Speech Analytics Market by Component, Application, Organization Size, Deployment Mode, End-use Industry (IT & Telecommunications, BFSI, Retail & Consumer Goods, Healthcare & Life Sciences, Travel & Hospitality, BPO)—Global Forecast to 2029

Speech Analytics Market by Component, Application, Organization Size, Deployment Mode, End-use Industry (IT & Telecommunications, BFSI, Retail & Consumer Goods, Healthcare & Life Sciences, Travel & Hospitality, BPO)—Global Forecast to 2029

Speech Analytics Market by Component, Application, Organization Size, Deployment Mode, End-use Industry (IT & Telecommunications, BFSI, Retail & Consumer Goods, Healthcare & Life Sciences, Government & Public Sector, Travel & Hospitality, Business Process Outsourcing)—Global Forecast to 2029.’

The research report titled, ‘Speech Analytics Market by Component, Application, Organization Size, Deployment Mode, Industry Vertical (IT & Telecommunications, BFSI, Retail & Consumer Goods, Healthcare & Life Sciences, Business Process Outsourcing)—Global Forecast to 2029’, provides in-depth analysis of speech analytics market in five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2029.

The global speech analytics market is expected to reach $14.1 billion by 2029, at a CAGR of 20.1% during the forecast period of 2022 to 2029. The growth of this market is mainly attributed to the growing number of fraudulent activities, the increasing need to automate regulatory compliance processes, and the rising need for faster transactions. The study offers a comprehensive analysis of the global speech analytics market by component, application, organization size, deployment mode, end-use industry, and geography.

The global speech analytics market is segmented by component (solutions [call center software, reporting and visualization tools, quality assurance & monitoring solutions, enterprise performance management solutions, customer experience solutions, customer engagement solutions, other solutions (root cause analysis solutions, customer journey management], services [professional services, managed services]), application (customer experience management, call monitoring and summarization, sales and marketing management, risk and compliance management, sentiment analysis, fraud detection and security application, other applications (quality assurance, real-time alerting), organization size (small & medium-sized enterprises, large enterprises), deployment mode (on-premise deployment, cloud-based deployment), and end-use industry (IT & telecommunications, BFSI, retail & consumer goods, healthcare & life sciences, government & public sector, travel & hospitality, media & entertainment, business process outsourcing, education, other end-use industries). The study also evaluates industry competitors and analyzes the market at regional and country levels.

Based on component, the global speech analytics market is segmented into solutions and services. In 2022, the solutions segment is expected to account for the larger share of the speech analytics market. The large market share of this segment is attributed to the rising proliferation of speech analytics software in call centers, growing demand for reporting and visualization tools across retail industries, increasing need for customer experience and engagement solutions, growing need to identify customer needs and interests, increasing demand for mitigating compliance & risks, and the increasing need to understand agent performance. Additionally, this segment is expected to register the highest CAGR during the forecast period.

Based on end-use industry, the global speech analytics market is segmented into IT & telecommunications, BFSI, retail & consumer goods, healthcare & life sciences, government & public sector, travel & hospitality, media & entertainment, business process outsourcing, education, and other end-use industries. In 2022, the IT & telecommunications segment is expected to account for the largest share of the global speech analytics market. The large market share of this segment is attributed to factors such as increasing demand for speech analytics solutions by telecom companies to gather more actionable information in less time, increasing demand to boost customer retention by building loyalty and maintaining customer relationships, and growing popularity for solutions to Implement protocols to seize opportunities for cross-selling and upselling in IT & telecom.

However, the business process outsourcing segment is expected to register the highest CAGR during the forecast period. The growth of this segment is attributed to factors such as the growing demand to resolve simpler customer queries using AI-based chatbots, the rising need to monitor customer calls, derive actionable insights, raise red flags when there are areas of concern, assist during agent QA process, among others, and increasing proliferation of speech analytics solutions to monitor agent performance and assess call quality.

Based on geography, the global speech analytics market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2022, North America is expected to account for the largest share of the global speech analytics market. The large market share of this region is attributed to the increasing adoption of emotion analysis and expansion of e-commerce platforms and provision of customer satisfaction, rising demand for speech analytics software to maintain inbound, outbound, and blended calls, e-mails, web inquiries, and chats, increasing demand for self-service interactions among customers, growing popularity for healthcare fraud analytics and detection solutions across the region, and growing demand for reporting and visualization tools by region's flourishing retail and e-commerce sectors. However, the Asia-Pacific region is expected to register the highest CAGR during the forecast period due to the growing technology expenditures in major countries such as Australia, China, and India, the demand for cost-effective analytical software and services among small and medium-sized enterprises (SMEs), and increasing proliferation of speech and voice recognition devices in call centers.

The key players operating in the global speech analytics market are NICE Ltd. (Israel), Verint Systems Inc. (U.S.), CallMiner, Inc. (U.S.), Genesys Cloud Services, Inc. (U.S.), Avaya Holdings Corp. (U.S.), Audio Analytic Ltd. (U.K.), Calabrio, Inc. (U.S.), Batvoice Technologies (France), Qualtrics, LLC (U.S.), Dialpad, Inc. (U.S.), WinterLight Labs (Canada), The Plum Group, Inc. (U.S.), Aural Analytics, Inc (U.S.), Amazon.com, Inc. (U.S.), Uniphore Technologies Inc. (India), Intelligent Voice Ltd (U.K.), Kwantics (India), Gnani Innovations Private Limited (India), and SAS Institute Inc. (U.S.).

