Fort Collins, Colorado, Oct. 08, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research published a report titled, "Speech Analytics Market Size, Growth, Share, Statistics Report, By Component (Software, Service), By Organization Size (Large Enterprise and SMEs), By Application, By Vertical, By Region Forecasts, 2023-2032."
According to DataHorizzon Research, the speech analytics market size was valued at USD 1.1 Billion in 2022 and is anticipated to reach USD 2.9 Billion by 2032 with a CAGR of 11.0%.
The report comprehensively analyzes the global market scenarios with key takeaways. The report also highlights the present and future trends in the industry, followed by actionable market insights. The growing need for managing risks and ensuring compliance in various industries, coupled with the proliferation of contact centers, has spurred the development of innovative solutions, enabling businesses to better understand their customers' evolving needs. This is anticipated to create fresh opportunities for the sector in the foreseeable future.
With speech analytics, businesses can improve customer service quality by analyzing audio communication. This software technology evaluates various call characteristics, such as tone of voice and conversational topics, to provide suggestions for solving customer problems. It also considers the attitudes of both clients and agents, offering insights that can help companies better understand their customers. By implementing speech analytics, businesses can optimize their customer service strategies and ensure their clients receive the highest level of support.
Using speech analytics to identify upsell opportunities is poised to drive market growth. By analyzing sales calls, speech analytics software provides executives with actionable insights that help them better understand customer needs. This, in turn, enables supervisors to create personalized upsell and cross-sell strategies tailored to each customer's unique requirements. With this software, businesses can offer new promotions, deals, and product suggestions that are more likely to resonate with their target audience.
Many companies invest in real-time speech analytics to solve problems quickly instead of waiting for them to happen. This technology has become popular because it enables companies to address issues immediately. In December 2022, Toastmasters International and Yoodli Technology announced their partnership to offer Yoodli, an AI-powered communication coach, to Toastmasters International customers. They can use it to practice their speeches.
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Segmentation Overview:
The speech analytics market is segmented based on component, organization size, application, and vertical.
Due to its components, the solutions segment is predicted to hold a significant share of the Speech Analytics market. Speech analytics software uses AI tools such as sentimental analysis to understand customer interactions and achieve better customer experiences. These tools also offer operational benefits, including reduced call handling time, increased productivity, reduced manual monitoring costs, and increased consumer loyalty and compliance adherence.
The sales and marketing segment dominates the market. Voice communication is essential for customer satisfaction, and marketers can use data from it to develop effective strategies and identify new sales opportunities. Speech analytics helps identify potential upsell and cross-sell opportunities, increasing sales. It can also serve relevant ads based on phone communication topics. These benefits are driving the demand for speech analytics in marketing and sales.
North America leads the speech analytics market with major players like NICE, Avaya, OpenText, Google, AWS, and VoiceBase. The increasing adoption of speech analytics in various industries, including BFSI, healthcare, and entertainment, drives market growth. Speech analytics helps with compliance and improves patient experience in healthcare. By monitoring every call conversation and using sentiment analysis, the software can identify patients at risk of leaving and improve patient retention. The healthcare spending in this region is contributing to the market's growth.
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Industry Trends and Insights:
- Verint received the Customer Experience/Customer Engagement ISV Connect Partner of the Year award at Zoomtopia Partner Connect. The award recognizes Verint's impactful achievements and ingenuity in strategizing business plans with Zoom.
- The Ottawa Police Service is using NICE Inform Elite for Next Generation 911. It captures digital communications and streamlines incident reconstruction and Quality Assurance reviews. The technology will be deployed at the main center and two other sites, serving over one million residents in Canada's capital city.
Speech Analytics Market Report Highlights:
- The speech analytics market is anticipated to grow at a CAGR of 11.0% during the forecast period by 2032. Speech analytics technology revolutionizes customer service by analyzing audio communication to provide insights into call characteristics, attitudes, and customer needs. It can also identify upsell opportunities and solve problems in real time.
- Speech analytics software uses AI tools such as sentimental analysis to understand customer interactions and achieve better customer experiences. It offers operational benefits like reduced call handling time, increased productivity, and increased consumer loyalty. The sales and marketing segment dominates the market because it can identify potential upsell and cross-sell opportunities, increase sales, and serve relevant ads based on phone communication topics.
- Some of the prominent players in the global speech analytics market report include Nice Systems, AlmavivA, Verint Systems, OpenText, Call Miner, Vonage, Nexidia, Talkdesk, Genesys, Avaya Inc., Castel, VoiceBase, Gnani.ai, and Salesken.
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Speech Analytics Market Report Segmentation:
- By Component: Solutions and Services
- By Organization Size: Large Enterprise and SMEs
- By Application: Customer Experience Management, Call Monitoring and Summarization, Sentiment Analysis, Agent Performance Management and Others
- By Vertical: Telecom, Retail & E-commerce, BFSI, Healthcare and Life science, Entertainment and Others
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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