According to TechSci Research report, Europe Speech Analytics Market- By Country, Competition Forecast & Opportunities, 2018-2028 the Europe GPS Tracking Device Market is expected to register robust growth during the forecast period, 2023-2028.
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The European Speech Analytics market is set to experience significant growth throughout the forecast period, driven primarily by the recovering economy and expanding across various end-use industries, including manufacturing, retail, telecom, healthcare, and BFSI. The demand for speech analytics products is anticipated to surge, fueled by IT upgrades to existing networking infrastructure.
In Europe, both SMEs and large corporations are increasingly adopting speech analytics technologies to enhance operational efficiency, reduce Total Cost of Ownership (TCO), and ensure scalable, high-performance web and application infrastructure while improving data security. Market demand is projected to rise due to stringent privacy compliance regulations, growing concerns about data breaches, and the increasing adoption of cloud, Internet of Things (IoT), and mobile technologies.
To stay competitive, industry players are employing strategies such as mergers and acquisitions, partnerships, and collaborations. Original equipment manufacturers are teaming up with service providers to enhance product compliance. Significant investments in research and development are being made to advance technological accuracy. Additionally, the market is expected to benefit from new technological innovations, including voiceprint and biometric authentication, further driving growth.
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The Speech Analytics market is segmented by Component, Deployment Mode, Organization Size, Application, and End-User.
- Component: The market is divided into Services and Solutions.
- Deployment Mode: The market is categorized into Cloud and On-Premises.
- Organization Size: The market is segmented into SMEs and Large Enterprises.
- Application: This includes Call Monitoring, Customer Experience Management, Agent Performance Monitoring, Sales Performance Management, Competitive Intelligence, Risk and Compliance Management, and Other applications.
- End-User: The market is divided among BFSI, Government & Defense, Retail and eCommerce, Travel and Hospitality, Healthcare and Life Sciences, Energy and Utilities, Media and Entertainment, Telecommunications and IT, and Other sectors.
From 2024 to 2028, the Speech Analytics Solution is expected to lead the market due to the increasing demand for analytical insights derived from customer interaction data.
The Cloud Deployment model is gaining traction across various industries by reducing operational costs and providing affordable options for SMEs. This trend has prompted existing companies to keep pace with rapidly evolving speech analytics technology and to offer innovative solutions, thereby driving market growth.
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In 2022, Small and Medium-sized Enterprises (SMEs) represented a substantial portion of the market, a trend expected to continue. This growth is closely linked to the expanding availability of cloud services. SMEs are increasingly collaborating with research institutions to develop advanced speech analytics tools and applications, further fueling market demand.
Key market players in the Europe Speech Analytics market:
- ASC Technologies
- Avaya, Inc
- Calabrio, Inc
- Call Miner
- Clarabridge
- GemaTech Ltd
- Genesys
- New Voice Media
- Nice Systems
- OnviSource, Inc
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“One of the key factors propelling the speech analytics market in the European region is the growing requirement for market intelligence to combat the fierce competition. The majority of businesses are using speech analytics to get business intelligence using contemporary marketing techniques. Businesses can assist their marketing efforts by using call analysis to monitor trends, hear from customers, and listen to their opinions. Europe market is rising due to the rising number of cyberattacks and the dynamic nature of the security sector. It is essential to safeguard sensitive financial data from breaches while minimizing risk and maximizing rewards. The segment exhibits higher potential for the use of voice analytics as banking institutions migrate to the cloud. Financial companies can protect sensitive information and enhance customer service by using speech analytics. It contributes to the provision of an accurate and trustworthy audit trail of oral agreements between borrowers and consumers, which has increased demand in the BFSI sector.” said, Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“Europe Speech Analytics Market Segmented By Component (Service, Solution), By Deployment Mode (Cloud, On-Premises), By Organization Size (SMEs, Large Enterprise), By Application (Call Monitoring, Customer Experience Management, Agent Performance Monitoring, Sales Performance Management, Competitive Intelligence, Risk and Compliance Management, Others), By End-user (BFSI, Government & Defense, Retail and eCommerce, Travel and Hospitality, Healthcare and Life Sciences, Energy and Utilities, Media and Entertainment, Travel and Hospitality, Telecommunications and IT, Others) By Region, Competition, Opportunity, and Forecast. 2018-2028F has evaluated the future growth potential of 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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