Key questions answered in the report-

Which are the high-growth market segments in terms of the components, applications, technologies, organization size, deployment mode, and end-use industry?
What is the historical market for speech analytics across the globe?
What are the market forecasts and estimates for the period of 2022–2029?
What are the major drivers, restraints, and opportunities in the global speech analytics market?
Who are the major players in the global speech analytics market and what share of the market do they hold?
Who are the major players in various countries and what share of the market do they hold?
How is the competitive landscape?
What are the recent developments in the global speech analytics market?
What are the different strategies adopted by the major players in the global speech analytics market?
What are the geographical trends and high-growth countries?
Who are the local emerging players in the global speech analytics market and how do they compete with the other players?

Scope of the Report

Speech Analytics Market, by Component

Solutions
Call Center Software
Reporting and Visualization Tools
Quality Assurance and Monitoring Solutions
Enterprise Performance Management Solutions
Customer Experience Solutions
Customer Engagement Solutions
Other Solutions
Services
Professional Services
Managed Services

Speech Analytics Market, by Application

Customer Experience Management
Call Monitoring and Summarization
Sales & Marketing Management
Risk & Compliance Management
Sentiment Analysis
Fraud Detection and Security Applications
Other Applications

Speech Analytics Market, by Organization Size

Small & Medium-sized Enterprises
Large Enterprises

Speech Analytics Market, by Deployment Mode

On-premise Deployment
Cloud-based Deployment

Speech Analytics Market, by End-use Industry

IT & Telecommunications
BFSI
Retail & Consumer Goods
Healthcare & Life Sciences
Government & Public Sector
Travel & Hospitality
Media & Entertainment
Business Process Outsourcing
Education
Other End-use Industries

Speech Analytics Market, by Geography

North America
U.S.
Canada
Europe
Germany
U.K.
France
Italy
Spain
Netherland
Switzerland
Rest of Europe
Asia-Pacific
Japan
China
India
South Korea
Singapore
Rest of Asia-Pacific
Latin America
Mexico
Brazil
Rest of Latin America
Middle East & Africa
UAE
Israel
Rest of Middle East & Africa

Speech Analytics Market - Report Summary

Report Metrics	Details
Years Considered	2020 - 2029
Base Year	2021
Forecast Period	2022-2029
Page Count	269
Units Referenced	Value (USD Million)
Segments/Key Topics	Market by Component, Market by Application, Market by Organization Size, Market by Deployment Mode, Market by End-use Industry, Market by Geography
Regions Covered	North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa
Key Companies Mentioned	NICE Ltd. (Israel), Verint Systems Inc. (U.S.), CallMiner, Inc. (U.S.), Genesys Cloud Services, Inc. (U.S.), Avaya Holdings Corp. (U.S.), Audio Analytic Limited (U.K.), Calabrio, Inc. (U.S.), Batvoice Technologies (France), Qualtrics International Inc.(U.S.),, Dialpad, Inc. (U.S.), WinterLight Labs (Canada), The Plum Group, Inc. (U.S.), Aural Analytics, Inc. (U.S.), Amazon.com, Inc. (U.S.), Uniphore Technologies Inc., (India), Intelligent Voice Ltd (U.K.), Kwantics (India), Gnani Innovations Private Limited (India), and SAS Institute Inc. (U.S.)

FAQs About the Report

What is the value of revenue generated from the sale of speech analytics solutions across the globe? At what rate is their demand expected to grow for the next 5-7 years?

The global speech analytics market is projected to reach $14.1 billion by 2029, at a CAGR of 20.1% during the forecast period.

Which application segment showcases high growth opportunities for the speech analytics market players?

Based on application, the sales and marketing management segment accounted for the largest share of the global speech analytics market due to the increasing need for improved customer experience in sales and marketing departments, the rising need for speech analytics solutions to identify effective patterns to close sales deals and develop a training program to mentor other team members, and rising demand of call monitoring solutions for spotting competitive challenges.

Which end-use industry segments of the market are projected to create more traction in the global speech analytics market?

The Business Process Outsourcing (BPO) industry is expected to register the fastest CAGR during the forecast period, mainly due to the growing demand for improved operational efficiency, the growing need to monitor every customer interaction, increasing usage of speech analytics solutions for the voice of the customer (VoC) analysis, rising need to solve customer problems quickly, increasing demand to identify potential fraudsters, and rising need to manage data and remain compliant with the GDPR and PCI guidelines.

What are the key factors driving the growth of the speech analytics market? What are the major opportunities for existing market players and new entrants in the market?

The surge in demand for speech analytics to improve contact center operations, the emergence of speech analytics to enhance fraud detection, and the rising demand for speech-based biometric systems during the pandemic are the major factors driving the growth of the speech analytics market. Moreover, the increasing demand for speech analytics in the healthcare sector, and the growing demand for cloud-based speech analytics solutions to bolster customer retention provide significant opportunities in the global speech analytics market.

Who are the major players operating in the global speech analytics market?

Some of the key players in the global speech analytics market are NICE Ltd. (Israel), Verint Systems Inc. (U.S.), CallMiner, Inc. (U.S.), Genesys Cloud Services, Inc. (U.S.), Avaya Holdings Corp. (U.S.), Audio Analytic Ltd. (U.K.), Calabrio, Inc. (U.S.), Batvoice Technologies (France), Qualtrics, LLC (U.S.), Dialpad, Inc. (U.S.), WinterLight Labs (Canada), The Plum Group, Inc. (U.S.), Aural Analytics, Inc (U.S.), Amazon.com, Inc. (U.S.), Uniphore Technologies Inc. (India), Intelligent Voice Ltd (U.K.), Kwantics (India), Gnani Innovations Private Limited (India), and SAS Institute Inc. (U.S.).

Which regions/countries are expected to witness significant demand for speech analytics in the coming years?

In 2022, North America accounted for the largest share of the global speech analytics market. However, countries such as Germany, Japan, China, South Korea, Netherlands, and the U.K. are expected to witness strong growth in demand for speech analytics solutions.