North America Speech Analytics Market Report and Forecast 2024-2032

According to this report, the North America speech analytics market size reached a value of USD 2.76 billion in 2023. Aided by the advanced technological integration and the growing importance of customer service and experience management across industrial sectors, the market is projected to further grow at a CAGR of 16.8% between 2024 and 2032 to reach a value of USD 11.33 billion by 2032.

The primary drivers of the North America speech analytics market growth include the increasing emphasis on enhancing customer satisfaction and the growing need for effective risk management and fraud prevention. Businesses across North America are utilising speech analytics to gain a deeper understanding of customer preferences, behaviours, and patterns to tailor their services and products accordingly.

The integration of AI and machine learning technologies has significantly enhanced the capabilities of speech analytics solutions. As per the North America speech analytics market analysis, these technologies enable more accurate sentiment analysis, emotion detection, and even predictive analytics, allowing companies to not only react to customer needs but also anticipate them.

Additionally, the rising demand for cloud-based solutions due to their cost-effectiveness, scalability, and ease of implementation is fuelling market growth. Cloud-based speech analytics solutions offer businesses the flexibility to manage large volumes of data and access analytics from anywhere, which is particularly beneficial for companies with remote work policies.

As per the North America speech analytics market outlook, there is an increasing focus on real-time speech analytics, which allows companies to analyse customer interactions as they occur. This immediate analysis helps in making instant decisions to enhance the customer experience and manage situations more effectively.

The healthcare sector is increasingly adopting speech analytics to improve patient satisfaction and compliance with regulations. Healthcare providers use speech analytics to monitor and improve the quality of interactions between patients and staff, ensuring better patient care and adherence to privacy standards, which propels the North America speech analytics market expansion.

Modern speech analytics solutions are equipped with advanced reporting and visualisation tools. These features enable organizations to create detailed reports that provide insights into various aspects of customer interactions and agent performance, facilitating informed decision-making.

Companies in the North America speech analytics market are looking to consolidate data from various communication channels (calls, texts, social media, etc.) to gain a holistic view of customer interactions. Multichannel analytics is becoming a significant trend, as it provides a more comprehensive analysis and helps in understanding the customer journey across different touchpoints. With the advent of more affordable and scalable solutions, SMEs are increasingly adopting speech analytics. This technology helps SMEs compete with larger enterprises by providing valuable insights that can enhance customer retention and acquisition strategies.

The United States holds the largest North America speech analytics market share, driven by the presence of major market players and a strong focus on innovation and technology adoption in business operations. The increasing investment in customer relationship management (CRM) technologies and the high priority given to customer feedback and satisfaction are major factors contributing to the growth of the market in the region.

Market Segmentation

The market can be divided based on type, deployment mode, enterprise size, end-user and country.

Market Breakup by Type

• Solution
• Services

Market Breakup by Deployment Mode

• On-Premises
• Cloud

Market Breakup by Enterprise Size

• Large Enterprises
• Small and Medium Enterprises

Market Breakup by End-User

• BFSI
• Healthcare
• Government
• Retail
• Telecommunications
• Others

Market Breakup by Country

• United States of America
• Canada

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the North America speech analytics market. Some of the major players explored in the report are as follows:

• Open Text Corporation
• Nice Ltd.
• Verint System Inc.
• Avaya LLC
• Castel Communications
• Talkdesk, Inc.
• Qualtrics LLC
• LivePerson, Inc. (VoiceBase, Inc.)
• Genesys Cloud Services, Inc.
• CallMiner Inc.
• Others