USD 2.25 billion
Global Speech Analytics Market Size, Share, Growth Analysis, By Deployment Type(On-premise and cloud-based), By Component(Solutions and services) - Industry Forecast 2023-2030
Report ID:
SQMIG45E2131 |
Region:
Global |
Published Date: April, 2024
Pages:
197
|
Tables:
59 |
Figures:
75
Global Speech Analytics Market Insights
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.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
On-Premise
Fastest Growth
Cloud-Based
Growth Rate
16.3% CAGR
Global Speech Analytics Market ($ Bn)
Country Share for Asia Pacific Region (%)
Global Speech Analytics Market Size By Deployment Type 2021-2030 ($ Bn)
Global Speech Analytics Market By Deployment Type (%)
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Global Speech Analytics Market Segmental Analysis
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.
Global Speech Analytics Market By Deployment Type, 2022 (%)
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Global Speech Analytics Market Regional Insights
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.
Global Speech Analytics Market By Region, 2024-2031
- Largest
- Fastest
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Global Speech Analytics Market Dynamics
Speech Analytics Market Drivers
Increasing demand for better customer service
- One driver of the growth of the speech analytics market is the increasing demand for better customer service. As businesses strive to deliver better customer experiences, they are turning to speech analytics solutions to analyze customer interactions and feedback. For example, a call center may use speech analytics to identify common customer complaints or issues and adjust their processes or training accordingly. This can help improve customer satisfaction and loyalty, ultimately leading to increased revenue.
Growing adoption of artificial intelligence and machine learning technologies
- Another driver of the speech analytics market is the growing adoption of artificial intelligence and machine learning technologies. These technologies enable more accurate and efficient analysis of speech data, allowing businesses to gain deeper insights into customer behavior and preferences. For example, a retailer may use speech analytics to analyze customer interactions with their chatbot or virtual assistant and identify areas for improvement in the user experience. This can help the retailer optimize their chatbot or virtual assistant and improve customer satisfaction.
Speech Analytics Market Restraints
Need for integration with prevailing systems
- One restraint of the global speech analytics market is the need for integration with prevailing systems. Contact centers use multiple technology systems such as Interactive Voice Response (IVR), agent desktops, CRM, and social media monitoring tools. These systems need to be connected or integrated in line with speech analytics solutions. If not, it can result in the lack of a unified view of customer needs and concerns, and agent performance, leading to a reduction in the company's overall productivity. For example, if speech analytics is used with disconnected systems, agents may end up logging into multiple screens to use the speech analytics applications while on a call, leading to further inefficiency in their performance.
Challenge of selecting the right speech analytics technology
- Another restraint of the speech analytics market is the challenge of selecting the right speech analytics technology. There are several approaches to gaining insights from data, such as phonetics, transcription, and matching key phrases mentioned by customers over a call. Choosing the approach best suited to an organization’s needs can be challenging. The presence of many speech analytics vendors with equally good offerings makes it even more difficult to select the best speech analytics solution. This can result in businesses investing in solutions that do not meet their needs or provide the desired returns on investment.
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Global Speech Analytics Market Competitive Landscape
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
- NICE Systems Ltd. (Israel)
- Verint Systems Inc. (US)
- Genesys Telecommunications Laboratories, Inc. (US)
- CallMiner (US)
- Clarabridge, Inc. (US)
- Aspect Software, Inc. (US)
- Avaya Inc. (US)
- Calabrio, Inc. (US)
- Voci Technologies, Inc. (US)
- Verbio Technologies, S.L. (Spain)
- ZOOM International (US)
- Almawave S.p.A. (Italy)
- Castel Communications LLC (US)
- Intelligent Voice Ltd. (UK)
- Knoah Solutions, Inc. (US)
- Marchex, Inc. (US)
- OnviSource, Inc. (US)
- Sabio Ltd. (UK)
- Speechmatics Ltd. (UK)
- Uniphore Software Systems Pvt Ltd (India)
Speech Analytics Market Recent Developments
- In January 2024, ElevenLabs, a voice technology company, reached a valuation surpassing $1 billion following its recent funding round. The company disclosed a $80 million Series B funding on Monday (Jan. 22), stating that the capital would support various initiatives, including the rollout of new products and enhancements to safety measures aimed at fostering responsible and ethical development of AI technology.
- In February 2024, Medallia, Inc., a worldwide frontrunner in customer and employee experience, unveiled four pioneering artificial intelligence (AI) advancements during its Experience ‘24 conference. These innovations promise to revolutionize the way organizations personalize customer and employee experiences.
- In July 2023, SESTEK, a top provider of conversational automation solutions powered by AI for customer service, and CCC, a prominent leader in the Business Processing Outsourcing (BPO) industry, signed a Memorandum of Understanding (MoU). Their collaboration will focus on developing speech analytics, voice recognition, and voice AI technologies. This strategic partnership aims to fuel growth and enhance the partners' market position, opening up new opportunities in the public and service sectors.
Global Speech Analytics Key Market Trends
- Cloud-based Speech Analytics: One of the trends in the speech analytics market is the adoption of cloud-based speech analytics solutions. Scalability, adaptability, and cost-effectiveness are just a few advantages that cloud-based solutions have over conventional on-premise ones. Businesses may access their data and insights with cloud-based solutions from any location, facilitating information sharing and collaboration between teams and departments. In the upcoming years, we may anticipate a rise in the use of cloud-based voice analytics solutions as more enterprises adopt these technologies.
Global Speech Analytics Market SkyQuest Analysis
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 |
|
| 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 |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Speech Analytics Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Speech Analytics Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
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.
Analyst Support
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.
Global Speech Analytics Market Report Snapshots
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