Speech Analytics Market Statistics: 2031
The global speech analytics market was valued at $1.7 billion in 2021 and is projected to reach $4.9 billion by 2031, growing at a CAGR of 11.2% from 2022 to 2031.
Speech analytics is a system that processes and analyses customer conversations from real-time or recorded audio data using artificial intelligence and natural language processing (NLP). By identifying commonly used words during customer interactions, contact center managers typically employ speech analytics to discover and understand their top contact drivers.
Based on the length of time the audio data is examined, there are two types of speech analytics. On live voice calls with consumers, audio data is examined using real-time speech analytics. To enhance the quality of their current client discussion, agents may now access actionable data, trends, and analytics. Real-time analytics provide agents clues to improve the customer experience while they are on a call and provide insights into customer mood, tone, and patterns. Only after the call has concluded can you get insights into a voice call thanks to post-call speech analytics. To assist create future customer service procedures, these insights include but are not limited to, recognizing keywords in discussions and creating personalized text categorization models.
The speech analytics market is expected to witness notable growth during the forecast period, owing to the growing demand for speech authentication analysis solutions in mobile financial applications, and expanding utilization of the retail and e-commerce sectors. Furthermore, the surge in demand for speech analytics solutions in the BPO sector has driven the growth of the market.
However, the concerns around data privacy & security and the complex data ecosystem resulting in security breaches and information leakage are the prime factor restraining the market growth. On the contrary, the utilization of artificial intelligence (AI) and machine learning (ML)-based technology to enable instantaneously, useful consumer insights are expected to propel the speech analytics market growth during the forecast period.
The global speech analytics market research is segmented into offerings, enterprise size, application, industry vertical, and regions. Based on offerings, the market is bifurcated into solutions and services. Based on enterprise size are large enterprises and small & medium-sized enterprises (SMEs). Based on the industry vertical the market is segmented into banking financial services and insurance (BFSI), IT & telecom, media & entertainment, retail & e-commerce, government & defense, and others.
To better understand the requirements, wants, and expectations of their customers, contact centre managers employ speech analytics solutions to track the context of each conversation, the goods discussed, and the mood of the callers. Speech analytics allows you to base judgments on what customers are saying in real-time, eliminating the guesswork involved in making decisions based on assumptions about just how customers are experiencing. To better understand mysterious consumer behavior and derive customer insights regarding intent and satisfaction level, the extra layer of AI in speech analytics analyses customer trip data, including their tone of voice, sentiment, and keywords.
With the adoption of speech analytics organizations of various sizes such as SMEs and large enterprises are able to enhance their total production and sales. As speech analytics assist companies in setting up behavioral remarketing campaigns to create seamless customer experiences by detecting the intent of the buyer. Train new employees and get them ready to respond to inquiries more quickly to enhance the overall client experience. Furthermore, companies may use these artificial intelligence AI-driven speech recognition technologies providing lucrative opportunities for speech analytics market growth.
The adoption of the speech analytics market had led to enhancing the growth of sentimental analysis. Sentiment analysis has emerged as a recent trend that has sparked a significant concentration among enterprises as both a requirement for commercial success and a key difference in the customer experience. Sentiment analysis in the context of customer experience refers to discovering what the consumers think about particular goods, special offers, brands, or the interactions they have with the business, such as those they have with the contact center.
Companies and agents may utilize real-time speech analytics techniques to examine client conversations while they are still in progress and acquire useful insights while the customer is still on the other end of the line. Businesses can see exactly how agents are managing phone calls, including how closely they adhere to established procedures, owing to this real-time information. As a result, if a customer support person runs into a specific issue, they may receive pertinent information and advice via an on-screen pop-up. As a result, the customer experience is improved as they can respond to the demands of the consumer more effectively. Nowadays, sectors ranging from financial services to retail employ this type of analytics
Region-wise, the speech analytics market trends are analyzed across North America (U.S. and Canada), Europe (Germany, Italy, France, Spain, UK, and the rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa). North America dominates the speech analytics market growth because it is one of the most technologically advanced regions in the world. It comprises the US and Canada and other sustainable and well-established economies, which empower them to strongly invest in R&D activities, thereby contributing to developing new technologies. The region is well-known for its high adoption rate of new advanced technologies, such as IoT, wearable technology, M2H devices, smart self-service interactive machines, and enhancing customer satisfaction.
Top Impacting Factors
Due to the increased use of the retail and e-commerce sectors, as well as the rising need for voice authentication analysis solutions in mobile finance apps, the speech analytics market is anticipated to rise significantly during the forecast period. Furthermore, the BPO industry's spike in demand for speech analytics solutions has fueled the market's expansion. The primary issue impeding market growth, however, is the concerns about data privacy and security as well as the intricate data ecosystem that leads to security lapses and information leaks. Conversely, it is anticipated that the usage of artificial intelligence (AI) and machine learning (ML)-based technologies would fuel the expansion of the speech analytics industry during the forecast period.
