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The speech analytics market is undergoing dynamic shifts, driven by a confluence of technological advancements, increasing demand for customer insights, and the growing recognition of the value embedded in voice data. As businesses increasingly understand the significance of leveraging spoken interactions, the market dynamics of speech analytics have evolved rapidly.
One of the key drivers propelling the growth of the speech analytics market is the advancement in natural language processing (NLP) and machine learning algorithms. These technologies have significantly enhanced the ability to extract valuable information from spoken words, enabling businesses to gain deeper insights into customer sentiments, preferences, and behaviors. The application of sophisticated algorithms in speech analytics allows for the identification of patterns and trends within vast datasets, empowering organizations to make data-driven decisions.
The demand for speech analytics solutions has surged as businesses recognize the critical role of customer experience in gaining a competitive edge. Companies are increasingly adopting speech analytics tools to analyze customer interactions across various touchpoints, including call centers, social media, and online chats. This holistic approach enables organizations to understand the end-to-end customer journey, identify pain points, and optimize their services to meet customer expectations. Consequently, the speech analytics market is witnessing a steady rise in adoption across diverse industry verticals.
Moreover, regulatory compliance and risk management have become paramount considerations for businesses, further driving the adoption of speech analytics solutions. In industries such as finance and healthcare, where stringent regulations govern data privacy and security, speech analytics plays a crucial role in monitoring and ensuring compliance. The ability of these solutions to automatically flag potential compliance issues in real-time has become a valuable asset for organizations navigating complex regulatory landscapes.
The market dynamics of speech analytics also reflect a shift towards cloud-based solutions. Cloud computing offers scalability, flexibility, and cost-effectiveness, making it an attractive option for businesses looking to deploy speech analytics without significant infrastructure investments. Cloud-based speech analytics solutions provide the agility needed to adapt to changing business requirements and seamlessly integrate with other cloud-based services, contributing to the overall growth and expansion of the market.
On the flip side, challenges such as the need for skilled professionals and concerns about data security and privacy remain as key considerations in the speech analytics market. The shortage of professionals with expertise in both data analytics and linguistics poses a hurdle for organizations aiming to derive maximum value from their speech data. Additionally, as the volume of voice data continues to grow, ensuring the security and privacy of sensitive information within these datasets becomes a critical concern that demands robust solutions and practices.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Type, Deployment Type, End User, Organization Size and Region |
Speech Analytics Market Highlights:
Speech Analytics Market Overview
The Speech Analytics Market size is projected to grow from USD 2.60 Billion in 2024 to USD 9.5 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 17.58% during the forecast period (2024 - 2032). Additionally, the market size for speech analytics was valued at USD 2.16 billion in 2023.
The growing need for speech analytics to better fraud detection, the development of speech analytics to improve contact centre operations, and the growth of speech-based biometric technologies are the key market drivers enhancing the market growth.
Figure 1: Speech Analytics Market Size, 2022-2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Speech Analytics Market Trends
Growing use in telecom industry is driving the market growth
The growing use in the telecom industry is driving market CAGR for speech analytics. The telecom sector is predicted to be more profitable regarding the implementation of voice analytics. Due to the large volume of data, it can be challenging to analyze recorded calls accurately and manually. Yet, speech analytics may now quickly and cheaply examine and assess many call recordings. Additional advantages of speech analytics, such as less fraud, better service, enhanced customer pleasure, reduced risk, and higher profitability, have improved customer experience (CX), customer acquisition, and customer retention.
Moreover, contact centers for telecom firms are implementing cloud-based voice analytics to obtain real-time information on customer journeys and identify consumer patterns, behaviors, and trends. With speech analytics, thorough data processing has caused contact and call centers to change into profitable areas. With speech analytics, organizations can quickly extract all of the hidden meanings from customer discussions, improving their understanding of client demands and enabling them to predict future changes correctly. The need for speech analytics is anticipated to increase as businesses face increasing pressure to protect their intellectual property from increasing their operations' effectiveness and agility.
