Meticulous Research®— a leading global market research company, published a research report titled “Speech Analytics Market by Component, Application, Organization Size, Deployment Mode, Industry Vertical (IT & Telecommunications, BFSI, Retail & Consumer Goods, Healthcare & Life Sciences, Business Process Outsourcing) - Global Forecast to 2029’
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According to this latest publication from Meticulous Research®, the global speech analytics market is expected to register a CAGR of 20.1% during the forecast period to reach $14.1 billion by 2029. Factors such as the surge in demand for speech analytics to improve contact center operations, the emergence of speech analytics to enhance fraud detection, and the rising demand for speech-based biometric systems during the COVID-19 pandemic drive the market’s growth. However, data privacy and security concerns due to the pandemic emerged as a notable restraint for market growth. The increasing demand for speech analytics in the healthcare sector and the growing demand for cloud-based speech analytics solutions to bolster customer retention are expected to offer significant growth opportunities for the speech analytics market. Besides, limited use cases of real-time speech analytics pose a serious challenge to the growth of the speech analytics market.
The global speech analytics market is segmented by component (solutions [call center software, reporting and visualization tools, quality assurance & monitoring solutions, enterprise performance management solutions, customer experience solutions, customer engagement solutions, other solutions (root cause analysis solutions, customer journey management], services [professional services, managed services]), application (customer experience management, call monitoring and summarization, sales and marketing management, risk and compliance management, sentiment analysis, fraud detection and security application, other applications (quality assurance, real-time alerting), organization size (small & medium-sized enterprises, large enterprises), deployment mode (on-premise deployment, cloud-based deployment), and end-use industry (IT & telecommunications, BFSI, retail & consumer goods, healthcare & life sciences, government & public sector, travel & hospitality, media & entertainment, business process outsourcing, education, other end-use industries). The study also evaluates industry competitors and analyzes the market at regional and country levels.
Based on component, the global speech analytics market is segmented into solutions and services. In 2022, the solutions segment is expected to account for the larger share of the speech analytics market. The large market share of this segment is attributed to the rising proliferation of speech analytics software in call centers, growing demand for reporting and visualization tools across retail industries, increasing need for customer experience and engagement solutions, growing need to identify customer needs and interests, increasing demand for mitigating compliance & risks, and the increasing need to understand agent performance. Additionally, this segment is expected to register the highest CAGR during the forecast period.
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Based on application, the speech analytics market is segmented into customer experience management, call monitoring and summarization, sales and marketing management, risk and compliance management, sentiment analysis, fraud detection & security applications, and other applications. In 2022, the sales and marketing management segment is expected to account for the largest share of the global speech analytics market. The large market share of this segment is attributed to the increasing need for improved customer experience in sales and marketing departments, the rising need for speech analytics solutions to identify effective patterns to close sales deals and develop a training program to mentor other team members, rising demand of call monitoring solutions for spotting competitive challenges, growing need for identifying cross and upsell opportunities, and the need to promote immediate performance feedback. Additionally, the same segment is expected to register the highest CAGR during the forecast period.
Based on organization size, the speech analytics market is segmented into small & medium-sized enterprises and large enterprises. In 2022, the small & medium-sized enterprises segment is expected to account for the larger share of the global speech analytics market. The large market share of this segment is majorly attributed to factors such as growing demand for improved operational efficiency in small customer service environments, growing demand for automating interactions to reduce the burden on human call center operators, and the growing proliferation of call recording and speech analytics technology in small organizations. Additionally, this segment is expected to register the highest CAGR during the forecast period.
Based on deployment mode, the speech analytics market is segmented into on-premise deployment and cloud deployment. In 2022, the cloud-based deployment segment is expected to account for a larger share of the global speech analytics market. The large market share of this segment is majorly attributed to the growing demand for secure cloud-based speech analytics software, the rising need for cloud-based communication solutions, the increasing need to store and analyze data through cloud platforms, and the growing benefits offered by highly sophisticated cloud-based speech analytics software. Additionally, this segment is expected to register the highest CAGR during the forecast period.
Based on end-use industry, the global speech analytics market is segmented into IT & telecommunications, BFSI, retail & consumer goods, healthcare & life sciences, government & public sector, travel & hospitality, media & entertainment, business process outsourcing, education, other end-use industries. In 2022, the IT & telecommunications segment is expected to account for the largest share of the global speech analytics market.
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The large market share of this segment is attributed to factors such as increasing demand for speech analytics solutions by telecom companies to gather more actionable information in less time, increasing demand to boost customer retention by building loyalty and maintaining customer relationships, growing popularity for solutions to Implement protocols to seize opportunities for cross-selling and upselling in IT & telecom, and a surge in demand by communication service providers (CSPs) to examine their voluminous data and draw actionable insights.
However, the business process outsourcing segment is expected to register the highest CAGR during the forecast period. The growth of this segment is attributed to factors such as the growing demand to resolve simpler customer queries using AI-based chatbots, the rising need to monitor customer calls, derive actionable insights, raise red flags when there are areas of concern, assist during agent QA process, among others, and increasing proliferation of speech analytics solutions to monitor agent performance and assess call quality.
Based on geography, the global speech analytics market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2022, North America is expected to account for the largest share of the global speech analytics market. The large market share of this region is attributed to the increasing adoption of emotion analysis and expansion of e-commerce platforms and provision of customer satisfaction, rising demand for speech analytics software to maintain inbound, outbound, and blended calls, e-mails, web inquiries, and chats, increasing demand for self-service interactions among customers, growing popularity for healthcare fraud analytics and detection solutions across the region, and growing demand for reporting and visualization tools by region's flourishing retail and e-commerce sectors. However, the Asia-Pacific region is expected to register the highest CAGR during the forecast period due to the growing technology expenditures in major countries such as Australia, China, and India, the demand for cost-effective analytical software and services among small and medium-sized enterprises (SMEs), and increasing usage and consciousness of speech and voice recognition devices in the automotive sector.
Key Players
The key players operating in the global speech analytics market are NICE Ltd. (Israel), Verint Systems Inc. (U.S.), CallMiner, Inc. (U.S.), Genesys Cloud Services, Inc. (U.S.), Avaya Holdings Corp. (U.S.), Audio Analytic Ltd. (U.K.), Calabrio, Inc. (U.S.), Batvoice Technologies (France), Qualtrics, LLC (U.S.), Dialpad, Inc. (U.S.), WinterLight Labs (Canada), The Plum Group, Inc. (U.S.), Aural Analytics, Inc (U.S.), Amazon.com, Inc. (U.S.), Uniphore Technologies Inc. (India), Intelligent Voice Ltd (U.K.), Kwantics (India), Gnani Innovations Private Limited (India), and SAS Institute Inc. (U.S.).
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Key questions answered in the report-
• Which are the high-growth market segments in terms of the component, application, organization size, deployment mode, and end-use industries?
• What is the historical market for speech analytics market across the globe?
• What are the market forecasts and estimates for the period of 2022–2029?
• What are the major drivers, restraints, and opportunities in the global speech analytics market?
• Who are the major players in the global speech analytics market, and what share of the market do they hold?
• How is the competitive landscape?
• What are the recent developments in the global speech analytics market?
• What are the different strategies adopted by the major players in the market?
• What are the geographic trends and high-growth countries?
• Who are the local emerging players in the global speech analytics market, and how do they compete with the other players?
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