Speech Analytics Market By Component (Solutions, Services), Business Function (Finance & Accounting, Sales & Marketing, Operations & Supply Chain), Organization Size, Deployment Model, Application, End-User Industry & Region - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits - Forecast 2024-2032

Speech analytics is a technology that utilizes artificial intelligence and natural language processing (NLP) to analyze and process real-time or recorded customer conversations from audio data. This enables the identification of frequently used words and phrases during customer interactions. Contact center managers often utilize speech analytics to uncover and comprehend the primary reasons for customer contact. Anticipated to observe significant expansion in the foreseeable future, the speech analytics market is driven by the rising demand for solutions that authenticate speech in mobile financial applications, as well as the increasing adoption in the retail and e-commerce sectors. Furthermore, the market's growth is propelled by the heightened requirement for speech analytics solutions within the Business Process Outsourcing (BPO) sector.

Nevertheless, concerns regarding data privacy and security, along with the intricate data ecosystem that can lead to security breaches and information leaks, stand as substantial factors inhibiting market growth. On a contrasting note, the utilization of artificial intelligence (AI) and machine learning (ML)-based technologies to provide instantaneous and valuable consumer insights is projected to fuel the growth of the speech analytics market throughout the forecast period.

Major players in the Speech Analytics Market include NICE, Verint, Avaya, OpenText, Google, Vonage, Genesys, Calabrio, CallMiner, Almawave, AWS, Qualtrics, Talkdesk, Alvaria, Castel, and Others.

Advancements in Speech analytics software

The pursuit of heightened accuracy in this technology is compelling both large enterprises and Small and Medium-sized Enterprises (SMEs) to embrace speech analytics solutions provided by industry leaders. The persistent rise in demand for risk management solutions and cloud-based analytics contributes to the projected expansion of the speech analytics market in the forthcoming years. Furthermore, speech analytics tools play a crucial role in enabling organizations to work with unstructured data derived from customer interactions, thereby enhancing customer experiences and securing a competitive edge. Moreover, the growing emphasis on augmenting organizational market intelligence capabilities, coupled with the increasing significance of voice in a multi-channel environment, is expected to serve as the principal drivers of market growth within the forecast period spanning from 2020 to 2025.

Increasing necessity to utilize analytics for the purpose of retaining customers and enhancing overall customer satisfaction.

Speech analytics offers actionable insights that enhance business value and drive data-driven decision-making, leading to the improvement of individual agent training techniques. Evaluating the efficiency of contact centers is crucial for enhancing overall customer satisfaction. Thus, through speech analytics, users can identify emerging issues across multiple calls that might not have initially been recognized as significant problems. By utilizing speech analytics solutions, organizations can gain a better understanding of perplexing customer behavior and extract insights regarding customer intent and satisfaction levels. Applying speech analytics to customer interactions across traditional and digital channels enables the prediction of potential customer churn, allowing businesses to proactively take measures to prevent such occurrences. This approach aids brands in enhancing customer experiences and consequently elevating customer satisfaction. It also highlights gaps in customer service and facilitates timely correction of unfavorable actions.

Dominating Region and Country:

Due to the increasing adoption of cloud-based services within production systems and distribution channels, North America is poised to emerge as the leading contributor in terms of market profitability. The substantial market dominance of this region can be attributed to several factors, including the expanding application of emotion analysis solutions in enhancing customer experience management, the proliferation of e-commerce platforms, a heightened focus on elevating customer satisfaction levels, the surging requirement for speech analytics software to effectively manage a range of interactions like inbound, outbound, and blended calls, emails, web inquiries, and chats. Furthermore, the escalating demand for customer self-service interactions and the growing popularity of healthcare fraud analytics and detection also play pivotal roles in bolstering North America's significant market share.