Moreover, speech analytics enables high-level evaluations and has all the information necessary to identify useful insights through large-scale discovery. Real-time speech analytics provides agents the next best actionable advisory message once client encounters are registered and assessed, increasing operational efficiency. Due to these benefits, the speech analytics market is anticipated to expand significantly throughout the projected period.
Speech analytics—also known as "conversation intelligence"—continues to expand steadily as businesses look for and implement technologies that enable large growth at reasonable costs and rapid returns on investment. In addition to collecting and organizing data, speech analytics allows businesses to improve in all areas, from a client and customer care to sales and marketingThus, driving the Speech Analytics market revenue.
Speech Analytics Market Segment Insights
Speech Analytics Type Insights
The speech analytics market segmentation, based on type, includes services and solutions. The solution segment dominated the market due to the expanding use of speech analytics software in contact centers, the demand for reporting and visualization tools in the retail sector, the growing demand for customer experience and engagement technologies, and the growing need to understand what customers want and require.
Speech Analytics Deployment Type Insights
Based on deployment type, the speech analytics market segmentation includes cloud and on-premises. The cloud category generated the most income (65%). The advent of cloud deployment choices for speech analytics systems has increased demand across several industries, including media & entertainment, telecom, IT, BFSI, and others. Cloud-based services are being offered by new businesses to provide SMEs with affordable options.
Figure 2: Speech Analytics Market, by Deployment Type, 2022 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Speech Analytics End-User Insights
End-User has bifurcated the speech analytics market data into BFSI, government, healthcare, retail, and IT. The IT segment dominated the market in 2022. The significant market share of this sector is attributed to several factors, including rising demand for speech analytics solutions by telecom companies to gather more actionable information in less time, the rising demand to boost customer retention by cultivating and maintaining customer relationships, growing popularity for solutions to implement protocols to seize opportunities for cross-selling and upselling in IT and telecom, and a surge in demand by communication service providers.
Speech Analytics Organization Size Insights
Based on organization size, the speech analytics market segmentation includes large enterprises and small & medium enterprises. The small & medium enterprises segment held the majority share in 2023, contributing around ~70% concerning the speech analytics market revenue. Small and medium-sized businesses (SMBs) are becoming increasingly dependent on web-enabled services and apps to operate. In addition, SMEs are boosting product demand due to the rising popularity of cloud analytics.
Speech Analytics Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Speech Analytics market area will dominate this market, because more money being spent on digital marketing, more money being spent on technology by government organisations, and more attention being paid to the treatment of mental illness in the area. Moreover, organisations like the CIA aggressively support concepts that might aid in locating terrorists and foreign spies. The opportunity for Silicon Valley startups to actively design and innovate existing speech analytics technologies in order to create cutting-edge and appealing products is also greatly increased by this.
October 2021, In order to improve their scaled speech AI platforms by fusing voice and conversational AI systems, LivePerson Inc. purchased VoiceBase and Tenfold.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: SPEECH ANALYTICS MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Speech Analytics market accounts for the second-largest market share as customers in the region are using voice commands more often across a variety of devices, including linked Televisions, Computers, tablets, cars, and wearables. Moreover, businesses in the region typically implement these solutions to improve customer service. Furthermore, the UK Speech Analytics market grew the quickest in the European area, while the German Speech Analytics market had the greatest market share.
From 2023 to 2032, the Asia-Pacific Speech Analytics Market is anticipated to see the quickest CAGR growth. The rise is attributable to the rising demand for reasonably priced analytical software and services among small and medium-sized organisations as well as the rising popularity of voice analytics solutions for improved contact centre operations. In addition, the Indian Speech Analytics market had the quickest rate of growth in the Asia-Pacific region, while China's Speech Analytics market had the greatest market share.
Speech Analytics Key Market Players & Competitive Insights
Industry-leading businesses are investing significant R&D investments to diversify their product offerings, which will drive the Speech Analytics market's expansion. Key market developments include new product releases, contractual agreements, acquisitions and mergers, higher investments, and collaboration with other organizations. Market participants also engage in several strategic actions to increase their worldwide presence. The speech analytics market has to provide affordable products to grow and thrive in a more cutthroat and competitive environment.
