The Global Speech Analytics Market size is expected to reach $8.1 billion by 2031, rising at a market growth of 15.5% CAGR during the forecast period.
Speech analytics tools help financial institutions analyze customer interactions to identify pain points, streamline service delivery, and improve satisfaction. Additionally, these tools are invaluable for monitoring compliance with strict regulatory requirements and detecting suspicious or fraudulent activities in real-time. Therefore, the BFSI segment garnered nearly 1/4th revenue share in the market in 2023. The Banking, Financial Services, and Insurance (BFSI) sector is propelled by the imperative to augment consumer engagement, guarantee adherence to regulatory standards, and mitigate the risk of fraudulent activities. The rising adoption of digital banking and financial services has further amplified the demand for speech analytics in this segment.
Speech analytics plays a crucial role in identifying moments of frustration or dissatisfaction during customer interactions. For instance, a hotel chain might use speech analytics to analyze feedback from guests who call to report service issues in the hospitality industry. By identifying the root causes of these complaints, the hotel can implement targeted improvements, such as better staff training or enhanced room amenities, ultimately elevating the guest experience. Hence, these factors will drive the expansion of the market. Additionally, Speech analytics also helps contact centers identify recurring customer issues and ensure compliance with regulations. For example, a telecommunications provider might analyze calls to uncover frequent complaints about connectivity in a specific region, enabling proactive infrastructure upgrades. Similarly, in industries like healthcare or banking, speech analytics ensures agents handle sensitive information in compliance with data privacy laws. Thus, these applications make speech analytics a critical tool for improving customer satisfaction, reducing operational challenges, and ensuring regulatory adherence.
However, the high cost of training employees to effectively use these solutions adds another layer of complexity. Speech analytics systems are highly specialized and require skilled personnel to interpret data and generate actionable insights. The expenses associated with training may serve as an additional impediment for SMEs, as they frequently lack the necessary resources to either recruit or enhance the skills of employees for these positions. Consequently, the market penetration of speech analytics remains limited, with its adoption predominantly confined to large enterprises that can afford upfront and ongoing investments.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions, and Partnerships & Collaborations.
Speech analytics tools help financial institutions analyze customer interactions to identify pain points, streamline service delivery, and improve satisfaction. Additionally, these tools are invaluable for monitoring compliance with strict regulatory requirements and detecting suspicious or fraudulent activities in real-time. Therefore, the BFSI segment garnered nearly 1/4th revenue share in the market in 2023. The Banking, Financial Services, and Insurance (BFSI) sector is propelled by the imperative to augment consumer engagement, guarantee adherence to regulatory standards, and mitigate the risk of fraudulent activities. The rising adoption of digital banking and financial services has further amplified the demand for speech analytics in this segment.
Speech analytics plays a crucial role in identifying moments of frustration or dissatisfaction during customer interactions. For instance, a hotel chain might use speech analytics to analyze feedback from guests who call to report service issues in the hospitality industry. By identifying the root causes of these complaints, the hotel can implement targeted improvements, such as better staff training or enhanced room amenities, ultimately elevating the guest experience. Hence, these factors will drive the expansion of the market. Additionally, Speech analytics also helps contact centers identify recurring customer issues and ensure compliance with regulations. For example, a telecommunications provider might analyze calls to uncover frequent complaints about connectivity in a specific region, enabling proactive infrastructure upgrades. Similarly, in industries like healthcare or banking, speech analytics ensures agents handle sensitive information in compliance with data privacy laws. Thus, these applications make speech analytics a critical tool for improving customer satisfaction, reducing operational challenges, and ensuring regulatory adherence.
However, the high cost of training employees to effectively use these solutions adds another layer of complexity. Speech analytics systems are highly specialized and require skilled personnel to interpret data and generate actionable insights. The expenses associated with training may serve as an additional impediment for SMEs, as they frequently lack the necessary resources to either recruit or enhance the skills of employees for these positions. Consequently, the market penetration of speech analytics remains limited, with its adoption predominantly confined to large enterprises that can afford upfront and ongoing investments.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions, and Partnerships & Collaborations.
Driving and Restraining Factors
Drivers- Increasing Demand for Customer Experience Management
- Growing Adoption in Contact Centers
- Advancements in Artificial Intelligence (AI)
- Substantially High Implementation Costs
- Data Privacy and Security Concerns
- Regulatory Compliance Requirements
- Growing Need for Data-Driven Decision Making
- Difficulty in Integration with Existing Systems
- Limited Awareness and Understanding
Deployment Type Outlook
Based on deployment type, the market is bifurcated into on-premise and cloud. The on-premise segment garnered 58% revenue share in the market in 2023. The on-premise segment is primarily driven by organizations’ need for enhanced data security and compliance control. Industries such as banking, healthcare, and government, which operate under strict regulatory frameworks, rely on on-premise solutions to ensure sensitive data is securely managed within their infrastructure. These solutions also appeal to businesses with existing IT resources, as they can leverage in-house capabilities to reduce reliance on external service providers.Component Outlook
On the basis of component, the market is classified into solution and services. The services segment recorded 38% revenue share in the market in 2023. The growth is reflecting the growing need for support and expertise in deploying, maintaining, and optimizing speech analytics systems. Services such as consulting, training, and managed support are critical for ensuring that organizations maximize the value of their investment in analytics technology. As speech analytics solutions become more sophisticated, the demand for implementation services and ongoing support continues to rise.
