What is the global market size of Speech Analytics Market?

Speech Analytics Market size was valued at USD 1.93 billion in 2021 and is poised to grow from USD 2.25 billion in 2022 to USD 7.51 billion by 2030, at a CAGR of 16.3% during the forecast period (2023-2030).

Who are the key vendors in the Global Speech Analytics Market?

Global Speech Analytics Market is highly competitive, with several players offering a range of solutions to meet the needs of businesses across various industries. Some of the major participants in the market are concentrating on creating cutting-edge solutions that may aid companies in learning more about the preferences and behavior of their customers. For instance, some manufacturers are combining voice biometrics and CRM systems with speech analytics to provide a more thorough perspective of customer interactions. Others are enhancing the precision and effectiveness of speech analytics using artificial intelligence and machine learning technology. In addition to product development, companies in the speech analytics market are also focusing on strategic partnerships and acquisitions to expand their market presence. 'NICE Systems Ltd. (Israel)', 'Verint Systems Inc. (US)', 'Genesys Telecommunications Laboratories, Inc. (US)', 'CallMiner (US)', 'Clarabridge, Inc. (US)', 'Aspect Software, Inc. (US)', 'Avaya Inc. (US)', 'Calabrio, Inc. (US)', 'Voci Technologies, Inc. (US)', 'Verbio Technologies, S.L. (Spain)', 'ZOOM International (US)', 'Almawave S.p.A. (Italy)', 'Castel Communications LLC (US)', 'Intelligent Voice Ltd. (UK)', 'Knoah Solutions, Inc. (US)', 'Marchex, Inc. (US)', 'OnviSource, Inc. (US)', 'Sabio Ltd. (UK)', 'Speechmatics Ltd. (UK)', 'Uniphore Software Systems Pvt Ltd (India)'

What is the key driver of Global Speech Analytics Market?

One driver of the growth of the speech analytics market is the increasing demand for better customer service. As businesses strive to deliver better customer experiences, they are turning to speech analytics solutions to analyze customer interactions and feedback. For example, a call center may use speech analytics to identify common customer complaints or issues and adjust their processes or training accordingly. This can help improve customer satisfaction and loyalty, ultimately leading to increased revenue.

What is the key market trend for Global Speech Analytics Market?

Cloud-based Speech Analytics: One of the trends in the speech analytics market is the adoption of cloud-based speech analytics solutions. Scalability, adaptability, and cost-effectiveness are just a few advantages that cloud-based solutions have over conventional on-premise ones. Businesses may access their data and insights with cloud-based solutions from any location, facilitating information sharing and collaboration between teams and departments. In the upcoming years, we may anticipate a rise in the use of cloud-based voice analytics solutions as more enterprises adopt these technologies.

Which region accounted for the largest share in Global Speech Analytics Market?

North America dominated the Global Speech Analytics Market. The growth in this region can be attributed to the presence of major market players, the high adoption of advanced technologies, and the growing focus on enhancing customer experience. For instance, companies like Verint Systems Inc. and NICE Ltd. have their headquarters in North America and have been investing in the development of speech analytics solutions.

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.

Speech Analytics Market Report Snapshots

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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.

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Speech Analytics Market Insights

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What is the global market size of Speech Analytics Market?

Who are the key vendors in the Speech Analytics Market?

What is the key driver of Speech Analytics Market?

What is the key market trend for Speech Analytics Market?

Which region accounted for the largest share in Speech Analytics Market?

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