Speech Analytics Market Regional Market Size And Growth, Trends and Research Analysis

Overview and Scope

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.

Sizing and Forecast

The speech analytics market size has grown exponentially in recent years. It will grow from $2.57 billion in 2023 to $3.17 billion in 2024 at a compound annual growth rate (CAGR) of 23.5%. 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 $7.62 billion in 2028 at a compound annual growth rate (CAGR) of 24.5%. 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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Segmentation & Regional Insights

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 Defence, Healthcare and life sciences, Other Verticals

North America was the largest region in the speech analytics market in 2023. 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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Major Driver Impacting Market Growth

The high adoption of speech analytics by companies is significantly driving the growth of the speech analytics market. Since speech analytics help in problem identification, customer experience enhancement as well as sentiment analysis, companies across various industrial segments are adopting speech analytics rapidly. This creates a huge scope for future development of speech analytics technology by key companies through partnerships and strategic alliances. For instance, in September 2021, Scotiabank partnered with Google Cloud to strengthen the bank’s cloud-first commitment and speed up its global speech, text, and data analytics strategy. Google Cloud, as a Scotiabank trusted partner for analytics, will assist Scotiabank customers in the Americas and around the world in creating a more personalized and predictive banking experience. This partnership helps Scotiabank to offer more customized banking services by adopting speech and data analytics using Google Cloud. Hence, the increasing adoption of speech analytics by companies is expected to propel the growth of the speech analytics market over the coming years.

Key Industry Players

Major companies operating in the speech analytics market report are 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

The speech analytics market report table of contents includes:
1. Executive Summary