Voice Analytics Market Size, Share, Growth Analysis, By Deployment Type(On-premises and Cloud-based), By Component(Solutions and Services), By Application(Sentiment analysis, Sales & Marketing Management), By Organization Size(SMEs and Large Enterprises), By Vertical(BFSI, Retail & E-commerce) - Industry Forecast 2024-2031

Global Voice Analytics Market size was valued at USD 2.19 Billion in 2022 and is poised to grow from USD 2.6 Billion in 2023 to USD 10.11 Billion by 2031, growing at a CAGR of 18.5% in the forecast period (2024-2031).

The global voice analytics market is the fastest-growing industry in the business intelligence analysis software sector. Speech analytics is a powerful technology that uses machine learning and natural language processing to extract valuable insights from spoken language. The marketplace aims to provide businesses with a way to analyze customer interactions and gain insights that can be used to improve customer service, reduce customer turnover, and increase sales. One major cause is the market comes with a growing demand for customer experience management solutions. Companies are turning to speech analytics to gain insights into customer behavior and preferences while recognizing the value of providing excellent customer service. Speech analytics is being used increasingly in the healthcare industry to analyze patient communication and improve standards of care, another factor driving market efficiency is the high cost of adoption of speech analytics technology, safety and privacy concerns about customer data. Furthermore, the market is influenced by the increasing use of new communication channels such as social media and chatbots. One trend is the increasing use of real-time speech analytics to enable companies to respond more quickly to customer needs. 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 deeper insights into consumer behavior and preferences.