Speech Analytics Market Worth $14.1 billion by 2029 - Market Sizes, Shares, Forecasts, and Trends Analysis Report with COVID-19 Impact by Meticulous Research®
REDDING, Calif., Jan. 24, 2023 /PRNewswire/ -- According to a new market research report titled, 'Speech Analytics Market by Component, Application, Organization Size, Deployment Mode, end-use industry (IT & Telecommunication, BFSI, Retail & Consumer Goods, Business Process Outsourcing) - Global Forecast to 2029.' The market is expected to register a CAGR of 20.1% from 2022 to 2029 to reach $14.1 billion by 2029.
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Speech analytics, also called interaction analytics, is a technology that leverages artificial intelligence to understand, process, and analyze human speech. Besides, speech analytics solutions offer several benefits, such as improving agent experience, identifying customer needs and interests, reducing customer effort, ensuring quality assurance, enhancing agent coaching, and driving customer satisfaction. The growth of the global speech analytics market is driven by 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. The increasing demand for speech analytics in the healthcare sector and the growing demand for cloud-based speech analytics solutions to bolster customer retention are expected to offer significant growth opportunities for the speech analytics market. Besides, limited use cases of real-time speech analytics pose a serious challenge to the growth of the speech analytics market.
Rising demand for speech-based biometric systems during the pandemic is driving the growth of the speech analytics market
The COVID-19 pandemic led to a surge of interest in speech-based biometric systems. The COVID-19 scenario created a tremendous demand for speech-based biometric technologies in the healthcare sector due to their capacity to be easily integrated with various healthcare devices & platforms to enhance patient safety and support staff & patient workflows. This created a demand for speech analytics solutions. In the past few years, efforts by leading companies to deploy speech-enabled biometric systems for fraud detection is also promoting the growth of the speech analytics market. For instance, in 2020, National Australia Bank (Australia) implemented advanced biometrics solutions provided by Nuance Communications, Inc. (U.S.) for authenticating customers and enabling fraud detection. The company implemented Nuance Gatekeeper (a speech analytics solution) to improve customer experience and strengthen the bank's security standards for authentication processes. Besides, in 2020, the Industrial Bank of Korea (IBK) (South Korea) launched a biometric voice recognition technology-based authentication system to help customer support centers to verify identities in 15 seconds. IBK incorporated technology for both video and phone conversations to leverage biometrics for authentication. Such developments are expected to improve the demand for speech analytics solutions, fueling the growth of the speech analytics market.
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The global speech analytics market is segmented by component (solutions [call center software, reporting and visualization tools, quality assurance & monitoring solutions, enterprise performance management solutions, customer experience solutions, customer engagement solutions, other solutions (root cause analysis solutions, customer journey management], services [professional services, managed services]), application (customer experience management, call monitoring and summarization, sales and marketing management, risk and compliance management, sentiment analysis, fraud detection and security application, other applications (quality assurance, real-time alerting), organization size (small & medium-sized enterprises, large enterprises), deployment mode (on-premise deployment, cloud-based deployment), and end-use industry (IT & telecommunications, BFSI, retail & consumer goods, healthcare & life sciences, government & public sector, travel & hospitality, media & entertainment, business process outsourcing, education, other end-use industries). The study also evaluates industry competitors and analyzes the market at regional and country levels.
Based on component, the global speech analytics market is segmented into solutions and services. In 2022, the solutions segment accounted for the largest share of the speech analytis market. The large market share of this segment is attributed to the rising proliferation of speech analytics software in call centers, growing demand for reporting and visualization tools across retail industries, increasing need for customer experience and engagement solutions, growing need to identify customer needs and interests, increasing demand for mitigating compliance & risks, and the increasing need to understand agent performance. Additionally, this segment is expected to register the highest CAGR during the forecast period.
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Based on application, the global speech analytics market is segmented into customer experience management, call monitoring and summarization, sales and marketing management, risk and compliance management, sentiment analysis, fraud detection & security applications, and other applications. In 2022, the sales and marketing management segment accounted for the largest share of the global speech analytics market. The large market share of this segment is majorly attributed to the rising demand for quality insights for sale, the increasing need for speech analytics solutions for increasing sales revenue and customer retention, and the growing need to identify trends to build profitable campaigns, spot competitive challenges, and discover up-sell and cross-sell conversions trends. Additionally, this segment is expected to register the highest CAGR during the forecast period.
Based on end-use industry, the global speech analytics market is segmented into IT & telecommunication, BFSI, retail & consumer goods, healthcare & life sciences, government & public sector, travel & hospitality, media & entertainment, business process outsourcing, education, and other end-use industries. In 2022, the IT & telecommunication segment accounted for the largest share of the global speech analytics market. However, the business process outsourcing segment is expected to register the highest CAGR during the forecast period. The growth of this segment is attributed to factors such as growing demand to resolve simpler customer queries using AI-based chatbots, increasing need to monitor customer calls and derive actionable insights, and increasing proliferation of speech analytics solutions to monitor agent performance and assess call quality.
Based on geography, the speech analytics market is segmented into five major regions: North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. North America is expected to witness rapid growth during the forecast period. However, Asia-Pacific is expected to register the highest CAGR during the forecast period due to rising technology expenditures in major countries such as Australia, China, and India, increasing demand for cost-effective analytical software and services among small and medium-sized enterprises, and increase in usage and consciousness of speech and voice recognition devices in the automotive sector.
Some of 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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Scope of the Report
Speech Analytics Market, by Component
Speech Analytics Market, by Application
Speech Analytics Market, by Organization Size
Speech Analytics Market, by Deployment Mode
Speech Analytics Market, by End-use Industry
Speech Analytics Market, by Geography
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