The Speech Analytics Market size is estimated at USD 3.13 billion in 2024, and is expected to reach USD 6.47 billion by 2029, growing at a CAGR of 15.61% during the forecast period (2024-2029).
Speech analytics solutions can convert call recordings to actionable data and then translate the data into valuable, effective insights across the enterprise. These solutions are primarily utilized to handle a broad range of customer interactions. Enterprises globally have incorporated speech analytics through a combination of internally recorded data and externally syndicated data to generate a cutting-edge solution to understand customer requirements and comprehensively reduce churn.
The Speech Analytics Market is consolidated, as only a few significant market players occupy most of the market share. It is seen that well-established players are trying to obtain dominance in the speech analytics market. These companies leverage various strategic collaborative initiatives to increase their market share and profitability.
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