According to this latest publication from Meticulous Research®, the global speech analytics market is expected to register a CAGR of 20.1% during the forecast period to reach $14.1 billion by 2029. Factors such as the surge in demand for speech analytics to improve contact center operations, the emergence of speech analytics to enhance fraud detection, and the rising demand for speech-based biometric systems during the COVID-19 pandemic drive the market’s growth.
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By Deployment Mode: Cloud-Based Deployment Dominates
The cloud-based deployment segment is expected to lead the market in 2022, fueled by the demand for secure, cloud-based software, communication solutions, and the benefits of sophisticated cloud platforms. This segment is also anticipated to grow at the highest rate.
By Industry Vertical: IT & Telecommunications at the Forefront
In 2022, the IT & telecommunications segment is expected to dominate the market. Factors driving this include the demand for actionable information, customer retention, and solutions for cross-selling and upselling. The business process outsourcing segment is projected to have the highest CAGR, driven by the need for AI-based chatbots, call monitoring, and agent performance assessment.
Geographical Insights
North America Leads, Asia-Pacific on the Rise
North America is expected to hold the largest market share in 2022, attributed to the adoption of emotion analysis, e-commerce expansion, and the demand for fraud analytics and detection solutions. Meanwhile, the Asia-Pacific region is expected to grow at the highest CAGR due to increased technology spending, demand for cost-effective solutions among SMEs, and rising usage of voice recognition devices in the automotive sector.
Key Players
Major players in the speech analytics market include:
- Verint Systems Inc. (U.S.)
- NICE Ltd. (Israel)
- Avaya Inc. (U.S.)
- Genesys (U.S.)
- CallMiner (U.S.)
- Calabrio, Inc. (U.S.)
- ZOOM International (U.S.)
- Aspect Software, Inc. (U.S.)
- Almawave (Italy)
- Voci Technologies, Inc. (U.S.)
These companies are instrumental in shaping the market with their diverse product offerings and strategic developments.
Conclusion
The global speech analytics market is on a trajectory of significant growth, driven by advancements in technology, the need for enhanced customer service, and the adoption of cloud-based solutions. Despite challenges related to data privacy and limited real-time applications, the market offers substantial opportunities, particularly in healthcare and small to medium-sized enterprises.
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