On the other hand, Asia Pacific is anticipated to witness the most rapid CAGR throughout the projected timeframe region. This growth can be attributed to the region's increasing technological integration and substantial investments being funnelled into contact centres that are progressively embracing speech analytics solutions. These solutions are instrumental in effectively extracting insights from customer interaction data. The Asia-Pacific region's growth is further propelled by escalating government initiatives and substantial investments directed towards the adoption of Artificial Intelligence (AI) and analytics-based solutions. These initiatives contribute to the burgeoning expansion of the Speech Analytics Market within this geographical area. Moreover, the Asia-Pacific region offers highly appealing prospects for various solutions and services vendors, driven by the escalating number of customer interaction centres and increased investment activity. Collectively, these factors converge to stimulate the burgeoning growth of the Speech Analytics Market in the Asia-Pacific region.

The Speech Analytics Market research report provides an in-depth overview of the industry including market segmentation by Component, Business Function, Organization Size, Deployment Model, Application, End-User Industry, and Region. Analysis of the global market with a special focus on high-growth applications in each vertical and fast-growing market segment. It includes a detailed competitive landscape with identification of the key players concerning each type of market, in-depth market share analysis with individual revenue, market shares, and top players’ rankings. Impact analysis of the market dynamics with factors currently driving and restraining the growth of the market, along with their impact in the short, medium, and long-term landscapes. Competitive intelligence from the company profiles, key player strategies, and game-changing developments such as new product launches, collaborations, expansions, investment analysis, mergers, and acquisitions. The market analysis focuses on revenue and forecast by region/countries and by application in terms of revenue forecast for the period 2023-2030.

The report further studies the market strategies of key players, recent development status, plans, and Speech Analytics Market trends across the world. Also, it splits the market segmentation further to deep dive into research and reveals company profile and prospects.

Major Classifications are as follows:

• By Component
  • Solutions
    • Speech Engine
    • Indexing and Query Tools
    • Reporting and Visualization Tools
    • Quality Management
    • Root Cause Analysis
    • Workforce Optimization
    • Others
  • Services
    • Professional Services
      • Training and Consulting
      • System integration and implementation
      • Support and Maintenance
    • Managed Services
• By Business Function
  • Finance and Accounting
  • Sales & Marketing
  • Contact Center/ Call Center
  • Operations & Supply Chain
• By Organization Size
  • Large Enterprises
  • SMEs
• By Deployment Model
  • On-premises
  • Cloud based
• By Application
  • Customer Experience Management
  • Quality Management
  • Call Monitoring & Summarization
  • Agent Performance Management
  • Risk & Compliance Management
  • Sentiment Analysis
  • Sales & Marketing Management
  • Others
• By End-use Industry
  • BFSI
  • Telecom
  • Retail & eCommerce
  • Automotive & Transportation
  • IT & ITES
  • Healthcare & Life Sciences
  • Media & Entertainment
  • Travel & Hospitality
  • Government & Defence
  • Others
• By Region
  • North America
    • US
    • Canada
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Rest of Latin America
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • Rest of the World
    • Middle East
      • UAE
      • Saudi Arabia
      • Israel
      • Rest of the Middle East
    • Africa
      • South Africa
      • Rest of the Middle East & Africa

Reason to purchase this Speech Analytics Market Report:

• Determine prospective investment areas based on a detailed trend analysis of the global Speech Analytics Market over the next years.
• Gain an in-depth understanding of the underlying factors driving demand for different Speech Analytics Market segments in the top spending countries across the world and identify the opportunities each offers.
• Strengthen your understanding of the market in terms of demand drivers, industry trends, and the latest technological developments, among others.
• Identify the major channels that are driving the global Speech Analytics Market, providing a clear picture of future opportunities that can be tapped, resulting in revenue expansion.
• Channelize resources by focusing on the ongoing programs that are being undertaken by the different countries within the global Speech Analytics Market.
• Make correct business decisions based on a thorough analysis of the total competitive landscape of the sector with detailed profiles of the top Speech Analytics Market providers worldwide, including information about their products, alliances, recent contract wins, and financial analysis wherever available.