Global Speech Analytics Market Size Study & Forecast, By Deployment (Cloud and On-premise), By Application (Sentimental Analysis, Compliance Monitoring, Agent Performance Monitoring, Customer Experience Management, and Others (Coaching and Social Media An

Global Speech Analytics Market Size Study & Forecast, By Deployment (Cloud and On-premise), By Application (Sentimental Analysis, Compliance Monitoring, Agent Performance Monitoring, Customer Experience Management, and Others (Coaching and Social Media Analytics)), By Enterprise Type (SMEs and Large Enterprise), By End-user (IT & Telecom, BFSI, Healthcare, Retail & E-commerce, Travel & Hospitality, and Others, and Regional Analysis, 2023-2030

Global Speech Analytics Market is valued at approximately USD 3.31 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 15.6% over the forecast period 2023-2030. Speech analytics utilizes speech recognition, machine learning, and natural language processing to transcribe spoken words into text and analyze them for patterns, keywords, and discussions related to customer sentiment, preferences, and requirements. Its primary goals include understanding customer interactions, improving the customer experience, ensuring compliance, identifying trends and patterns, optimizing operations, and deriving business insights. These tools provide real-time voice recordings and feedback for contact centres to enhance customer understanding, satisfaction, and agent performance. Speech technology becomes integral to growth strategies as agencies prioritize flexibility and scalability in their operations. The growing recognition of analytics' role in boosting customer retention and satisfaction, rising emphasis on compliance and risk management, along with increasing significance of voice in a multi-channel world are the most prominent factors that are propelling the market demand across the globe.

Additionally, call centre companies are increasingly adopting speech analytics platforms to improve the consumer experience, boost revenue, and enhance agent productivity while ensuring compliance. According to Account Recovery.net, 67% of companies employ speech analytics to reduce non-compliance and enhance agent performance. These solutions empower organizations to analyze customer-agent interactions, providing valuable intelligence to enhance customer experience and streamline operational processes. Additionally, call centres are embracing text analysis solutions to uncover insights that optimize future interactions and enhance real-time one-to-one customer engagements. These solutions also facilitate improved quality assurance for customer experience and mitigate micromanagement in business operations. For instance, in April 2023, SESTEK, a conversational automation company, partnered with CCC, a leading business processing outsourcing organization, to implement speech analytics, voice AI, and voice recognition solutions, driving growth and unlocking new opportunities in the public and services sectors. Furthermore, stringent compliance regulations for contact centres highlight the importance of real-time monitoring of customer calls, making speech analytics solutions integral to ensuring compliance and enhancing customer satisfaction while mitigating legal and regulatory risks. Thus, the increasing demand for speech analytics solutions within call centre services is expected to fuel market demand at a substantial rate. Moreover, the rise in adoption of cloud-based speech analytics solutions, as well as the increasing penetration of Machine Learning (ML) and Artificial Intelligence (AI) in solutions for better customer experience presents various lucrative opportunities over the forecasting years. However, the high investment cost and the rise in concern for data privacy & security are hindering the market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Speech Analytics Market study include Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the advent of Industry 4.0 and digital transformation, the high presence of prominent regional players and numerous service providers, along increased digital marketing spending. Also, the country leverages groundbreaking technologies to facilitate the seamless integration of solutions. For instance, in March 2023, Aural Analytics, Inc., a provider of clinical-grade speech analytical platforms, announced that its Speech Vitals-ALS technology received recognition from the U.S. Food and Drug Administration as an innovative device. Whereas, Asia Pacific is expected to grow at the highest CAGR over the forecast years. The continuous expansion of outsourcing industries across countries like China, India, Australia, Indonesia, Vietnam, and the Philippines. These nations are leveraging technology to enhance efficiency, customer experience, employee experience, and various other aspects. For instance, in February 2023, Bharti Airtel Telecom, a leading telecom provider, collaborated with Nvidia to develop and implement an AI-based solution aimed at improving the customer experience for all inbound calls to its contact centre. Airtel will utilize its deep learning-based automatic speech recognition (ASR) alongside Nvidia's NVIDIANeMo conversational AI toolkit to accurately interpret language and enhance operations for better service to agents and consumers. Additionally, the Asia Pacific contact centre outsourcing sector is currently experiencing accelerated growth, prompting industry participants to offer innovative solutions to companies seeking to outsource their services.

Major market players included in this report are:
Verint Systems Inc. (U.S.)
NICE Ltd. (Israel)
Avaya Inc. (U.S.)
Genesys Telecommunications Laboratories, Inc. (U.S.)
OpenText Corporation (U.S.)
Uniphore Software Systems, Inc. (U.S.)
CallMiner, Inc. (U.S.)
Talkdesk, Inc. (U.S.)
Amazon Web Services, Inc. (AWS) (U.S.)
LiveVox Holdings, Inc. (U.S.)

Recent Developments in the Market:
 In October 2023, Talkdesk announced that it has enhanced the integration of generative AI with its Talkdesk CX Cloud platform and Industry Experience Cloud through product improvements. With the upgrade, companies from many sectors can set up and maintain the contact centre without needing any coding knowledge, all while providing a customized client experience.
 In August 2023, Kura, the independent outsourcer in the UK, and Avaya announced their partnership to integrate Avaya Enterprise Cloud and revolutionize Kura's contact centre capabilities. With this solution, the Kura user can provide their clients with digital and social channels, speech analytics, and inbound and outbound contact centre services on a reliable platform.
 In July 2023, Genesys declared that the company is leveraging Large Language Models (LLMs) to expand its generative AI capabilities. Employees can extract conversational intelligence from voice and digital interactions with the aid of the Genesys Cloud CX platform, which integrates auto-summarization to assist enterprises in increasing speed, quality, and accuracy.

Global Speech Analytics Market Report Scope:
 Historical Data – 2020 - 2021
 Base Year for Estimation – 2022
 Forecast period - 2023-2030
 Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
 Segments Covered - Deployment, Enterprise Type, Application, End-user, Region
 Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa

The objective of the study is to define the market sizes of different segments & countries in recent years and to forecast the values for the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters to detailed information about the crucial aspects such as driving factors & challenges that will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with a detailed analysis of the competitive landscape and product offerings of key players.

The detailed segments and sub-segment of the market are explained below:

By Deployment:
Cloud
On-premise

By Enterprise Type:
SMEs
Large Enterprise

By Application:
Sentimental Analysis
Compliance Monitoring
Agent Performance Monitoring
Customer Experience Management
Others

By End-user:
IT & Telecom
BFSI
Healthcare
Retail & E-commerce
Travel & Hospitality
Other

By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa


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