Speech Analytics Market by Component (Solutions, Services), Business Function, Application (Customer Experience Management, Sentiment Analysis), Vertical (BFSI, Telecom, Healthcare and Life Sciences) and Region - Global Forecast to 2027

Speech Analytics Market by Component (Solutions, Services), Business Function, Application (Customer Experience Management, Sentiment Analysis), Vertical (BFSI, Telecom, Healthcare and Life Sciences) and Region - Global Forecast to 2027

The speech analytics market is projected to grow from USD 2.3 billion in 2022 to USD 5.1 billion by 2027, at a compound annual growth rate (CAGR) of 17.3% during the forecast period. The speech analytics market is expected to grow at a significant rate during the forecast period, owing to various business drivers. Some factors driving the growth of the speech analytics market are the need to improve the customer journey and overall experience, the growing need to enhance and monitor agent performance, and the rising need to leverage analytics for customer retention and better customer satisfaction.

Speech analytics allows organizations to identify actionable data and gain insights from voice calls. The speech analytics solutions can carry out a broad range of customer interactions by combining recorded and omnichannel data to better understand customer needs. Speech analytics benefits organizations to evaluate the calls in an end-to-end manner and guides agents to mitigate risks by leveraging analytical tools to improve customer engagement processes.

On-premises to register for larger market size during forecast period

The speech analytics market, by deployment mode, includes on-premises and cloud. Speech analytics solutions can be deployed through either mode based on security, availability, and scalability. On-premises deployment mode to hold a larger market share in 2022 owing to the need to install software on a variety of in-house servers and on a private cloud with enhanced security. The cloud deployment mode segment is expected to gain traction in coming years as it eliminates the capital and maintenance costs of an organization. Cloud solutions offer several advantages including lower operational cost, high flexibility, and scalability over its complement.

SMEs to register higher CAGR during the forecast period

An SME is defined as a business entity with less than 1,000 employees. Speech analytics providers are expected to penetrate the SME market by understanding such organizations' key requirements and objectives and educating them on the benefits of solutions. The major challenges in SMEs adopting speech analytics solutions include skepticism about security and privacy, low confidence in the reliability of speech analytics solutions and services, and lack of awareness about IT and cloud vendors. However, adopting new technologies tailored to unified communication environments has helped companies identify the broad risk areas under various functional units. SMEs have shown tremendous growth and interest in getting an analytics platform to reap the desired outcome. Most SMEs view speech analytics solutions and services more as a strategic initiative and an opportunity to increase business revenue while reinforcing security and operational resiliency.

Asia Pacific to witness highest CAGR during the forecast period

Asia Pacific region continues to focus on enhancing customer services to boost market competitiveness and revenue growth. The tremendous increase in business deals and transactions, including mergers and acquisitions, joint ventures, and fundraising, across all industry verticals in the Asia Pacific region would enable to drive the growth of the market. The rapid expansion of domestic enterprises and the development of infrastructure are some of the important factors expected to drive the growth of the speech analytics market in Asia Pacific.

In Asia Pacific, SMEs and large corporations are starting to proactively employ Al and analytics-based solutions as they have become more aware of governmental rules and compliances. The adoption of communication monitoring technologies by different verticals, such as BFSI, travel and hospitality, and retail, is expected to contribute to the high growth of the speech analytics market in the region.

Breakdown of primaries

In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the speech analytics market.

By Company: Tier I: 35%, Tier II: 45%, and Tier III: 20%

By Designation: C-Level Executives: 35%, D-Level Executives: 25%, and Managers: 40%

By Region: Asia Pacific: 30%, Europe: 20%, North America: 45%, and Rest of the World: 5%

The report includes the study of key players offering speech analytics solutions. It profiles major vendors in the speech analytics market. The major players in the speech analytics market include NICE (US), Verint (US), Avaya (US), OpenText (Canada), Google (US), Vonage (US), Genesys (US), Calabrio (US), CallMiner (US), Almawave (Italy), AWS (US), Qualtrics (US), Talkdesk (US), Alvaria (US), Castel (US), VoiceBase (US), Intelligent Voice (UK), CallTrackingMetrics (US), Five9 (US), 3CLogic (US), CloudTalk (US), Deepgram (US), Gnani.ai (India), Observe.ai (US), SpeechTech (US), Speech-I-Ltd (UK), Batvoice (France), Kwantics (India), Speech Village (UK), Salesken (US), and Enthu.AI (India).

Research Coverage

The research study for the speech analytics market involved extensive secondary sources, directories, journals, and paid databases. Primary sources were mainly industry experts from the core and related industries, preferred speech analytics providers, third-party service providers, consulting service providers, end users, and other commercial enterprises. In-depth interviews were conducted with various primary respondents, including key industry participants and subject matter experts, to obtain and verify critical qualitative and quantitative information, and assess the market’s prospects. The new research study features 30 players. Updated financial information/product portfolio of players: The new edition of the report provides updated financial information in the context of the speech analytics market till 2021–2022 for each listed company in graphical representation. The new research study includes the updated market developments of profiled players, including those from 2020 to 2022. The new study includes quantitative data for historical years (2017–2021), base year (2021), and forecast years (2022–2027). The new study also includes quantitative data from adjacent markets.

Key Benefits of Buying the Report

The report would provide the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall speech analytics market and its subsegments. It would help stakeholders understand the competitive landscape and gain more insights better to position their business and plan suitable go-to-market strategies. It also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.