Speech Analytics Market: Expected to Reach $14.1 Billion by 2029

Driving Factors of the Speech Analytics Market

Enhancing Call Center Operations

Speech analytics technology is revolutionizing call center operations by analyzing customer-agent interactions. The insights gained from these analyses help organizations improve customer experience, drive operational efficiency, and enhance quality assurance metrics. Key benefits include real-time insights, opportunities for upselling, risk mitigation, and reduction of micromanagement.

Recent advancements in cloud-based platforms have further propelled the market. For instance, TCN Inc. launched its Voice Analytics tool in 2021, offering advanced search and discovery capabilities, automated call transcription, and a flexible search engine. Similarly, Verint Systems Inc. introduced the Verint Da Vinci transcription engine, utilizing advanced deep neural network (DNN) models to enhance transcription accuracy and customer intent comprehension.

Solutions Segment Dominance

The solutions segment is expected to dominate the speech analytics market. This segment's large market share is driven by the rising adoption of speech analytics software in call centers, increasing demand for reporting and visualization tools, and the need to enhance customer experience and engagement. Additionally, the solutions segment is projected to register the highest CAGR during the forecast period.

Sales and Marketing Management Applications

In terms of application, sales and marketing management is anticipated to lead the market. The segment's growth is fueled by the increasing need for improved customer experience, effective sales deal closure patterns, and comprehensive training programs. The rising demand for call monitoring solutions to identify competitive challenges and upsell opportunities further boosts this segment's growth.

IT & Telecommunications Sector

The IT & telecommunications sector is poised to hold the largest market share among end-use industries. Factors contributing to this dominance include the growing need for actionable insights, customer retention strategies, and protocols for cross-selling and upselling. The demand for speech analytics solutions to handle voluminous data and extract meaningful insights is particularly strong in this sector.

Regional Growth: Asia-Pacific

The Asia-Pacific region is expected to register the highest CAGR during the forecast period. This rapid growth is driven by increasing technology expenditures in countries like Australia, China, and India. The region also sees a rising demand for cost-effective analytical software among small and medium-sized enterprises, improved contact center operations, and heightened awareness of speech and voice recognition technologies in the automotive sector.

Challenges in the Speech Analytics Market

Despite the significant growth opportunities, the speech analytics market faces challenges, particularly the limited use cases of real-time speech analytics. Real-time analytics require sophisticated technology and infrastructure, which can be cost-prohibitive for some organizations. Addressing these challenges will be crucial for sustaining market growth and ensuring the widespread adoption of speech analytics solutions.

Conclusion

The speech analytics market is set for substantial growth, driven by advancements in technology, increasing demand across various sectors, and the critical need for effective communication solutions highlighted by the COVID-19 pandemic. By leveraging these opportunities and addressing the existing challenges, the speech analytics industry is poised to achieve significant milestones in the coming years.

Key Players

The key players operating in the global speech analytics market are NICE Ltd. (Israel), Verint Systems Inc. (U.S.), CallMiner, Inc. (U.S.), Genesys Cloud Services, Inc. (U.S.), Avaya Holdings Corp. (U.S.), Audio Analytic Ltd. (U.K.), Calabrio, Inc. (U.S.), Batvoice Technologies (France), Qualtrics, LLC (U.S.), Dialpad, Inc. (U.S.), WinterLight Labs (Canada), The Plum Group, Inc. (U.S.), Aural Analytics, Inc (U.S.), Amazon.com, Inc. (U.S.), Uniphore Technologies Inc. (India), Intelligent Voice Ltd (U.K.), Kwantics (India), Gnani Innovations Private Limited (India), and SAS Institute Inc. (U.S.).

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Key questions answered in the report-

· Which are the high-growth market segments in terms of the component, application, organization size, deployment mode, and end-use industries?

· What is the historical market for speech analytics market across the globe?

· What are the market forecasts and estimates for the period of 2022–2029?

· What are the major drivers, restraints, and opportunities in the global speech analytics market?

· Who are the major players in the global speech analytics market, and what share of the market do they hold?

· How is the competitive landscape?

· What are the recent developments in the global speech analytics market?

· What are the different strategies adopted by the major players in the market?

· What are the geographic trends and high-growth countries?

· Who are the local emerging players in the global speech analytics market, and how do they compete with the other players?