Speech Analytics Market Size, Share, Growth Analysis, By Deployment Type(On-premise and cloud-based), By Component(Solutions and services), By Region - Industry Forecast 2024-2031

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).

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. '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)'

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.

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.

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.