USD 2.25 billion
Speech Analytics Market Size, Share, Growth Analysis, By Software(Software [Software Functionalities (Speaker Identification & Diarization, Emotion Detection, Speech-To-Text Transcription, Dashboard & Reporting), By Business Function(Sales & Marketing [Performance Monitoring & Coaching, Sales Call Analysis, Lead Qualification & Opportunity Management, Customer Feedback Analysis), By Channel(VOIP & Messaging Platforms, Voicemails & Ivr Systems, Social Media, Sales & Telemarketing Calls), By Vertical(BFSI [Customer Service Optimization, Fraud Detection & Prevention, Voice Biometrics Authentication, Sales & Lead Generation), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45E2131 |
Region:
Global |
Published Date: October, 2024
Pages:
197
|Tables:
59
|Figures:
75
Speech Analytics Market Insights
Global Speech Analytics Market size was valued at USD 2.9 billion in 2022 and is poised to grow from USD 3.41 billion in 2023 to USD 12.48 billion by 2031, growing at a CAGR of 17.60% during the forecast period (2024-2031).
Growing approvals and sanctions from government regulatory authorities are driving demand for the speech analytics market. Nowadays, many companies are understanding the value of speech analytics which is improving communication monitoring and compliance, which is increasing speech analytics market growth. Businesses are become more inclined towards integrating speech analytics to make sure they comply with the industry standards. This is because the regulatory approvals from government facilities are serving as a proof related to the efficiency and dependability of these solutions.
The demand for speech analytics solutions is rapidly increasing in the medical sector. The healthcare providers are understanding the possibilities of speech analytics in enhancing patient care and operational efficiency, increasing the adoption of speech analytics. Speech analytics tools help in transcribing medical notes, analyzing patient interactions, and monitoring clinical results. This trend is highlighting the increasing focus on using technology to improve medical delivery. The incorporation of speech analytics in the medical domain will continue to increase, boosted by the necessity to improve patient experience and smoothen medical procedures.
US Speech Analytics Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
On-Premise
Fastest Growth
Cloud-Based
Growth Rate
16.3% CAGR
Global Speech Analytics Market ($ Bn)
Country Share for Asia Pacific Region (%)
To get more reports on the above market click here to Buy The Report
Speech Analytics Market Segmental Analysis
Global Speech Analytics Market is segmented by Software, Business Function, Channel, Vertical, and region. Based on Software, the market is segmented into Software, and Services. Based on Business Function, the market is segmented into Sales & Marketing, Finance & Accounting, Operations & Supply Chain, and HR. Based on Channel, the market is segmented into VOIP & Messaging Platforms, Voicemails & IVR Systems, Social Media, Sales & Telemarketing Calls, Webinars & Virtual Meetings, Broadcast Media & Content Production, and Other Channels. Based on Vertical, the market is segmented into BFSI, Telecom, Retail & Ecommerce, Automotive & Transportation, IT/ITES, Healthcare & Life Sciences, Media & Entertainment, Travel & Hospitality, and Other Verticals. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Speech Analytics Market Analysis by Component
By component, the solution segment is dominating the speech analytics market. The speech analytics solutions pertain to providing software to the business organizations. These software uses natural language processing and machine learning algorithms to record live conversations and analyze the data by identifying certain keywords. It can also recognize the patterns based on tone and sentiment. Furthermore, the software also enables organizations for real-time and post-call analytics and data-driven decision-making. With this data it also become easier to understand the requirement of the customers and optimize operational efficiency. These factors have been instrumental in significantly driving the segment's growth. These factors are increasing the demand for the solutions segment, which is driving the growth of speech analytics market.
According to speech analytics market analysis, the services segment is anticipated to witness the fastest growth during the forecast period of 2024 to 2031. The companies offering speech analytics solutions provide various services like dispensing and installing speech analytics software, training employees, and resolving problems for businesses. Many companies need speech analytics to fulfil consumers requirements and remain competitive in the market with the latest technology. Service offerings consist of important aspects like technical support, user training, and constant customization. Services are helps in meeting the evolving business requirements, system integration, security management, flexibility, and scalability necessary for future growth.
