Product Code: ETC4394065 | Publication Date: Jul 2023 | Product Type: Report | |
Publisher: 6Wresearch | No. of Pages: 85 | No. of Figures: 45 | No. of Tables: 25 |
The India speech analytics market import shipment exhibited a strong growth momentum with a CAGR of 10.5% from 2020 to 2024. The growth rate notably accelerated by 14.8% between 2023 and 2024, indicating a significant expansion in the market during this period.
The India Speech Analytics market is flourishing with the increasing use of speech recognition and analysis in various sectors, including customer service, market research, and compliance monitoring. Speech analytics solutions enable organizations to extract valuable insights from spoken conversations, enhancing customer service, compliance, and business intelligence. As voice data becomes more prevalent in India, the speech analytics market is poised for further expansion.
The India Speech Analytics market is witnessing robust growth due to the desire to gain deeper insights from customer interactions and conversations. Organizations are increasingly turning to speech analytics to analyze voice data from call centers, customer support, and other interactions. The ability to extract valuable information, sentiment analysis, and trend identification from spoken language is driving this market. Improved customer service, enhanced compliance monitoring, and the need to optimize operations are key factors pushing businesses to invest in speech analytics solutions.
The speech analytics market in India faces challenges in accurately transcribing and analyzing spoken language, which can be complex due to dialects and accents. Ensuring that the analytics provide meaningful insights without invading privacy is a delicate balance. Adapting to the evolving field of natural language processing and AI is a constant challenge.
The India Speech Analytics Market witnessed increased relevance during the COVID-19 pandemic. With a surge in remote working and communication, organizations sought ways to analyze and derive valuable insights from their customer interactions. Speech analytics solutions became instrumental in understanding customer sentiment, improving call center efficiency, and ensuring compliance with evolving regulations. As remote and digital communication continue to be prominent, the India Speech Analytics Market is expected to see sustained growth.
The India Speech Analytics market is witnessing the prominent presence of key industry players who specialize in transforming spoken language into valuable data and insights. Major players in this sector, including Verint Systems Inc., NICE Systems Ltd., Genesys Telecommunications Laboratories, Inc., and Clarabridge, are instrumental in offering innovative speech analytics solutions that empower organizations to monitor and analyze customer interactions, improve service quality, and gain a deeper understanding of customer sentiment.
1 Executive Summary |
2 Introduction |
2.1 Key Highlights of the Report |
2.2 Report Description |
2.3 Market Scope & Segmentation |
2.4 Research Methodology |
2.5 Assumptions |
3 India Speech Analytics Market Overview |
3.1 India Country Macro Economic Indicators |
3.2 India Speech Analytics Market Revenues & Volume, 2021 & 2031F |
3.3 India Speech Analytics Market - Industry Life Cycle |
3.4 India Speech Analytics Market - Porter's Five Forces |
3.5 India Speech Analytics Market Revenues & Volume Share, By Component , 2021 & 2031F |
3.6 India Speech Analytics Market Revenues & Volume Share, By Vertical , 2021 & 2031F |
3.7 India Speech Analytics Market Revenues & Volume Share, By Application , 2021 & 2031F |
3.8 India Speech Analytics Market Revenues & Volume Share, By Business Function, 2021 & 2031F |
3.9 India Speech Analytics Market Revenues & Volume Share, By Organization Size, 2021 & 2031F |
3.10 India Speech Analytics Market Revenues & Volume Share, By Deployment Mode, 2021 & 2031F |
4 India Speech Analytics Market Dynamics |
4.1 Impact Analysis |
4.2 Market Drivers |
4.2.1 Increasing demand for customer insights and feedback analysis |
4.2.2 Rising adoption of AI and machine learning technologies in business processes |
4.2.3 Government initiatives to promote digital transformation in India |
4.3 Market Restraints |
4.3.1 Data privacy and security concerns regarding speech data |
4.3.2 Technical challenges related to accuracy and scalability of speech analytics solutions |
