the growth of the North
American speech analytics market. Moreover, the organizations operational in
the North American region are considered to be tech savvy and innovative. The
quest to have a competitive edge over each other, has led these organizations
to use the advanced technologies increasingly and get the best out of them.
The Banking Financial Services and Insurance (BFSI) segment of the
speech analytics is considered as a promising market, with number of
opportunities for the market players. The factors such as, the lack of
visibility in user interaction with data and application, changes in rules and
regulations are restraining the growth of the speech analytics market in the
North American region.