Speech Analytics Market Analysis by Deployment
Based on deployment, the on-premises segment is dominating with the largest speech analytics market share. With the help of on-premises solutions many businesses can comply with data residency and compliance regulations while they maintain their control on infrastructure and confidential speech data. The on-premises systems are more safe and secure because they are physically located within the organization. These systems are secured from cyberattacks and other security threats. Furthermore, companies can also customize the system according to their business requirement and can also incorporate it with other current or new software and systems. The popularity of such on-premises solutions is increasing because of its flexibility for a wide range of applications and intricate language processing tasks.
The cloud segment is witnessing the fastest growth with a rapid increase in the speech analytics market size. The primary benefits of using cloud-based systems are that it does not need major capital investment for maintaining the physical infrastructure. Furthermore, it can be operated by a third-party provider due to which it is not necessary to keep a team of IT professionals. This helps in minimizing the expense of operating speech analytics solutions. Moreover, the cloud service is highly flexible and accessible at anytime and anywhere by utilizing the internet. This is the most preferred choice for the small and medium enterprises with restricted investment and infrastructure. Therefore, cloud-based contact centers offer various advantages against on-premises systems especially in terms of end-to-end customer service management.
Global Speech Analytics Market By Deployment Type
To get detailed analysis on other segments, Request For Free Sample Report
Speech Analytics Market Regional Insights
Based on region, North America is dominating the speech analytics market. The market growth is driven by technological advancement, availability of key players, high-speed internet connectivity, and the developed infrastructure. Countries such as the US and Canada are leading the speech analytics market growth in North America. The National Institute of Standards and Technology along with US government encourages and promotes the utilization and advancement of speech analytics solutions. Moreover, the growth in sectors like banking, healthcare, and telecom is also fueling market growth. Canada has the most accessible banking system globally because most of the Canadian adults have an account in financial facilities. Furthermore, there are almost 2.8 million healthcare and social assistance businesses in the US as of 2023.
The Asia Pacific region is witnessing the fastest growth in the speech analytics market. This rapid increase is mainly propelled by the explosion of the outsourcing sector in developing Asia Pacific countries like China, India and Australia. The need for insights into customer interactions has led to high demand for speech analytics solutions in this region, as businesses want to maintain a competitive edge by providing better customer experience. In 2023 China has on held significant market shares of this speech analytics market. This is mainly due to contact center expansion operations, compliance with regulatory standards, enhancement in customer experience, and improvement in operational efficiency. This, in turn, has increased the demand for the product and definitely added to market growth in the region.
Global Speech Analytics Market By Region
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Speech Analytics Market Dynamics
Speech Analytics Market Drivers
Growing Demand for Call Center
- The implementation of speech analytics solutions enables visualization of the calls that took place between the clients and the call center agents and provide businesses with intelligence to enhance the CX and empower the operation process. Moreover, call centers are implementing solutions to analyze text to help organizations uncover insights that enhance future interactions, or can benefit one-to-one customer interactions right away. The solutions are designed to offer an added value where users can enhance their customer experience quality assurance and also lower the micromanagement of business operations.
Rising Demand for Telecom Application
- The telecommunications sector is a fast expanding as a result of rising smartphone and other device usage and new technologies such as 5G. In telecom, speech analytics supports clients with consistent connectivity and networks. It protects the data from fraud activities and provide consumer protection. Using their customer purchase history, preferences, and feedback, telecom companies can create personalised services. This results in an effective marketing and personalized service.
Restraints
Growing Concern Related to Privacy and High Expense
- For the speech analytics user, privacy and data security are major issues. Audio or text transcripts contain personal data or other kinds of sensitive data depending on the context in which the audio was collected. Therefore, for the clients, it gets tough to meet high-level security level requirements. In addition, the rise in the cost of technology also restricts the growth of this market.
Low Reliability
- Consumer resistance is the big barrier for the speech analytics market. The constantly shifting ecosystem can be hard for the consumers to adapt. In some instances, they are dissatisfied with the AI-generated answers, so they resort to human assistance. Therefore, businesses that are not a part of call center industry do not think about speech analytics. One of the key challenges is speech analytics is not accurate and reliable. The speech analysis can become complicated owing to the variety of languages and accents available across the world. This restricts the transcription and interpretation of speech.
Request Free Customization of this report to help us to meet your business objectives.