Increasing Growth in Urbanization and Rising Urban Population Have Been Driving the Speech Analytics Market
By combining speech analytics technologies with phone banking, banks can have enjoyable, organic conversations with their customers. Banking companies want to innovate to enhance their mobile banking services. Before this, they relied on costly and illogical processes like password verification, One-Time Passwords (OTPs), and security questions. The adoption of speech recognition technology in mobile applications has allowed banks to finally see the value of enhancing both security and user experience.
Competition Analysis
Competitive analysis and profiles of the major speech analytics industry players, such as Avaya Inc., Amazon Web Services, Inc., Call Miner, Genesys Telecommunications Laboratories, Inc., Gnani Innovations Private Limited., Google Inc. (Google Cloud), LivePerson, Inc., Micro Focus International PLC, NICE Systems Ltd., and Verint System Inc. are provided in this report.
Key Benefits for Stakeholders
This study comprises an analytical depiction of the speech analytics market size along with the current trends and future estimations to depict the imminent investment pockets.
The overall speech analytics market analysis is determined to understand the profitable trends to gain a stronger foothold.
The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis including speech analytics Market Share.
The current speech analytics market forecast is quantitatively analyzed from 2021 to 2031 to benchmark financial competency.
Porter’s five forces analysis illustrates the potency of the buyers and suppliers in speech analytics.
The report includes the market share of key vendors and speech analytics market trends.
Speech Analytics Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 4.9 billion |
 Growth Rate | CAGR of 11.2% |
 Forecast period | 2021 - 2031 |
 Report Pages | 141 |
 By Offering |
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 By Enterprise Size |
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 By Application |
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 By Industry Vertical |
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 By Region |
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 Key Market Players | Amazon Web Services, Inc., Avaya Inc., CallMiner, Genesys Telecommunications Laboratories, Inc., NICE Systems Ltd., Micro Focus, Verint System Inc., Google LLC, Gnani Innovations Private Limited., LivePerson, Inc. |
Analyst Review
The speech analytics software allows organizations to listen to voicemails or live calls and analyze them to learn more about consumer behavior and call quality. The software analyzes consumer behavior by identifying audio patterns and identifying stress and other emotions in a speaker's voice. As a result, they serve as a useful tool for assessing call quality, client happiness, and agent performance. Sentiment analysis is another feature of speech analytics software that aids in determining whether a client has a favorable, unfavorable, or neutral opinion on the call. The vocabulary spoken, the tempo of speaking, and the level of stress in a customer's voice are all analyzed and evaluated by this technology. Thus, these factors boost the demand for speech analytics solutions.
Key providers in the speech analytics market are Amazon Web Services, Inc, Google LLC, Avaya Inc., Micro Focus, and Verint System Inc., With the growth in demand for speech analytics solutions, various companies have established partnerships to increase their solutions offerings in the 5G network. For instance, in October 2022, Avaya Inc., and Uniphore partnered to increase their presence across the Middle East and Africa (MEA). The partnership provides Avaya with access to Uniphore’s comprehensive “X platform”. This integrated conversational AI and automation offering combines automatic speech recognition with RPA, natural language processing, emotion AI, and knowledge AI. Such initiatives have helped to grow the speech analytics market.
In addition, with the surge in demand for customer experience management, call monitoring and summarization, sales and marketing management, risk and compliance management, sentiment analysis, fraud detection & security applications, various companies have expanded their current product portfolio to continue with the rising demand in the speech analytics market. For instance, in September 2022, Genesys Telecommunications Laboratories, Inc. introduced Cloud AI Experience through CX Solution. The package offers capabilities such as predictive routing, speech analytics, and conversational AI. It also claims it will help eliminate isolated systems while orchestrating personalized customer engagements. The platform analyzes audio content and text-based interactions such as email, chat messages, and others.
Many key players collaborated to provide better and enhanced speech analytics solutions to clients. For instance, in November 2022, Verint System Inc., AI-Powered speech Analytics solution helped StarTek derive insights from 500 million Customer Interactions Annually for improved customer relationships. Startek is leveraging Verint Speech Analytics to derive insights from the company’s more than 500 million annual customer interactions. Hence, these strategics such as collaboration and partnership are expected to drive speech analytics market.
$1,7000 million is the estimated industry size of Speech Analytics.
Currently, Amazon Web Services, Inc., Google LLC, Avaya Inc., Micro Focus, and Verint System Inc. are some of the leading players in the global speech analytics market.
Customer Experience Management, Call Monitoring & Summarization, Agent Performance Monitoring, and others are the leading application areas of the Speech Analytics Market.
Expanding utilization of the retail and e-commerce sectors and growing demand for speech analytics solutions in the BPO sector are the upcoming trends of the Speech Analytics Market in the world.
North America is the largest regional market for Speech Analytics.
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