Speech Analytics Global Market Report 2024

Speech analytics involves the utilization of voice recognition software to analyze voice recordings or live calls from customers to contact centers. Its primary purpose is to extract valuable information and ensure quality assurance in customer interactions.

The components of speech analytics encompass both solutions and services. Solutions in the speech analytics market involve the sales of speech analytics solutions by various entities, including organizations, partnerships, and sole proprietors. These solutions are designed to analyze conversations, focusing on the spoken words during recorded phone calls. The technology behind speech analytics organizes the content of agent-customer interactions by converting speech into text. Deployment modes for speech analytics include both on-premises and cloud solutions. Speech analytics solutions and services find applications in various areas, including customer experience management, call monitoring and summarization, agent performance monitoring, sales and marketing management, risk and compliance management, and sentiment analysis. They cater to the needs of both large enterprises and small and medium-sized enterprises (SMEs). Different industry verticals benefiting from speech analytics solutions and services include banking, financial services, and insurance (BFSI), IT and telecom, media and entertainment, retail and eCommerce, travel and hospitality, government and defense, healthcare and life sciences, and other verticals.

The speech analytics market research report is one of a series of new reports that provides speech analytics market statistics, including speech analytics industry global market size, regional shares, competitors with a speech analytics market share, detailed speech analytics market segments, market trends and opportunities, and any further data you may need to thrive in the speech analytics industry. This speech analytics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The speech analytics market size has grown exponentially in recent years. It will grow from $2.57 billion in 2023 to $3.17 billion in 2024 at a compound annual growth rate (CAGR) of 23.5%. The growth observed in the historical period can be attributed to various factors, including the introduction of advanced speech recognition technologies, the adoption of speech analytics for enhancing customer service, the implementation of speech analytics in call centers, the rise of voice biometrics for authentication and security, and an increasing emphasis on compliance with regulatory requirements.

The speech analytics market size is expected to see exponential growth in the next few years. It will grow to $7.62 billion in 2028 at a compound annual growth rate (CAGR) of 24.5%. The anticipated growth in the forecast period can be attributed to several factors, including the expansion of speech analytics in multichannel customer engagement, increased adoption of speech analytics in predictive analytics for business insights, a growing utilization of speech analytics in employee training and performance evaluation, a heightened emphasis on real-time speech analytics for immediate action, and the use of emotion and sentiment analysis in speech analytics. Noteworthy trends expected in the forecast period encompass the integration of speech analytics with artificial intelligence (AI) and machine learning (ML), the incorporation of speech analytics into virtual assistants and chatbots, a greater adoption of cloud-based speech analytics solutions, a focus on speech analytics for social media monitoring, and the development of industry-specific speech analytics applications.

The substantial adoption of speech analytics by businesses is a key driver in the remarkable growth of the speech analytics market. Given its efficacy in problem identification, enhancing customer experiences, and sentiment analysis, companies spanning various industries are rapidly integrating speech analytics into their operations. This trend creates significant opportunities for the future advancement of speech analytics technology, with key companies likely to explore partnerships and strategic alliances. An illustrative example is Scotiabank's collaboration with Google Cloud in September 2021. This partnership aims to fortify Scotiabank's commitment to a cloud-first approach, accelerating its global strategy for speech, text, and data analytics. Google Cloud, as Scotiabank's trusted analytics partner, will play a crucial role in offering customers across the Americas and worldwide a more personalized and predictive banking experience. This strategic partnership underscores the potential for companies to leverage speech and data analytics for enhanced services.

The surging demand in e-commerce is anticipated to be a significant driver for the growth of the speech analytics market. With e-commerce encompassing online buying and selling of goods and services, speech analytics plays a vital role in identifying suspicious activities and potential fraud through the analysis of customer interactions and detection of anomalies in behavior on e-commerce platforms. As of August 2023, the United States Census Bureau reported a 7.5% increase in e-commerce estimates for the second quarter of 2023 compared to the same period in 2022, with online stores accounting for 15.4% of all sales. This robust demand in e-commerce is contributing significantly to the expansion of the speech analytics market.

The adoption of advanced technology stands out as a prominent trend in the speech analytics market, with major companies actively developing innovative solutions to strengthen their market positions. A case in point is Verint's April 2021 release of the Verint Intelligent Virtual Assistant Professional (IVA Pro) Package. This low-code conversational artificial intelligence (AI) offering transforms existing conversation data into automated self-service experiences swiftly, allowing business professionals to deploy a production-ready chatbot for call deflection and customer support. The comprehensive capabilities of Verint IVA, covering both voice and digital interactions, empower businesses to enhance their operational capabilities across the enterprise.

Innovation in technology, such as the incorporation of voice analytics, is a key focus for major companies operating in the speech analytics market to provide reliable services to customers. Voice analytics, involving advanced technology tools for capturing, transcribing, and analyzing spoken conversations, serves to improve agent performance and increase the efficiency of contact center operations. TCN Inc., a US-based call center software company, launched Voice Analytics in May 2021, allowing call center managers to screen calls based on various parameters, including day, time, and specific agents, while also offering features like automated reports and customizable dashboards.

An exemplary instance of industry development is Pegasystems Inc. 's acquisition of Qurious. io in January 2021. This California-based provider of real-time speech analytics solutions, powered by artificial intelligence (AI), for customer service teams enables Pegasystems to extend its capabilities in customer service and introduce intelligent speech analytics software to leading global brands.

Major companies operating in the in the speech analytics market report are NICE Systems Ltd., Verint Systems Inc., Avaya Holdings Corp., OpenText Corporation, Genesys Telecommunications Laboratories Inc., Calabrio Inc., Clarabridge Inc., Castel Communications LLC, VoiceBase Inc., Google LLC, Vonage Holdings Corp., Micro Focus International plc, Zoom International S. A., Almawave S. p. A., Talkdesk Inc., Alvaria Inc., Hewlett Packard Enterprise Company, Interactive Intelligence Group Inc., InContact Inc., Clarifai Inc., Uniphore Software Systems Pvt. Ltd., Deepgram Inc., Eleos Health Inc., Sonde Health Inc., Aural Analytics Inc., Intelligent Voice Ltd., Phonexia s. r. o., Daisee Pty Ltd, CloudTalk s. r. o., CallTrackingMetrics LLC, SpeechTech Ltd., Batvoice Technologies

North America was the largest region in the speech analytics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the speech analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the speech analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The speech analytics market includes revenues earned by entities by providing solutions that understand, analyse, and derive insights from a voice conversation by utilising AI services such as transcription, natural language processing, and speech technologies. Speech analytics is a software application that transcribes the voice calls and extracts deep insights, trends, and metrics from each one. These insights are then used to evaluate agent performance, assess customer experience, and track the organization's overall strengths and weaknesses in every voice interaction. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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