Speech Analytics Market Competitive Landscape
The key players in speech analytics industry are focusing on strategies to capitalize on the rising demand for advanced communication intelligence solutions. The latest trend in the market is integrating artificial intelligence (AI) and machine learning (ML) solutions in speech analytics platforms. Such technologies improve the accuracy and richness of insights from speech interactions, increasing the sophistication of speech interaction, context understanding, and predictive analytics. Cloud-based solutions are increasingly popular, due to their scalability, accessibility and integration capabilities. With the increasing demand for more flexible and economic subscription models, companies are either developing or migrating their speech analytics solutions to cloud settings.
Speech Analytics Market Top Player’s Company Profiles
- Google (US)
- Genesys (US)
- Almawave (Italy)
- Five9 (US)
- AWS (Amazon Web Services) (US)
- Talkdesk (US)
- Castel Communications (US)
- Voicebase (US)
- Intelligent Voice (UK)
- Calltrackingmetrics (US)
- 3CLogic (US)
- Sprinklr (US)
- Uniphore (US)
- Enthu.Ai (India)
- Deepgram (US)
- Gnani.Ai (India)
- Observe.Ai (US)
- Batvoice (US)
- Convin (India)
- Salesken (India)
- Tethr (US)
- Gong (US)
- Clari (US)
Speech Analytics Market Recent Developments
- In January 2024, ElevenLabs, a voice technology company, reached a valuation surpassing $1 billion following its recent funding round. The company disclosed a $80 million Series B funding on Monday (Jan. 22), stating that the capital would support various initiatives, including the rollout of new products and enhancements to safety measures aimed at fostering responsible and ethical development of AI technology.
- In February 2024, Medallia, Inc., a worldwide frontrunner in customer and employee experience, unveiled four pioneering artificial intelligence (AI) advancements during its Experience ‘24 conference. These innovations promise to revolutionize the way organizations personalize customer and employee experiences.
- In July 2023, SESTEK, a top provider of conversational automation solutions powered by AI for customer service, and CCC, a prominent leader in the Business Processing Outsourcing (BPO) industry, signed a Memorandum of Understanding (MoU). Their collaboration will focus on developing speech analytics, voice recognition, and voice AI technologies. This strategic partnership aims to fuel growth and enhance the partners' market position, opening up new opportunities in the public and service sectors.
Speech Analytics Key Market Trends
- Implementation of Technology for Better Customers Service: Speech Analytical Solutions are used by different organizations mainly to enhance their customer supporting processes. Using the ability for NLP and AI/ML agents can see where satisfaction is low and take the steps to remediate them and increase the customer experience through the power of visualization. Utilizing an intelligent system to understand customer concerns, requests, and sentiments will potentially save companies a lot of time and money as they will be able to analyze what steps their business can undertake to enhance customer experience. With the help of artificial intelligence (AI), companies are able to analyze root causes leading to positive and negative sentiment scores. These AI & ML technologies provide predictive insights from unstructured data that enables an organization to understand things like soft-skill behaviors and sales effectiveness.
- Increasing Usage in Healthcare Sector: The boom in healthcare is driven by more advanced infrastructure, enhanced R&D, along with increased investments and collaborations. Speech analytics in healthcare sector bridges the communication gap between healthcare providers and patients. It boosts quality of life by providing both personalised services and treatment. It helps in identifying relative compliance risk and allows for navigating compliance in real-time without wasting time on speculation. It also enhances patient adherence with medication by offering responses to frequently asked questions, clinically validated guidance, and suggestions from the comfort of their home.
Speech Analytics Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, with the speech analytics software, organizations can listen to voicemail or live calls and analyze them to gather additional insight on consumer behavior and call quality. By picking up these audio patterns, the software can analyze consumer behavior and detect stress and other emotions in a speaker's voice. Thus, they are a good means to evaluate call quality, customer satisfaction, and agent performance. Another function of speech analytics software is sentiment analysis, which helps identify whether a customer on the call has a positive, negative, or neutral attitude. This technology checks and analyses the words spoken, speaking pace and stress level in voice of the customer. Hence, these factors are increasing the requirement for speech analytics solution.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 2.9 billion |
| Market size value in 2031 | USD 12.48 billion |
| Growth Rate | 17.60% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Speech Analytics Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Speech Analytics Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Speech Analytics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Speech Analytics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Speech Analytics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Speech Analytics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
USA (+1) 351-333-4748