One of the key business strategies manufacturers employ in the world Speech Analytics industry to assist customers and expand the market sector is local manufacturing to reduce operating costs.In recent years, the Speech Analytics industry has offered some of the most significant. Major players in the Speech Analytics market, including Genesys Telecommunications.,Aural Analytics, Inc., Pegasystems Incand others, are attempting to increase market demand by investing in research and development operations.
American software business Pegasystems Inc. is headquartered in Cambridge, Massachusetts. Pegasystems was established in 1983 and produces business process management and customer relationship management software. Pegasystems creates and maintains software for operations and customer engagement. Pegasystems is known for its business process management (BPM) and customer relationship management (CRM) software expertise. It is perceived as providing more specialized technology than rivals like Oracle Corporation or SAP ERP. In January 2021, A US-based business in India, Pegasystems Inc., acquired Qurious. io, a provider of real-time speech analytics products. Speech-to-text, natural language processing (NLP), and emotion recognition capabilities are used by Qurious.io to analyze customer interactions.
The American software firm Genesys, or Genesys Telecommunications Labs, Inc., supplies customer service and call center technologies to medium-sized and big companies. It offers software that is both cloud-based and hybrid. In December 2021, Genesys Telecommunications, a firm that manages customer experiences, declared the successful acquisition of Exceed.ai and Pointillist. Businesses will be able to connect with consumers more swiftly across the sales, marketing, and service lifecycles with the aid of the renowned intelligence lead activation and conversation processor Exceed.ai and the award-winning experience management platform Pointillist.
Key Companies in the Speech Analytics market include
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NICE
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Micro Focus
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Castel
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Avaya
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OpenText
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Google
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Geneys
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Calabrio
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CallMiner
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AWS
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Clarabridge
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Almawave
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Talkdesk
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Alvaria
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VoiceBase
Speech Analytics Industry Developments
March 2024:
The digital health company Linus Health completed the acquisition of Aural Analytics, a provider of speech analytics suitable for clinical use, in March 2024. The assets of Aural Analytics, comprising its cutting-edge technology and proprietary knowledge, are integrated into the multimodal cognitive assessment platform of Linus Health through this agreement. Linus Health anticipates that the acquisition will enable the company to extend its operations into the life sciences sector and enhance its capabilities in identifying cognitive impairment. Aural Analytics has been engaged in the development and processing of voice metrics; by integrating these metrics with other signals captured by the Linus Health platform, our distinctive capabilities for assessing brain health will be significantly enhanced. The Speech Vitals software, developed by Aural Analytics, functions via application-based assessments that gather speech samples from individuals undergoing evaluation for a range of cognitive disorders. Speech Vitals' patented technology has been implemented in the detection of amyotrophic lateral sclerosis (ALS), dementia, and autism, among other neurological disorders.
March 2024:
CallMiner, the leading provider of conversation intelligence to enhance customer experience (CX), announced today that it has been recognized for the third consecutive year by Quadrant Knowledge Solutions as a leader in the 2024 SPARK Matrix™: Speech Analytics, Q1 2024 Report. As organizations enhance agent performance, CX, and operational efficiency, the speech analytics and conversation intelligence industries are undergoing a transformation due to the rapid development and adoption of artificial intelligence (AI). In its most recent report, which analyzed emerging industry trends, vendor offerings, and competitive factors, Quadrant Knowledge Solutions rated CallMiner as the preeminent solution in terms of technological excellence and customer impact. It is impossible to comprehend these interactions at scale and uncover insights that drive enhancements beyond the contact center without the appropriate AI-powered technology solution. CallMiner has consistently maintained a leading position in the conversation intelligence sector. Quadrant Knowledge Solutions' acknowledgment of this fact serves to reinforce the superiority of their platform and their dedication to satisfying the dynamic demands of the market and our clientele.
Speech Analytics Market Segmentation
Speech Analytics Type Outlook
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Services
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Solution
Speech Analytics Deployment Type Outlook
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Cloud
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On-Premises
Speech Analytics End User Outlook
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BFSI
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Government
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Healthcare
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Retail
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IT
Speech Analytics Organization Size Outlook
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Large Enterprise
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Small and Medium Enterprise
Speech Analytics Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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