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

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.