Meticulous Research®, a leading global market research company, has published a new 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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Market Growth and Drivers
According to this latest report, the global speech analytics market is projected to grow at a compound annual growth rate (CAGR) of 20.1%, reaching $14.1 billion by 2029. Several factors are driving this growth, including:
• Increased demand for speech analytics to enhance contact center operations.
• The role of speech analytics in improving fraud detection.
• Rising adoption of speech-based biometric systems during the COVID-19 pandemic.
However, data privacy and security concerns remain a significant restraint. Conversely, the market is poised for opportunities due to the growing demand for speech analytics in healthcare and cloud-based solutions for customer retention. Limited real-time speech analytics use cases present a challenge.
Market Segmentation

By Component: Solutions and Services
In 2022, the solutions segment is expected to dominate the market, driven by the proliferation of speech analytics software in call centers, the need for reporting and visualization tools, and the growing importance of customer experience and engagement solutions. This segment is also projected to have the highest growth rate during the forecast period.

By Application: Sales and Marketing Management Leads
The sales and marketing management segment is anticipated to hold the largest market share in 2022. This is due to the need for improved customer experience, identification of effective sales patterns, and demand for call monitoring solutions. This segment is also expected to grow at the highest CAGR.

By Organization Size: Small & Medium-Sized Enterprises (SMEs)
In 2022, SMEs are expected to account for the larger share of the market, driven by the demand for operational efficiency, automation in customer service, and the adoption of call recording and speech analytics technologies. This segment is also projected to register the highest CAGR.

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