Services Type Outlook
By services type, the market is divided into professional services and managed services. The professional services segment witnessed 67% revenue share in the market in 2023. The professional services segment is driven by the increasing complexity of speech analytics systems and the need for specialized expertise in their deployment and customization. Organizations require professional services to ensure seamless implementation, integration with existing infrastructure, and alignment with business goals.Application Outlook
Based on application, the market is segmented into customer experience management, agent performance monitoring, sales performance management, call monitoring & competitive intelligence, and others. The customer experience management segment procured 42% revenue share in the market in 2023. The customer experience management segment is driven by the increasing emphasis on understanding and enhancing customer satisfaction in highly competitive markets. Organizations across industries leverage speech analytics to analyze customer interactions, gain insights into pain points, and predict customer needs. These tools enable businesses to personalize services, improve response times, and build stronger customer relationships.Enterprises Size Outlook
On the basis of enterprises size, the market is bifurcated into large enterprises and small & medium enterprises. The small & medium enterprises segment witnessed 41% revenue share in the market in 2023. These tools enable SMEs to improve customer engagement, monitor agent performance, and gain actionable insights without significant upfront investments. The growing awareness of the benefits of speech analytics, coupled with the need to compete with larger counterparts, has encouraged more SMEs to adopt these technologies.Vertical Outlook
By vertical, the market is divided into BFSI, telecom & IT, media & entertainment, healthcare, retail, government, travel & hospitality, and others. The media & entertainment segment acquired 15% revenue share in the market in 2023. Speech analytics tools enable organizations to analyze customer preferences, feedback, and engagement levels across multiple channels, such as call centers and streaming platforms. This data helps media companies tailor their offerings, optimize advertising strategies, and enhance customer experiences. The escalating consumption of digital media, coupled with the intensifying competition for audience retention, has rendered speech analytics an indispensable instrument for comprehending and fulfilling audience expectations, thereby fostering growth within this sector.Regional Outlook
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America segment witnessed 37% revenue share in the market in 2023. Organizations within various regional industries utilize speech analytics to augment customer engagement, enhance operational efficiency, and maintain adherence to rigorous regulatory standards. The widespread adoption of cloud-based solutions and growing investments in AI and machine learning have further accelerated the demand for speech analytics in North America.Recent Strategies Deployed in the Market
- Nov-2024: Verint Systems, Inc. partners with RingCentral to integrate AI-driven Workforce Engagement Management and CX automation into RingCX. The collaboration enhances customer experiences with features like interaction analytics, intelligent virtual agents, and knowledge management, streamlining support and boosting operational efficiency.
- Oct-2024: Open Text Corporation has launched its AutoScore module, leveraging speech analytics to analyze all customer interactions. The new product provides real-time insights into agent performance and customer satisfaction, helping businesses enhance customer service through personalized coaching, recognizing top agents, and refining service strategies
- Sep-2024: Verint Systems, Inc. and Avaya deepen their partnership, integrating Verint’s AI-powered bots and speech analytics into the Avaya Experience Platform. This collaboration enhances customer experience innovation, providing scalable, cloud-ready solutions to optimize contact center performance and drive actionable business insights.
- Sep-2024: Verint Systems, Inc. and Five9 deepen their partnership with a new cloud-to-cloud integration, combining Verint's CX automation and Five9's AI-powered platform. This collaboration enhances customer experience solutions with seamless connectivity, empowering businesses with advanced tools for AI-driven insights and automation.
- May-2024: Qualtrics and Bain & Company expand their partnership, integrating Bain’s customer experience methodologies with Qualtrics’ AI-powered solutions. This collaboration enables organizations to enhance customer and employee experiences, accelerate growth, and foster deeper customer loyalty through innovative AI-driven insights and feedback.
List of Key Companies Profiled
- Speechmatics Ltd.
- Almawave S.p.A. (Almaviva S.p.A)
- CallMiner, Inc.
- Qualtrics, LLC (Silver Lake Technology Management, L.L.C.)
- Genesys Cloud Services, Inc.
- Hewlett Packard Enterprise Company
- NICE Ltd.
- Microsoft Corporation
- Verint Systems Inc.
- Amazon Web Services, Inc. (Amazon.com, Inc.)
Market Report Segmentation
By Deployment Type- On-premise
- Cloud
- Solution
- Services
- Professional Services
- Managed Services
- Customer Experience Management
- Agent Performance Monitoring
- Sales Performance Management
- Call Monitoring & Competitive Intelligence
- Other Application
- Large Enterprises
- Small & Medium Enterprises
- BFSI
- Telecom & IT
- Media & Entertainment
- Healthcare
- Retail
- Government
- Travel & Hospitality
- Other Vertical
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. Competition Analysis - Global
Chapter 5. Global Speech Analytics Market by Deployment Type
Chapter 6. Global Speech Analytics Market by Component
Chapter 7. Global Speech Analytics Market by Application
Chapter 8. Global Speech Analytics Market by Enterprises Size
Chapter 9. Global Speech Analytics Market by Vertical
Chapter 10. Global Speech Analytics Market by Region
Chapter 11. Company Profiles
Companies Mentioned
- Speechmatics Ltd.
- Almawave S.p.A. (Almaviva S.p.A)
- CallMiner, Inc.
- Qualtrics, LLC (Silver Lake Technology Management, L.L.C.)
- Genesys Cloud Services, Inc.
- Hewlett Packard Enterprise Company
- NICE Ltd.
- Microsoft Corporation
- Verint Systems Inc.
- Amazon Web Services, Inc. (Amazon.com, Inc.)
Methodology
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