Industry Overview
The global Speech Analytics Market is projected to reach USD 6.2 billion by 2030, registering a CAGR of 16.6% during the forecast period. Growing significance for real-time speech analytics solutions, and increasing demand for speech analytics solutions to cater growing BPO sector, propelling the growth of the market.
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Market Segmentation
Insight by Offering
On the basis of offering, The Global Speech Analytics Market is categorized into solution and service, wherein the solution category held a larger share of the market lately. The growth of this segment is attributed to the growing adoption of speech analytics solutions in all the verticals, in order to offer improved user service and monitor agents’ performance.
The service category is expected to witness faster growth during the forecast period, owing to the rising demand for consulting, integration and implementation. This category is sub-segmented into managed and professional.
Insight by Deployment Type
Based on deployment type, The Global Speech Analytics Market is segmented into on-premises and cloud-based. Among the two segments, a cloud-based category is expected to witness faster growth during the forecast period. The growth of this segment is attributed to the fact that cloud-based deployment offers high speed, 24/7 service, and enhanced scalability.
Insight by Enterprise Size
The Global Speech Analytics Market is segmented into small & medium enterprises and large enterprises based on enterprise size. The large enterprise category held a larger share in the speech analytics market among these two segments. The growth of this segment is attributed to the fact that large enterprises adopt speech analytics solutions more in comparison to SMEs, to offer better customer experience, encourage their repeat business, and retain their large customer base.
Insight by Vertical
Based on vertical, The Global Speech Analytics Market is classified into BFSI, media & entertainment, IT and telecommunications, manufacturing, automotive, healthcare, energy & utilities, government, retail and e-commerce, travel and hospitality, healthcare, and life sciences. The telecommunications industry is estimated to dominate the market during the forecast timeframe. The enormous generation of data in this connected world concept is the major factor driving this segment. Companies in the telecom service providers are the leading end-users of speech analytics.
Insight by Application
On its application ground, The Global Speech Analytics Market is classified into sales and marketing management, customer experience management, risk and compliance management, agent performance tracking, competitive intelligence and call tracking. The leading segment is the competitive intelligence segment with a high CAGR in terms of revenue growth. This segment has extensively impacted the contact centers’ communication methods, causing improved performance of the enterprises.
Global Speech Analytics Market Report Coverage
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Report Metric
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Details
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Historical Period
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2018 - 2023
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Base Year Considered
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2024
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Forecast Period
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2025 - 2030
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Market Size in 2023
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U.S.D. 2.6 Billion
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Revenue Forecast in 2030
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U.S.D. 6.2 Billion
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Growth Rate
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16.6%
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Segments Covered in the Report
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By Offering, By Deployment Type, By Enterprise Size, By Vertical, and By Application
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Report Scope
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Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling
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Regions Covered in the Report
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North America, Europe, Asia-Pacific, Middle East, and Rest of the World
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Industry Dynamics
Growth Drivers
The global speech analytics market has been driven by several key factors, predominantly increasing the number of contact centers, rising focus on customer satisfaction, growing significance for real-time speech analytics solutions, and increasing demand for speech analytics solutions to cater growing BPO sector.
Customer experience management: Speech analytics can help organizations understand customer sentiments, identify emerging trends, and improve customer satisfaction by analyzing customer interactions.
Contact center optimization: By analyzing customer calls, speech analytics can identify common issues, agent performance, and customer pain points, enabling contact centers to optimize processes, train agents, and enhance overall performance.
Compliance and risk management: Speech analytics systems can monitor calls for regulatory compliance, identify potential risks or fraud, and flag suspicious activities, ensuring businesses adhere to legal and ethical standards.
Sales and marketing effectiveness: Analyzing sales calls and customer conversations can provide insights into effective sales techniques, customer preferences, and product feedback, helping organizations refine their sales and marketing strategies.
Market research and competitive intelligence: By analyzing interviews, focus groups, and social media conversations, speech analytics can provide valuable insights into consumer behavior, market trends, and competitive analysis.
Restraints
Difficulty to quantify the return on investment (RoI) is hindering the growth of the speech analytics market, globally.
Geography Insight
Geographically, North America has accounted for the largest share in the speech analytics market, globally and is predicted to grow significantly during the forecast period. The growth of this market is attributed to the existence of a large number of speech analytics solution vendors in the U.S., an increasing service industry, and an increasing number of contact centers in the region. Moreover, Asia-Pacific is expected to witness the fastest growth during the forecast period due to the increasing IT investments in developing countries, such as China and India.
Competitive Insight
Some of the key players operating in the global speech analytics market are Hewlett Packard Enterprise Company, Calabrio Inc., Clarabridge Inc., NICE Ltd., Verint Systems Inc., CallMiner Inc., Genesys Telecommunications Laboratories Inc., OnviSource, Avaya Holdings Corporation, Aspect Software Inc., Zoom International, and Castel Communications.
Forecast Parameters
- Identifying variables and establishing market impact.
- Establishing market trends regionally.
- Analyzing opportunities and market penetration rates by understanding product commercialization, and regional expansion.
- Analyzing demand and supply trends and changes in industry dynamics to establish future growth.
- Analyzing sustainability strategies adhered to by market participants in an attempt to determine the future course of the market.
- Analyzing historical market trends and super-imposing them on the current and future variables to determine the year-on-year trend.
- Understanding adoption, production, export, import, and regulatory framework.
Data Validation
- Estimated and forecasted data was validated through industry experts.
- Apart from industry experts, data triangulation methods were used for validation.
- The bottom-up and top-down approach has been used for the estimation and forecast of market data, whereas the top-down approach was used for validation.
- Demand, as well as supply-side surveys, were conducted in order to understand the industry dynamics and data validation.
Primary Research
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from the industry experts. The key profiles approached within the industry include CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads, and Others. Also, end-user surveys comprising consumers are also conducted to understand consumer behavior.
The Speech Analytics Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.
Segments Covered in the Report
- By Offering
- By Deployment Type
- By Enterprise Size
- Large Enterprises
- Small & Medium Enterprises
- By Vertical
- Banking, Financial Services, and Insurance (BFSI)
- Hospitality
- Information Technology (IT) & Telecom
- Healthcare
- Media & Entertainment
- Manufacturing
- Government
- Retail
- Others
- By Application
- Customer Experience Management
- Call Monitoring
- Agent Performance Monitoring
- Risk & Compliance Management
- Others
Region Covered in the Report
- North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-Pacific (APAC)
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Rest of the World (RoW)
- Brazil
- Saudi Arabia
- South Africa
- U.A.E.
- Other Countries
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Source: VynZ Research
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Source: VynZ Research
