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

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).

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. '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)'

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. 

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. 

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.