The Voice And Speech Analytics Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Voice And Speech Analytics Global Market Report 2024, 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.
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.
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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
Major companies operating in the voice and speech analytics market are focusing on strategic collaborations to develop technologically advanced products. A strategic collaboration is a formalized agreement between two or more entities (organizations, individuals, institutions) to work together towards a shared set of goals that benefit all parties involved. For instance, in February 2023, Bharti Airtel Limited, an India-based telecommunications services company, collaborated with Nvidia Corporation, a US-based technology company, to launch an artificial intelligence-based speech analytics solution. Airtel created this customized voice application using Nvidia’s conversational AI toolkit NvidiaNeMo and the multi-framework inference-serving software Triton Inference Server. Airtel plans to integrate its deep learning-based automated speech recognition (ASR) models with Nvidia’s sophisticated software to analyze language and make practical adjustments to its operations properly. This approach will produce results at 30% of the average computation cost. This speech analytics technology has a smaller carbon footprint and emits fewer greenhouse gases (GHGs).
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
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26. South America Voice And Speech Analytics Market
27. Brazil Voice And Speech Analytics Market
28. Middle East Voice And Speech Analytics Market
29. Africa Voice And Speech Analytics Market
30. Voice And Speech Analytics Market Competitive Landscape And Company Profiles
Top Major Players:
- Google LLC
- Amazon Web Services Inc
- Hewlett Packard Enterprise Development LP
- Micro Focus International PLC
- Avaya Inc
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