Overview and Scope
Voice and speech analytics refer to the technology and processes that involve the analysis and interpretation of spoken language in various forms, such as recorded calls, to extract valuable insights, patterns, and information. The use of voice and speech analytics spans various applications, including customer service optimization, fraud detection, and data-driven decision-making in areas such as call centers, market research, and business intelligence.
Sizing and Forecast
The voice and speech analytics market size has grown rapidly in recent years. It will grow from $2.11 billion in 2023 to $2.54 billion in 2024 at a compound annual growth rate (CAGR) of 20.0%. The growth in the historic period can be attributed to rapid adoption of conversational ai, expansion of industry-specific solutions, integration with advanced analytics platforms, ai-driven personalization, emphasis on emotional and sentiment analysis.
The voice and speech analytics market size is expected to see rapid growth in the next few years. It will grow to $4.89 billion in 2028 at a compound annual growth rate (CAGR) of 17.9%. The growth in the forecast period can be attributed to increased adoption of cloud computing, growing need for customer experience improvement, rise of multichannel communication, focus on fraud prevention and security, increased availability of big data. Major trends in the forecast period include multi-channel analytics, real-time sentiment analysis, emotion recognition technology, focus on compliance and ethical ai, predictive analytics for customer behavior.
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Segmentation & Regional Insights
The voice and speech analytics market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Deployment Mode: On-Premises, Cloud
3) By Organization Size: Large Enterprises, Small And Medium-Sized Enterprises (SMEs)
4) By Application: Customer Experience Management, Call Monitoring And Summarization, Agent Performance Monitoring, Sales And Marketing Management, Risk And Compliance Management, Sentiment Analysis, Other Applications
North America was the largest region in the voice and speech analytics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the voice and 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 surge in video content marketing is expected to propel the growth of the voice and speech analytics market going forward. Video content marketing involves creating and strategically using videos to promote, advertise, or communicate messages to a target audience for marketing purposes. Voice and speech analytics are used in video content marketing for data-driven decision-making, audience understanding, and the optimization of video content for enhanced engagement and impact. For instance, in February 2023, according to a survey on 528 respondents by Wyzowl, a UK-based video marketing agency and software company, the adoption of video content marketing by businesses increased to 91%, reflecting an increase from the 86% usage rate observed in 2022. Therefore, the increasing demand for video content marketing will drive the growth of the voice and speech analytics market.
Key Industry Players
Major companies operating in the voice and speech analytics market report are Google LLC, Amazon Web Services Inc., Hewlett Packard Enterprise Development LP, Micro Focus International PLC, Avaya Inc., NICE Systems Ltd., Genesys Telecommunications Laboratories Inc, Qualtrics, Vonage, AlmavivA S.p.A., Verint System Inc., Five9 Inc., Enghouse Interactive Inc., Talkdesk Inc., ThoughtSpot Inc., Uniphore, Calabrio Inc, CallMiner, Marchex Inc., Sabio Group, Clarabridge, Nexidia Inc., CallTrackingMetrics, Castel Communications LLC, VoiceBase Inc., 3CLogic Inc, Beyond Verbal, Voci Technologies Inc, RankMiner, Zoom Speech Analytics
The voice and speech analytics market report table of contents includes:
1. Executive Summary
2. Voice And Speech Analytics Market Characteristics
3. Voice And Speech Analytics Market Trends And Strategies
4. Voice And Speech Analytics Market – Macro Economic Scenario
5. Global Voice And Speech Analytics Market Size and Growth
………………
32. Global Voice And Speech Analytics Market Competitive Benchmarking
33. Global Voice And Speech Analytics Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Voice And Speech Analytics Market
35. Voice And Speech Analytics Market Future Outlook and Potential Analysis
36. Appendix
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