4.3.3 High initial investment and implementation costs for speech analytics technologies |
5 India Speech Analytics Market Trends |
6 India Speech Analytics Market, By Types |
6.1 India Speech Analytics Market, By Component |
6.1.1 Overview and Analysis |
6.1.2 India Speech Analytics Market Revenues & Volume, By Component , 2021-2031F |
6.1.3 India Speech Analytics Market Revenues & Volume, By Solutions, 2021-2031F |
6.1.4 India Speech Analytics Market Revenues & Volume, By Services, 2021-2031F |
6.2 India Speech Analytics Market, By Vertical |
6.2.1 Overview and Analysis |
6.2.2 India Speech Analytics Market Revenues & Volume, By BFSI, 2021-2031F |
6.2.3 India Speech Analytics Market Revenues & Volume, By Telecom, 2021-2031F |
6.2.4 India Speech Analytics Market Revenues & Volume, By Retail and eCommerce, 2021-2031F |
6.2.5 India Speech Analytics Market Revenues & Volume, By Automotive and Transportation, 2021-2031F |
6.2.6 India Speech Analytics Market Revenues & Volume, By IT and ITES, 2021-2031F |
6.2.7 India Speech Analytics Market Revenues & Volume, By Healthcare and Life Sciences, 2021-2031F |
6.2.8 India Speech Analytics Market Revenues & Volume, By Travel and Hospitality, 2021-2031F |
6.2.9 India Speech Analytics Market Revenues & Volume, By Travel and Hospitality, 2021-2031F |
6.3 India Speech Analytics Market, By Application |
6.3.1 Overview and Analysis |
6.3.2 India Speech Analytics Market Revenues & Volume, By Customer Experience Management, 2021-2031F |
6.3.3 India Speech Analytics Market Revenues & Volume, By Quality Management, 2021-2031F |
6.3.4 India Speech Analytics Market Revenues & Volume, By Call Monitoring and Summarization, 2021-2031F |
6.3.5 India Speech Analytics Market Revenues & Volume, By Agent Performance Management, 2021-2031F |
6.3.6 India Speech Analytics Market Revenues & Volume, By Risk and Compliance Management, 2021-2031F |
6.3.7 India Speech Analytics Market Revenues & Volume, By Sentiment Analysis, 2021-2031F |
6.4 India Speech Analytics Market, By Business Function |
6.4.1 Overview and Analysis |
6.4.2 India Speech Analytics Market Revenues & Volume, By Finance and Accounting, 2021-2031F |
6.4.3 India Speech Analytics Market Revenues & Volume, By Sales and Marketing, 2021-2031F |
6.4.4 India Speech Analytics Market Revenues & Volume, By Contact Center/ Call Center, 2021-2031F |
6.4.5 India Speech Analytics Market Revenues & Volume, By Operations and Supply Chain, 2021-2031F |
6.4.6 India Speech Analytics Market Revenues & Volume, By HR, 2021-2031F |
6.5 India Speech Analytics Market, By Organization Size |
6.5.1 Overview and Analysis |
6.5.2 India Speech Analytics Market Revenues & Volume, By Large Enterprises, 2021-2031F |
6.5.3 India Speech Analytics Market Revenues & Volume, By SMEs, 2021-2031F |
6.6 India Speech Analytics Market, By Deployment Mode |
6.6.1 Overview and Analysis |
6.6.2 India Speech Analytics Market Revenues & Volume, By On-premises, 2021-2031F |
6.6.3 India Speech Analytics Market Revenues & Volume, By Cloud, 2021-2031F |
7 India Speech Analytics Market Import-Export Trade Statistics |
7.1 India Speech Analytics Market Export to Major Countries |
7.2 India Speech Analytics Market Imports from Major Countries |
8 India Speech Analytics Market Key Performance Indicators |
8.1 Customer satisfaction scores based on insights derived from speech analytics |
8.2 Percentage increase in operational efficiency through speech analytics implementation |
8.3 Number of successful use cases and case studies demonstrating the benefits of speech analytics |
9 India Speech Analytics Market - Opportunity Assessment |
9.1 India Speech Analytics Market Opportunity Assessment, By Component , 2021 & 2031F |
9.2 India Speech Analytics Market Opportunity Assessment, By Vertical , 2021 & 2031F |
9.3 India Speech Analytics Market Opportunity Assessment, By Application , 2021 & 2031F |
9.4 India Speech Analytics Market Opportunity Assessment, By Business Function, 2021 & 2031F |
9.5 India Speech Analytics Market Opportunity Assessment, By Organization Size, 2021 & 2031F |
9.6 India Speech Analytics Market Opportunity Assessment, By Deployment Mode, 2021 & 2031F |
10 India Speech Analytics Market - Competitive Landscape |
10.1 India Speech Analytics Market Revenue Share, By Companies, 2024 |
10.2 India Speech Analytics Market Competitive Benchmarking, By Operating and Technical Parameters |
11 Company Profiles |
12 Recommendations |
13 Disclaimer |