Speech Analytics Market by Component (Hardware, Solutions), Type (Post-Call Speech Analytics, Real-Time Speech Analytics), Channel, Organization Size, Deployment, End-Use - Global Forecast 2024-2030

Speech Analytics Market by Component (Hardware, Solutions), Type (Post-Call Speech Analytics, Real-Time Speech Analytics), Channel, Organization Size, Deployment, End-Use - Global Forecast 2024-2030

The Speech Analytics Market size was estimated at USD 2.83 billion in 2023 and expected to reach USD 3.29 billion in 2024, at a CAGR 16.95% to reach USD 8.47 billion by 2030.

Speech analytics is the process of analyzing recorded calls or any voice communications to gather customer information, which can help in improving communication and future interaction strategies. This technology utilizes advanced analytical tools and algorithms to process, decode, and examine audio data. The goal of speech analytics is to transcribe voice into text and identify key patterns, trends, and metrics, thereby turning unstructured audio content into actionable insights. The proliferation of cloud-based solutions has made speech analytics more accessible and scalable for businesses of all sizes. Moreover, the growing volume of voice data from various channels, including phone, social media, and the web, presents a vast opportunity for businesses to leverage speech analytics for deeper insights. The high cost associated with implementing and maintaining advanced speech analytics systems and concerns regarding data privacy and security, given the sensitive nature of customer conversations, hampers the growth of the market. Additionally, the ongoing innovation in AI and machine learning, along with increased integration with customer relationship management (CRM) systems, continues to enrich the capabilities and applications of speech analytics, further creating opportunities for market growth.

Regional Insights

The Americas represents a significant market for speech analytics technologies due to the robust presence of global enterprises, technological advancements, and a strong focus on customer experience management. The United States represents a significant country in the deployment of speech analytics solutions, driven by sectors such as banking, financial services, insurance (BFSI), healthcare, and retail. The demand in this region is further propelled by stringent compliance requirements and a growing need for advanced analytics and real-time monitoring tools to derive actionable insights from customer interactions. The APAC region is experiencing rapid growth in the speech analytics market, attributed to its burgeoning call center industry and increasing focus on enhancing customer service operations. Countries including India, China, Japan, and Australia are at the forefront, propelled by the rising adoption of new technologies amongst small and medium-sized enterprises (SMEs) and the escalating demand for cloud-based solutions. The region's diverse linguistic landscape presents opportunities for speech analytics technologies, encouraging innovations tailored to regional needs. The EMEA region shows a growing interest in speech analytics, with Europe representing a significant region driven by the need for compliance management, customer experience enhancement, and operational efficiency. Meanwhile, the Middle East and Africa are witnessing gradual growth, with a focus on modernizing traditional call centers and an emphasis on customer service as a differentiation point. Regulatory requirements, particularly in Europe's GDPR, significantly impact the deployment and operation of speech analytics solutions, steering innovations towards privacy and data protection.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Speech Analytics Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

• Accelerating use of speech analytics to handle large number of customer interactions across industrial verticals
• Growing need for speech analytics solutions from the Business Process Outsourcing (BPO) sector
• Applications of cloud-based speech analytics solutions to increase client retention inthe healthcare and BFSI sector

Market Restraints

• High cost and limited availability of skilled professionals

Market Opportunities

• Integration of advanced technologies to facilitate real-time actionable insights
• Favorable funding landscape forthe development of novel speech analytics platforms

Market Challenges

• Data privacy and security issues associated with the use of speech analytics

Market Segmentation Analysis

• Component: Growing usage of hardware in speech analytics for the operation of speech analytics software
• End-Use: High potential of speech analytics in the IT & telecommunications industry for enhancing customer service operations

Market Disruption Analysis

• Porter’s Five Forces Analysis
• Value Chain & Critical Path Analysis
• Pricing Analysis
• Technology Analysis
• Patent Analysis
• Trade Analysis
• Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Speech Analytics Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Speech Analytics Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Xdroid offers Superior Speech Analytics with Advanced NLP-based Features

Xdroid unveiled a new series of features, leveraging cutting-edge Natural Language Processing (NLP) and Artificial Intelligence (AI) technologies for its speech analytics. The latest features not only ensure deeper insights and heightened actionable intelligence but also aim to amplify service quality and outcome delivery for end users,

Microsoft, Canary Speech Partner to Advance AI-enabled Speech Analysis

Canary Speech announced a strategic partnership with Microsoft, aiming to leverage the latter's advanced AI technology to enhance its machine learning speech models, particularly in the healthcare sector. This innovative approach promises to revolutionize telemedicine and remote healthcare services by enabling early detection and monitoring. As part of this collaboration, Canary aims to join forces with Microsoft Cloud for Healthcare as a co-sell partner, utilizing Microsoft Azure to broaden its reach and enhance the scalability of its machine-learning speech models.

