Speech Analytics Market by Offering (Software by Functionality & Deployment Mode & Services), Business Function (Sales & Marketing, HR), Channel (VOIP & Messaging Platforms, Webinars & Virtual Meetings), Vertical and Region - Global Forecast to 2029

Speech Analytics Market by Offering (Software by Functionality & Deployment Mode & Services), Business Function (Sales & Marketing, HR), Channel (VOIP & Messaging Platforms, Webinars & Virtual Meetings), Vertical and Region - Global Forecast to 2029

The speech analytics market is projected to grow from USD 3.3 billion in 2024 to USD 7.3 billion by 2029, at a compound annual growth rate (CAGR) of 17.5% during the forecast period. The speech analytics market is expected to grow significantly during the forecast period, owing to numerous business drivers. Some factors driving the growth of the speech analytics market are the increasing emphasis on monitoring and improving agent performance, the growing importance of utilizing analytics for customer retention and enhanced customer satisfaction, and the rising demand for improving omnichannel integration capabilities.

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 understand customer needs better. Speech analytics benefits organizations by evaluating calls end-to-end and guides agents in mitigating risk by leveraging analytical tools to improve customer engagement processes.

“By deployment mode, on-premises to register for larger market size during the 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 2024 owing to the need to install software on a variety of in-house servers and a private cloud with enhanced security. The cloud deployment mode segment is expected to gain traction in coming years as it eliminates an organization's capital and maintenance costs. Cloud solutions offer several advantages, including lower operational cost, high flexibility, and scalability over their complement.

“By business function, HR to register highest CAGR during the forecast period.”

Speech analytics plays a crucial role in the HR business by providing valuable insights into employee interactions, recruitment processes, and overall workforce management. Speech analytics can be used to analyze job interviews and candidate interactions, helping HR professionals assess communication skills, personality traits, and suitability for specific roles. By identifying keywords and phrases indicative of desired qualifications or attributes, speech analytics enables more efficient candidate screening and selection processes. Moreover, speech analytics can assist HR teams in monitoring compliance with company policies, industry regulations, and ethical standards. By analyzing employee interactions for compliance-related keywords or phrases, speech analytics can help identify potential compliance issues, mitigate risks, and ensure adherence to legal and regulatory requirements.

“By region, Asia Pacific to witness the 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 drive the market growth. 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. Adopting 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: 38%, Tier II: 50%, and Tier III: 12%

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

By Region: North America: 40%, Europe: 30%, Asia Pacific: 20%, Latin America-5%, and

Middle East and Africa- 5%,

The report includes the study of key players offering speech analytics software and services. 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), Five9 (US), AWS (US), Qualtrics (US), Talkdesk (US), Alvaria (US), Castel Communications (US), VoiceBase (US), Intelligent Voice (UK), CallTrackingMetrics (US), 3CLogic (US), Sprinklr (US), Uniphore ( US), Enthu.ai (India), Deepgram (US), Gnani.ai (India), Observe.ai (US), Batvoice (France), Kwantics (India), Convin (India), Salesken (US), Tethr (US), Gong (US), and Clari (US).

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 2022–2023 for each listed company in graphical representation. The new research study includes the updated market developments of profiled players, including those from 2022 to 2023. The new study includes quantitative data for historical years (2019–2023), base year (2023), and forecast years (2024–2029). 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.

The report provides insights on the following pointers:

Analysis of key drivers (increasing need to improve omnichannel integration capabilities, growing need to enhance and monitor agent performance, adherence to regulatory and compliance standards, and rising need to leverage analytics for customer retention and better customer satisfaction), restraints (deriving insights from transcribed voice data, need to integrate with the prevailing system, and inability to quantify RoI), opportunities (Integration with generative AI to offer real-time insights and predictive analytics, Need to predict customer intent and behavior, Use of AI ML technologies to facilitate real-time actionable customer insights, and Growing need for cloud-based speech analytics solutions to bolster customer retention), and challenges (broadening the extent of transcribed data capture, complex data ecosystem led to data breaches and security issues, integration of speech analytics solutions with other analytics solutions).

Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the speech analytics market

Market Development: Comprehensive information about lucrative markets – the report analyses the speech analytics market across varied regions

Market Diversification: Exhaustive information about new products and services, untapped geographies, recent developments, and investments in the speech analytics market

Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players including NICE (US), Verint (US), Avaya (US), OpenText (Canada), Google (US), Vonage (US), Genesys (US), Calabrio (US), CallMiner (US), Almawave (Italy), Five9 (US), AWS (US) among others in the speech analytics market strategies. The report also helps stakeholders understand the pulse of the speech analytics market and provides them with information on key market drivers, restraints, challenges, and opportunities.