Chicago, March 20, 2024 (GLOBE NEWSWIRE) -- The global Speech Analytics Market is projected to grow from USD 3.3 billion in 2024 to USD 7.3 billion by 2029, at a compound annual growth rate (CAGR) of 17.5% during the forecast period, according to a new report by MarketsandMarkets™. The speech analytics market is expected to grow at a significant rate during the forecast period, owing to numerous business drivers such as the rising demand for improving omnichannel integration capabilities, the increasing emphasis on monitoring and improving agent performance, and the growing importance of utilizing analytics for customer retention and enhanced customer satisfaction.
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Speech Analytics Market Dynamics:
Drivers:
- Increase in need to improve omnichannel integration capabilities
- Growth in need to enhance and monitor performance
- Adherence to regulatory and compliance standards
- Role of customer interaction analytics in retaining customers
Restraints:
- Cost-intensiveness of deriving insights from transcribed voice data
- Integration with existing systems
- Inability to quantify RoI
Opportunities:
- Integration with generative AI to offer real-time insights and predictive analytics
- Need to predict customer intent and behavior
- Use of AI & ML technologies to facilitate real-time actionable customer insights
- Rise in need for cloud-based speech analytics solutions to bolster customer retention
List of Key Companies in Speech Analytics Market:
- NICE (US)
- Verint (US)
- Avaya (US)
- OpenText (Canada)
- Google (US)
- Vonage (US)
- Genesys (US)
- Calabrio (US)
- CallMiner (US)
- Almawave (Italy)
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Speech analytics involves the analysis of spoken language in various forms, including recorded calls, voicemails, and live conversations, using advanced technologies such as natural language processing (NLP) and machine learning (ML). The market for speech analytics is witnessing significant growth due to increasing demand across key verticals such as banking, financial services, and insurance (BFSI), telecom, retail, healthcare, and others. Market trends indicate a rising focus on enhancing customer experience, improving operational efficiency, and ensuring regulation compliance. Organizations increasingly adopt speech analytics software to extract valuable insights from customer interactions, enhance agent performance, and drive strategic decision-making. Furthermore, the demand for speech analytics is fueled by the growing need to gain a competitive edge, improve service quality, and optimize business processes across diverse industries.
Based on the offering, the speech analytics market is categorized into software and services. The software is expected to garner a higher revenue during the forecast period. Speech analytics software offers a range of features and capabilities designed to analyze spoken language in various contexts, including customer service interactions, sales calls, and virtual meetings. This software leverages advanced technologies such as NLP, ML, and sentiment analysis to extract valuable insights from audio and video recordings. Key functionalities include speech-to-text transcription, predictive analytics, keyword spotting, emotion detection, and performance evaluation.
Based on the business function, the speech analytics market is bifurcated into sales and marketing, HR, finance and accounting, and operations and supply chain. The sales and marketing segment is expected to hold the largest market share in 2024. Speech analytics enables sales and marketing teams to analyze customer interactions, identify sales trends, and understand customer sentiment, preferences, and pain points. By uncovering insights from customer conversations, sales and marketing teams can tailor their messaging, refine their targeting strategies, and optimize their campaigns for better engagement and conversion rates. Furthermore, speech analytics assists in measuring the effectiveness of marketing campaigns, tracking customer feedback, and identifying opportunities for cross-selling and upselling.
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Based on the deployment mode, speech analytics is categorized into cloud and on-premises. The on-premises segment to garner a higher revenue during the forecast period. On-premises speech analytics solutions allow organizations to maintain full control over their data and ensure compliance with industry regulations. By keeping data within their own infrastructure, companies can mitigate risks associated with data breaches and adhere to strict compliance requirements. Nn-premises speech analytics solutions offer enhanced security, customization, performance, cost control, and offline access compared to cloud-based alternatives, making them a preferred choice for organizations with specific privacy, compliance, or operational requirements.
The speech analytics market has been segmented into five regions: North America, Europe, the Middle East & Africa, the Asia Pacific, and Latin America. North America is estimated to account for the largest market share during the forecast period, while the Asia Pacific region is expected to grow at the highest rate. Regions with advanced telecom and IT infrastructure and higher levels of digitalization, such as North America and Europe, exhibit higher adoption rates of speech analytics software. These regions often have well-established contact center operations and a strong emphasis on customer experience, driving the demand for speech analytics software to improve service quality and operational efficiency.
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