CIS Countries Speech Analytics Market to 2027 - Regional Analysis and Forecasts by Type, Deployment Type, End-user Industry

The CIS countries speech analytics market 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.

Russia with leading market presence in numerous defense and industrial technologies along with strong presence in international market has boosted its capabilities in AI and NLP technologies. Subsequently, the country currently has selected number of CIS countries speech analytics market players with strong market related offerings. Moreover, the notable presence of globally and European presence companies also has facilitated the penetration of speech analytics solution in the country over the past few years. Further, among the Rest of CIS Countries such as Armenia, Ukraine, Kazakhstan, and Belarus are increasingly witnessing a surge in demand for technologically superior customer experience solutions. Moreover, the growing presence of numerous BFSI and industrial end-users across Rest of CIS counties is also fueling the growth for speech analytics market in these regions.

The CIS countries speech analytics market is segmented on type, deployment type, and end-user industry. Based on the type, the CIS countries speech analytics market is bifurcated into solutions and services. Based on deployment, the CIS countries speech analytics market is segmented into the cloud and on-premise. Solutions segment contributed a substantial share in the CIS countries speech analytics market. The speech analytics solutions are used across various industries for better customer engagement by offering real-time transcription, post-call speech analytics, predictive analytics, sentiment analysis, searchable recordings, and API access to allow for customization. Historically, these solutions are connected to contact center software, such as Nice System’s Nexidia Analytics and Genesys’ Interaction analytics. However, with the advancements in technology, the adoption of machine learning and natural language processing (NLP) has increased, and these technologies are integrated with speech analytics solutions to enhance the customer experience. The speech analytics solutions are deployed across industries for various purposes, such as call center monitoring and reporting; agent performance analysis and training; customer satisfaction and service quality analysis; automation of quality monitoring processes; crisis management; competition, market, and campaign feedback analysis; and identification of cross-sales opportunities.

Further, based on end-user industry, the BFSI segment is expected to dominate the CIS countries speech analytics market, followed by IT & telecom. The speech analytics in the IT & Telecom industry demands customer engagement model to offer digital and omnichannel customer care for satisfying the customer efficiently at reduced costs. The subscribers of the telecom companies are expecting a network which meet their needs along with innovative offers services. Therefore, telecommunication industries are highly investing in customer care services to solve and meet customer satisfaction by analyzing their behavior with the help of speech analytics solutions. Thus, the increasing demand from IT & telecom industry is fueling the growth of CIS countries speech analytics market.

Some of the key players operating 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.

The overall CIS countries speech analytics market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the CIS countries speech analytics market. It also provides the overview and forecast for the CIS countries speech analytics market based on all the segmentation provided. Also, primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the speech analytics industry.

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