The Business Research Company’s report on the Speech Analytics Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
How are market drivers shaping the future growth trajectory of the speech analytics industry?
Growing adoption of artificial intelligence is expected to propel the growth of the speech analytics market going forward. The adoption of artificial intelligence is on the rise due to its ability to enhance efficiency, improve decision-making, and automate complex tasks across various industries. AI enhances speech analytics by enabling more accurate transcription, real-time analysis, and deeper insights into customer sentiment, intent, and behavior through advanced natural language processing and machine learning algorithms. For instance, in May 2022, according to the International Business Machines Corporation (IBM), a US-based technology company, 35% of businesses worldwide used artificial intelligence (AI) in 2022, which is an increase of 4% from 2021.In addition, there was a 13% increase in organizations adopting artificial intelligence (AI) in 2022 compared to 2021. Therefore, growing adoption of artificial intelligence is driving the growth of the speech analytics market.
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What is the estimated market size of the speech analytics sector by 2029, based on current forecasts?
The speech analytics market size has grown exponentially in recent years. It will grow from $3.11 billion in 2024 to $3.81 billion in 2025 at a compound annual growth rate (CAGR) of 22.4%. The growth in the historic period can be attributed to introduction of advanced speech recognition technologies, adoption of speech analytics for customer service improvement, implementation of speech analytics in call centers, rise of voice biometrics for authentication and security, increasing focus on compliance and regulatory requirements.
The speech analytics market size is expected to see exponential growth in the next few years. It will grow to $9.72 billion in 2029 at a compound annual growth rate (CAGR) of 26.4%. The growth in the forecast period can be attributed to expansion of speech analytics in multichannel customer engagement, adoption of speech analytics in predictive analytics for business insights, growing use of speech analytics in employee training and performance evaluation, emphasis on real-time speech analytics for immediate action, use of emotion and sentiment analysis in speech analytics. Major trends in the forecast period include integration of speech analytics with artificial intelligence (AI) and machine learning (ml), integration of speech analytics in virtual assistants and chatbots, adoption of cloud-based speech analytics solutions, focus on speech analytics for social media monitoring, development of industry-specific speech analytics applications.
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#Who are the top players in the speech analytics market?
Major companies operating in the speech analytics market include NICE Systems Ltd., Verint Systems Inc., Avaya Holdings Corp., OpenText Corporation, Genesys Telecommunications Laboratories Inc., Calabrio Inc., Clarabridge Inc., Castel Communications LLC, VoiceBase Inc., Google LLC, Vonage Holdings Corp., Micro Focus International plc, Zoom International S. A., Almawave S. p. A., Talkdesk Inc., Alvaria Inc., Hewlett Packard Enterprise Company, Interactive Intelligence Group Inc., InContact Inc., Clarifai Inc., Uniphore Software Systems Pvt. Ltd., Deepgram Inc., Eleos Health Inc., Sonde Health Inc., Aural Analytics Inc., Intelligent Voice Ltd., Phonexia s. r. o., Daisee Pty Ltd, CloudTalk s. r. o., CallTrackingMetrics LLC, SpeechTech Ltd., Batvoice Technologies
#What are the major trends in the speech analytics market?
Using advanced technology is a key trend gaining popularity in the speech analytics market. Major companies operating in the speech analytics sector are focused on developing new technological solutions to strengthen their position. For instance, in November 2023, Google, a US-based multinational technology company launched generative AI voice analytics for banks and investment firms. This initiative aims to enhance the tracking and recording of business-related communications, particularly voice and video calls, by integrating Google Cloud’s generative AI platform, Vertex AI, with Symphony’s Cloud9 voice product.
Which geography holds the highest speech analytics market share?
North America was the largest region in the speech analytics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the speech analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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How do different segments contribute to the overall expansion of the speech analytics market?
The speech analytics market covered in this report is segmented –
1) By Components: Solutions, Services
2) By Deployment Mode: Cloud, On-premises
3) By Organization Size: Large Enterprises, Small And Medium-Sized Enterprises (SMEs)
4) By Applications: Customer Experience Management, Call Monitoring And Summarization, Agent Performance Monitoring, Sales And marketing Management, Risk And Compliance Management, Sentiment Analysis
5) By Vertical: Banking Finance Services And Insurance (BFSI), IT And Telecom, Media And Entertainment, Retail And eCommerce, Travel And Hospitality, Government And Defense, Healthcare And life sciences, Other Verticals
Subsegments:
1) By Solutions: On-Premises Solutions, Cloud-Based Solutions, Integrated Solutions
2) By Services: Consulting Services, Implementation Services, Support And Maintenance Services
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How is the speech analytics market defined, and what are its core characteristics?
Speech analytics is the process of using voice recognition software to analyze voice recordings or live calls from customers to contact centers, find useful information, and provide quality assurance.
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