Speech Analytics Market worth $4.5 billion by 2026 - Report by MarketsandMarkets™

Chicago, June 02, 2022 (GLOBE NEWSWIRE) -- According to a research report "Speech Analytics Market by Component (Solutions and Services), Application (Risk & Compliance Management, Sentiment Analysis), Organization Size, Deployment Mode (Cloud, On-premises), Vertical and Region - Global Forecast to 2026", published by MarketsandMarkets™, the market for Speech Analytics is projected to grow from USD 1.8 billion in 2021 to USD 4.5 billion by 2026, it is expected to grow at a CAGR of 20.5% during 2021–2026.

The major factors driving the growth of the Speech Analytics Market are the growing demand for monitoring and improving agent performance and the increasing demand for voice authentication in mobile banking applications during COVID-19. The use of AI and ML-based technologies to facilitate real-time actionable customer insights and the rise in the need to predict customer intent and behavior are the major factors adding value to speech analytics offerings. This, in turn, provides opportunities for enterprises operating in various verticals in the Speech Analytics Market. Cloud adoption is said to have increased in recent times because vendors are using Software-as-a-Service (SaaS) to deliver cloud-based solutions. Business users are always on the lookout to ensure they provide the most effective yet economical solutions. Cloud-based solutions can outsource the operational IT work to another company. The complex data ecosystem leading to data breaches and security issues, and the lack of a skilled workforce to articulate business opportunities may hinder the overall growth of the Speech Analytics Market.

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Speech analytics is a software tool that automates the overall process of delivering insights from customer interactions. It extracts valuable information from multiple customer conversations; decision-makers can use this real-time information to make better decisions. Nowadays, speech analytics solutions can sift through unstructured call data (human voice interactions) to identify the probable causes of failure and success as well as identify relationships. These solutions provide a complete analysis of speaker separation, customer discontent, root-cause analysis, call-topic, and visual context for enhanced customer experience.

The global Speech Analytics Market, by component, has been segmented into solutions and services. Several vendors in the market offer speech analytics solutions to build applications that aid in resolving customer queries through surveillance and provide advice and recommendations using NLP and other dialog-related technologies. Speech analytics solutions comprise speech engines; indexing and query tools; reporting and visualization tools; root cause analysis; quality management; and other solutions (emotion detection and workforce optimization) to help businesses and enterprises not only meet audit and compliance requirements but also monitor and improve the overall customer experience. Services are sub-segmented into professional services and managed services. Service providers for speech analytics help in implementing intelligent automation and technology for efficient speech analysis. These solutions in the Speech Analytics Market help businesses maintain audit and compliance needs and obtain the right insights from the right people at the right time.

Scope of the Report for Speech Analysis Market:

The Speech Analytics Market is segmented on applications into customer experience management, call monitoring and summarization, agent performance monitoring, sales and marketing management, risk and compliance management, sentiment analysis, and other applications (competitive intelligence, business process monitoring, and predictive analysis). These applications have made a huge difference in how contact centers connect and communicate, thus improving the performance of enterprises. Speech analytics solutions can transform an organization by providing various ways of ensuring they are delivering a consistent quality of service and a secure experience at every customer touchpoint.

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The Speech Analytics Market, by deployment mode, includes on-premises and cloud segments. Deployment refers to setting up hardware, operating systems, and applications required to manage the IT ecosystem. Speech analytics solutions can be deployed through either mode based on security, availability, and scalability. Cloud deployment offers advantages such as pay-per-use, and low installation and maintenance costs. This deployment mode is expected to show high growth soon. Deployment refers to setting up the hardware, operating systems, and applications required to manage the IT ecosystem.

Based on organization size, the Speech Analytics Market has been segmented into large enterprises and SMEs. Currently, the market share of large enterprises is higher; however, the market for SMEs is expected to increase at a higher CAGR during the forecast period. The organization size is identified based on the number of employees, as per the following global standards: SMEs: Less than 1,000 employees Large Enterprises: More than 1,000 employees Both types of organizations are focusing on adopting speech analytics solutions and services to analyze audio and voice data more quickly and efficiently to make well-informed, proactive decisions that maximize revenue. Hence, the demand for speech analytics solutions and services is increasing, irrespective of organization size. The deployment of speech analytics solutions varies according to the needs of different end users. For SMEs, the Speech Analytics Market is expected to show tremendous growth during the forecast period, while the speech analytics solutions and services for large enterprises are expected to show a stable growth rate during the forecast period.

The Speech Analytics Market has been segmented based on verticals into BFSI, retail and eCommerce, IT and telecom, healthcare and life sciences, government and defense, travel and hospitality, media and entertainment, and other verticals (education, transportation and logistics, and manufacturing). This chapter features speech analytics solutions in each sector and their respective benefits. Regulated firms can no longer avoid deploying audio search technology and are building up their surveillance capacity or using outsourced monitoring solutions. Speech analytics helps enterprises with the early detection of errors and risks, improving protocol adherence, targeting quality assurance, expediting investigations, faster search and discovery of calls related to the incident, and getting insights from categorized calls. Vendors in the Speech Analytics Market need to understand the end user's requirements within a particular industry and customize their solution offerings and services to make their virtual assistance more flexible, scalable, and manageable.

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The Speech Analytics Market has been segmented into five regions: North America, Europe, APAC, MEA, and Latin America. North America is projected to hold the largest market size during the forecast period. The key factor favoring the growth of the Speech Analytics Market in North America is the increasing demand for enhanced customer support services to strengthen customer retention initiatives. Europe is expected to be in the second position in terms of market size and market share during the forecast period. The growing demand to reduce enterprise workloads related to internal and external communication monitoring boosts the adoption of speech analytics solutions in Europe. APAC is expected to record the fastest growth rate during the forecast period. The Speech Analytics Market is expected to witness considerable developments and adoption of solutions across APAC during the forecast period. The increasing number of players across different regions is further expected to drive the Speech Analytics Market.

Market Players:

Key players offering Speech Analytics Market. The major vendors covered NICE (US), Micro Focus (UK), Verint (US), Avaya (US), OpenText (Canada), Google (US), Vonage (US), Geneys (US), Calabrio (US), CallMiner (US), AWS (US), Clarabridge (US), Almawave (Italy), Talkdesk (US), Alvaria (US), Castel (US), VoiceBase (US), Intelligent Voice (US), CallTrackingMetrics (US), Five9 (US), 3CLogic (US), CloudTalk (US), Deepgram (US), Gnani.ai (India), Observe.AI (US), SpeechTech (US), Speech-i Ltd (England), Batvoice (France), Kwantics (India), Speech Village (UK), and Salesken (US).

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