The report predicts the global Speech Analytics Market to grow at a healthy CAGR of 18.2% over the forecast period from 2022-2031.
“Increasing focus on higher customer satisfaction and rising significance for real-time speech analytics are expected to boost the growth of speech analytics market”
The global speech analytics market size is expected to grow from USD 941.1 million in 2022 to USD 2,175.8 million by 2031, at a Compound Annual Growth Rate (CAGR) of 18.2% during the forecast period. Increasing focus on higher customer satisfaction is one of the key factors fueling the growth of this market. Cloud-based speech analytics solutions and rising need to predict are expected to evolve the speech analytics. As a result, it will provide growth opportunities for the market. However, integrating with the existing system with the right approach is a major restraining factor for the growth of speech analytics market.
“Indexing, analysis, and query tools segment is expected to hold the largest market size during the forecast period”
Indexing starts with the analysis of the subject and various target words in a speech. This process involves the extraction of words directly from the speech or searches the words from the in-built vocabulary. The software derives the findings from speech engine to index them for further analysis and ad-hoc searching. This is where the tools import data from other telephony and servicing solutions. Phonetic indexing converts the agent-customer conversation into a string of phonemes and identifies a predefined list of words or else conducts a free text search. Without the indexing process, the speech engine software scans for every document, which would take considerable time. Therefore, companies utilize this solution to minimize the time involved. The query engine helps end users in defining their queries and presenting the required output from the solution. The search tool conducts ad-hoc searches on processed audio files for nested filtering.
“APAC is projected to grow at the highest rate during the forecast period”
The speech analytics market growth in Asia Pacific (APAC) region is gaining momentum and is expected to grow at the highest rate in the coming years. Rising awareness can be attributed to continuous increase in companies’ focus on improving their customer service to drive competitive differentiation and revenue growth. Also, to enhance business productivity supplemented by speech analytics solutions and services has made APAC a highly potential market. In addition, major economies in APAC, such as India, Singapore, Malaysia, Japan, South Korea, and Australia are adopting the cloud technology.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people.
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The break-up of the profiles of the primary participants is given below:
- By Company: Tier 1: 22%, Tier 2: 30%, and Tier 3: 48%
- By Designation: C-level: 30%, Director level: 45%, and Others: 25%
- By Region: North America: 45%, Europe: 25%, APAC: 22% and Middles East and Africa: 8%
The following key vendors are profiled in the report:
- Verint Systems (US)
- Avaya (US)
- Calabrio (US)
- Clarabridge (US)
- Voci Technologies (US)
- Zoom International (Czech Republic)
- NICE Systems (Israel)
- Genesys (US)
- HPE (US)
- CallMiner (US)
- Almawave (Italy)
The report segments the speech analytics market based by components, which are further segmented into solutions and services. Under solutions, the report covers speech engine, indexing, analysis and query tools; and reporting and visualization. In the service segment of the market is further segmented as managed and professional. The professional services in the report are further segmented into support and maintenance, and consulting services. Based on deployment models, the market is segmented into on-premises and cloud. Under the organization size, it is segmented into Small and Medium-sized Enterprises (SMEs) and large enterprises. Further, under industry verticals, the report covers retail and eCommerce, government and defense, healthcare and life sciences, energy and utilities, telecommunications and IT, travel and hospitality, media and entertainment, and Banking, Financial Services, and Insurance (BFSI). The regions are segmented into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America.
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Reasons to buy the report
The report will help the leaders/new entrants in this market in the following ways:
- This report segments the speech analytics market comprehensively and provides the closest approximations of the revenue numbers for the overall market and subsegments across different industry verticals and regions.
- The report helps stakeholders to understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.
- This report will help stakeholders to better understand the competitors and gain more insights to enhance their position in the business. The competitive landscape section includes new product launches/developments; partnerships and collaborations; mergers and acquisitions; and expansions.
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