Speech analytics market on a CIS scenario was valued at US$ 19.7 Mn in 2018 and is expected to reach US$ 26.5 Mn by 2027 with a CAGR growth rate of 3.4% in the forecast period from 2019 to 2027.
The speech analytics market in CIS Countries is heavily skewed owing to significant impact of Russian’s technological capabilities and economic background. The other CIS countries amounted for almost one fifth of the regional market share in 2018. Factors such as limited demand from the other countries, moderate growth of technological and infrastructure has attributed in the region’s limited market share. However, from a growth perspective the region is anticipated to witness an impressive growth during the coming years. Factors such as improving state of international business along with positive economic growth of the other CIS countries is anticipated to provide a steady growth of the market in the rest of CIS countries.
The recent advancement in technological capabilities of Artificial Intelligence (AI) such as Natural Language Learning (NLP), Machine Learning (ML), and Speech Recognition has a significantly broad scope of application across different industry vertical. For instance, the AI and NLP driven tools and solutions are enabling superior surveillance & monitoring, speech recognition, Robotic Process Automation, and Sentiment Analysis among numerous other application. Among these, speech analytics encompasses a set of AI-driven technologies and tools that facilitate the end-user in gaining actionable insights the emotion of the speaker through predefined matrices. Subsequently, the insights are applied across different functions such as call classification, triggering an alert, process automation, and improving workflow to name a few business functions.
Numerous end-user industry verticals have extensively adopted different speech analytics solutions for leveraging technological capabilities to enhance the customer experience for their respective client. For instance, the application of speech analytics assists in swift problem solving, efficient customer targeting, identification of consumer pain points, and implementing organizational strategies, among other applications. In addition to this, leading enterprise are increasingly adopting AI, and NLP enabled analytics solutions as well as services across their contact center technologies and consequently gained a superior sustainable advantage for their customer experience.
The speech analytics market has been derived from market trends and revenue generation factors from CIS countries, which includes Russia and rest of CIS countries. Russia is projected to capture the largest market share in comparison to all revenues generated by all other CIS countries in total.
Some of the other notable players in the CIS Countries Speech analytics market include Avaya INC., Clarabridge, Calabrio, Inc., CallMiner, Genesys, IBM Corporation, NICE Systems Ltd, Speech Technology Center Limited (STC), Verint Systems Inc, and ZOOM International, among others.
Speech Analytics Market - CIS Countries Breakdown, 2018
The report segments the CIS Countries Speech analytics market as follows:
CIS Countries Speech Analytics Market – By Type
CIS Countries Speech Analytics Market – By Deployment Type
CIS Countries Speech Analytics Market – By End User Industry
CIS Countries Speech Analytics Market – By Geography
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