Speech analytics is a system that uses artificial intelligence and natural language processing to interpret and analyse consumer interactions from real-time or recorded audio data (NLP). Managers of contact centres generally utilise speech analytics to determine the terms that are frequently used during customer interactions to identify and comprehend their top contact drivers. Help businesses build up behavioural remarketing campaigns by identifying the buyer's intent to create seamless customer experiences. To improve the overall client experience, train new hires and have them ready to react to enquiries more rapidly. Furthermore, businesses may leverage these AI-driven speech recognition technologies, creating attractive potential for the expansion of the speech analytics market.
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 market 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. 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). Key players operating in the market 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.
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 market 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. 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). Key players operating in the market 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.
Key Benefits For Stakeholders
Key Market Segments
By Offering
- Solution
- Services
By Enterprise Size
- Large Enterprises
- SMEs
By Application
- Customer Experience Management
- Call Monitoring and Summarization
- Agent Performance Monitoring
- Sales and Marketing Management
- Others
By Industry Vertical
- BFSI
- IT and Telecom
- Media and Entertainment
- Retail and eCommerce
- Government and Defence
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- Germany
- Italy
- France
- Spain
- UK
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Avaya Inc.
- Amazon Web Services, Inc.
- CallMiner
- Genesys Telecommunications Laboratories, Inc.
- Gnani Innovations Private Limited.
- Google LLC
- LivePerson, Inc.
- Micro Focus
- NICE Systems Ltd.
- Verint System Inc.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: SPEECH ANALYTICS MARKET, BY OFFERING
CHAPTER 5: SPEECH ANALYTICS MARKET, BY ENTERPRISE SIZE
CHAPTER 6: SPEECH ANALYTICS MARKET, BY APPLICATION
CHAPTER 7: SPEECH ANALYTICS MARKET, BY INDUSTRY VERTICAL
CHAPTER 8: SPEECH ANALYTICS MARKET, BY REGION
CHAPTER 9: COMPETITIVE LANDSCAPE
CHAPTER 10: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report titled, “Speech Analytics Market," the speech analytics market was valued at $1.7 billion in 2021, and is estimated to reach $4.9 billion by 2031, growing at a CAGR of 11.2% from 2022 to 2031.Speech analytics provides a complete analysis of recorded phone conversations between a company and its customers. It provides advanced functionality and valuable intelligence from customer calls. This information can be used to discover information relating to strategy, product, process, operational issues, and contact center agent performance. Speech analytics applications can spot spoken keywords or phrases, either as real-time alerts on live audio or as a post-processing step on recorded speech. This technique is also known as audio mining. Other uses include categorization of speech in the contact center environment to identify calls from unsatisfied customers.
Key factors driving the growth of the speech analytics market include growing demand for understanding customer behavior better, increasing demand for voice authentication in online banking applications, and the need for accurate interaction analysis for better sales performance. Speech analytics examines data collected from every interaction between your agents and customers to provide direct insight into the voice of the customer. In addition, a speech analytics solution to understand where call center agents or sales teams need improving and what training would be necessary for them. Moreover, by understanding customers and their sentiments better, agents can create a good rapport with them and show them how the product or service is the right fit for them.
Furthermore, with speech technology integrated with mobile banking, financial service providers can enable natural, human-like conversations with customers. In addition, banks also provide a voice-biometric system based on natural language processing to authenticate customers using voice over the phone. Therefore, companies and financial institutions are widely adopting speech analytics for getting in-depth visibility of their sales, which is driving the growth of the market.
The market also offers growth opportunities to the key players in the market. The demand for the speech analytics market is increasing due to increasing online customer engagement. The growth of speech is further accelerated by the ongoing pandemic. During the COVID-19 outbreak, the end-user industries were adopting cutting-edge technology-enabled speech analytics solutions, further boosting market growth. Furthermore, speech analytics is anticipated to modify product offerings and combine them with virtual agents to boost and enhance sales results. AI and machine learning have massively upscaled the speed at which companies may segment conversations into relevant categories through speech analytics to understand what's happening in a conversation. For instance, in September 2022, Genesys Telecommunications Laboratories, Inc. introduced Cloud AI Experience through a customer experience 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. Such initiatives helped the speech analytics market to improve and grow during the pandemic period.
The speech analytics market is segmented into the offering, enterprise size, application, and industry vertical. Based on the offering, the market is categorized into solutions and services. Based on enterprise size, it is categorized into large enterprises and small & medium-sized enterprises. Based on application, it is categorized into customer experience management, call monitoring & summarization, agent performance monitoring, sales & marketing management, and others. Based on industry vertical, it is bifurcated into banking financial services and insurance, government, IT & telecom, media & entertainment, retail & eCommerce, government & defense, and others. Region-wise, it is analyzed across North America (the U.S., and Canada), Europe (Germany, Italy, France, Spain, the UK, and the rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and the rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
The key players profiled in the study include Amazon Web Services, Inc, Google LLC, Avaya Inc., Micro Focus and Verint System Inc, LivePerson, Inc, CallMiner, Genesys Telecommunications Laboratories, Inc, Gnani Innovations Private Limited., Nice Systems Ltd. The players in the market have been actively engaged in the adoption of various strategies such as acquisition, product launch, and expansion to remain competitive and gain an advantage over the competitors in the market. For instance, in October 2021, LivePerson, Inc. completed two major strategic acquisitions: VoiceBase, which provides real-time speech recognition and conversational analytics; and Tenfold, the advanced customer engagement platform for integrating communication systems with leading CRM and support services. Acquiring VoiceBase and Tenfold accelerates LivePerson's vision to help brands gain complete ownership and visibility over engagements in the channels customers care about, inclusive of voice and messaging. These companies bring voice intelligence and AI technologies to support LivePerson's upcoming voice capabilities.
Key Market Insights
- By offering, the solution was the highest revenue contributor to the market and is estimated to reach $1,180 million by 2031, with a CAGR of 10%. However, the serviced segment is estimated to be the fastest-growing segment with a CAGR of 9% during the forecast period.
- By application, the others segment such as risk & compliance management and sentiment analysis dominate the global market and is estimated to reach $1,180 million by 2031. However, the call monitoring & summarization segment is expected to be the fastest-growing segment during the speech analytics market forecast.
- Based on industry vertical, the BFSI segment was the highest revenue contributor to the market, with an impressive CAGR of 14%.
- Based on region, North America was the highest revenue contributor, accounting for $665 million in 2021, and is estimated to reach $1,750 million by 2031.
Companies Mentioned
- Avaya Inc.
- Amazon Web Services, Inc.
- CallMiner
- Genesys Telecommunications Laboratories, Inc.
- Gnani Innovations Private Limited.
- Google LLC
- LivePerson, Inc.
- Micro Focus
- NICE Systems Ltd.
- Verint System Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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