The North American speech analytics market is estimated to grow from $233.16 million in 2014 to $614.13 million in 2019, at a compounded annual growth rate (CAGR) of 21.4 percent through 2019, according to MicroMarkets.
Speech analytics, defined by the analyst firm as audio mining, is used to identify and analyze interactions between customers and contact centers.
The drivers for the North American market include the growing number of call centers, increasing importance of speech analysis, new implementation areas, and the rising demand for cloud analytics and risk management solutions.
North America is the strongest market for speech analytics and has the highest penetration rate, as a majority of the analytics companies are based in this region.
The increasing number of call centers is one of the key driving factors of speech analytics market in this region. Previously, call centers were considered only to centralize calls, reduce costs, and support sales team. However, in the current scenario, speech analytics technology is mostly being used in call centers to extract valuable business intelligence.