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

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.