Airtel deploys AI-powered speech analytics solutions for customer service transformation with NVIDIA

Airtel, India's telecommunications service provider, recently announced the deployment of AI-powered speech analytics solutions powered by NVIDIA. This technology promises to assist in the customer service transformation of their organization. By leveraging speech analytics, their agents aims to have the insights needed to deliver superior customer experience.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Speech Analytics Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Speech Analytics Market, highlighting leading vendors and their innovative profiles. These include 3CLogic Inc., Almawave S.p.A. by AlmavivA S.p.A., Alvaria, Inc., Amazon.com, Inc., Aural Analytics, Inc., Avaya Inc., Business Systems (UK) Ltd, Calabrio, Inc., CallMiner, Inc., CallTrackingMetrics LLC, Castel Communications LLC, Contact Cubed, LLC, Daisee Pty Ltd., Deepgram, Inc., Delacon Pty Ltd., Dialpad, Inc., Enghouse Systems Limited, Five9, Inc. by Zoom Video Communications, Inc., Genesys Cloud Services, Inc., Gnani Innovations Private Limited, Google LLC by Alphabet Inc., Intelligent Voice Ltd., Invoca, Inc., Marchex, Inc., Medallia, Inc., NeoSound Intelligence B.V., NICE Ltd., Open Text Corporation, Ozonetel Communications Pvt Ltd., Picovoice Inc., Qualtrics LLC by SAP SE, Salesken Pvt. Ltd., Speech-i Limited by CEDAT85 SRL, Talkdesk, Inc., TATWA Technologies Ltd., Tethr, TTEC Holdings, Inc., Uniphore Technologies Inc., Verint Systems, Inc., VoiceBase, Inc. by LivePerson, Inc., and Xdroid.

Market Segmentation & Coverage

This research report categorizes the Speech Analytics Market to forecast the revenues and analyze trends in each of the following sub-markets:

Component

• Hardware
• Solutions
• Indexing & Query Tools
• Quality Management
• Reporting & Visualization Tools
• Root Cause Analysis
• Speech Engine
• Type
  • Post-Call Speech Analytics
  • Real-Time Speech Analytics
  • Channel
  • Broadcast Media & Content Production
  • Sales & Telemarketing Calls
  • Social Media
  • Voicemails & IVR Systems
  • VOIP & Messaging Platforms
  • Webinars & Virtual Meetings
  • Organization Size
  • Large Enterprises
  • Small & Medium Enterprises
  • Deployment
  • On-Cloud
  • On-Premise
  • End-Use
  • Banking, Financial Services, & Insurance
  • Education
  • Government & Public Sector
  • Healthcare & Life Sciences
  • IT & Telecommunications
  • Manufacturing
  • Retail & Consumer Goods
  • Transportation & Logistics
  • Travel & Hospitality
  Region
  • Americas
  • Argentina
  • Brazil
  • Canada
  • Mexico
  • United States
  • California
  • Florida
  • Illinois
  • New York
  • Ohio
  • Pennsylvania
  • Texas
  • Asia-Pacific
  • Australia
  • China
  • India
  • Indonesia
  • Japan
  • Malaysia
  • Philippines
  • Singapore
  • South Korea
  • Taiwan
  • Thailand
  • Vietnam
  • Europe, Middle East & Africa
  • Denmark
  • Egypt
  • Finland
  • France
  • Germany
  • Israel
  • Italy
  • Netherlands
  • Nigeria
  • Norway
  • Poland
  • Qatar
  • Russia
  • Saudi Arabia
  • South Africa
  • Spain
  • Sweden
  • Switzerland
  • Turkey
  • United Arab Emirates
  • United Kingdom
  
  
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