USD 2.25 billion
Report ID:
SQMIG45E2131 |
Region:
Global |
Published Date: April, 2024
Pages:
197
|
Tables:
59 |
Figures:
75
Global Speech Analytics Market size was valued at USD 2.25 billion in 2022 and is poised to grow from USD 2.62 billion in 2023 to USD 8.76 billion by 2031, at a CAGR of 16.3% during the forecast period (2024-2031).
The global speech analytics market is a rapidly growing sector in the field of business intelligence and analytics software. Speech analytics is a powerful technology that uses machine learning and natural language processing to extract valuable insights from spoken language. The purpose of the market is to provide businesses with a way to analyze customer interactions and gain insights that can be used to improve customer service, reduce customer churn, and increase sales. One of the key drivers of the market is the growing demand for customer experience management solutions. Businesses are turning to speech analytics to obtain insights into customer behavior and preferences as they increasingly recognise the value of offering good customer service. Speech analytics are being utilized more frequently in the healthcare sector to analyze patient interactions and raise the standard of care, which is another factor driving the market. The market must also overcome obstacles like the high cost of adopting speech analytics technologies and worries about the security and privacy of customer data. In addition, the market is being impacted by the growing use of alternative communication channels such as social media and chatbots. One trend is the increasing use of real-time speech analytics to enable businesses to respond to customer needs more quickly. Another trend is the integration of speech analytics with other technologies such as artificial intelligence and big data analytics. This integration can help businesses gain even deeper insights into customer behavior and preferences.
US Speech Analytics Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 2.25 billion
Largest Segment
On-Premise
Fastest Growth
Cloud-Based
Growth Rate
16.3% CAGR
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Global Speech Analytics Market is segmented on the basis of deployment type, component, and region. By deployment type, the market is segmented into on-premise and cloud-based. By component, the market is segmented into solutions and services. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Speech Analytics Market Analysis by Deployment Type
The on-premise deployment type is the largest segment in the global speech analytics market. This is because some organizations prefer to have complete control over their data and software, and on-premise solutions provide them with that level of control. Additionally, on-premise solutions are more suitable for organizations with strict data privacy and security regulations.
The cloud-based segment is expected to be the fastest-growing segment in the global speech analytics market. This can be attributed to the increasing adoption of cloud-based services by organizations due to the benefits of scalability, cost-effectiveness, and flexibility.
Speech Analytics Market Analysis by Component
The solutions segment dominated the global speech analytics market, accounting for the majority of the market share. This is because speech analytics solutions are essential for analyzing customer interactions and gaining insights into customer needs and preferences. The solutions segment includes various software and tools used for speech analysis, such as speech engine software, speech recognition software, and natural language processing software. Moreover, the increasing demand for real-time speech analytics solutions is driving the growth of this segment.
The services segment is the fastest-growing segment in the global speech analytics market. It includes various services related to speech analytics, such as consulting, implementation, training, and support services. The growing need for customized speech analytics solutions and the lack of in-house expertise in speech analytics are the major factors driving the growth of this segment. Additionally, the increasing adoption of cloud-based speech analytics solutions is also contributing to the growth of the services segment.
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North America dominated the Global Speech Analytics Market. The growth in this region can be attributed to the presence of major market players, the high adoption of advanced technologies, and the growing focus on enhancing customer experience. For instance, companies like Verint Systems Inc. and NICE Ltd. have their headquarters in North America and have been investing in the development of speech analytics solutions.
Asia Pacific is expected to be the fastest-growing region in the Global Speech Analytics Market due to the growing adoption of cloud-based speech analytics solutions and the increasing demand for advanced customer experience management tools. With the rise of customer-centric businesses and increasing government initiatives towards digitalization, the demand for speech analytics solutions is expected to grow in this region. For example, NTT Communications Corporation, a Japan-based company, has been providing speech analytics solutions to enhance customer experience in call centers.
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Speech Analytics Market Drivers
Increasing demand for better customer service
Growing adoption of artificial intelligence and machine learning technologies
Speech Analytics Market Restraints
Need for integration with prevailing systems
Challenge of selecting the right speech analytics technology
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Global Speech Analytics Market is highly competitive, with several players offering a range of solutions to meet the needs of businesses across various industries. Some of the major participants in the market are concentrating on creating cutting-edge solutions that may aid companies in learning more about the preferences and behavior of their customers. For instance, some manufacturers are combining voice biometrics and CRM systems with speech analytics to provide a more thorough perspective of customer interactions. Others are enhancing the precision and effectiveness of speech analytics using artificial intelligence and machine learning technology. In addition to product development, companies in the speech analytics market are also focusing on strategic partnerships and acquisitions to expand their market presence.
Speech Analytics Market Top Player’s Company Profiles
Speech Analytics Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our Global Speech Analytics Market analysis, the market is projected to grow steadily in the upcoming years. Market research analysts attribute this growth to the rise in demand for speech analytics solutions in call centres, as well as the increasing need for risk management and compliance. The integration of artificial intelligence and machine learning technologies into speech analytics solutions is also expected to contribute to market growth. The Asia-Pacific region is expected to experience the highest growth rate, driven by the adoption of speech analytics solutions in countries such as China and India.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 2.25 billion |
Market size value in 2031 | USD 8.76 billion |
Growth Rate | 16.3% |
Base year | 2022 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Speech Analytics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Speech Analytics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Speech Analytics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Speech Analytics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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