Speech Analytics Market by Component, Type, Channel, Organization Size, Deployment, End-Use

List of Tables

[188 Pages Report] The Speech Analytics Market size was estimated at USD 2.83 billion in 2023 and expected to reach USD 3.29 billion in 2024, at a CAGR 16.95% to reach USD 8.47 billion by 2030.

Speech analytics is the process of analyzing recorded calls or any voice communications to gather customer information, which can help in improving communication and future interaction strategies. This technology utilizes advanced analytical tools and algorithms to process, decode, and examine audio data. The goal of speech analytics is to transcribe voice into text and identify key patterns, trends, and metrics, thereby turning unstructured audio content into actionable insights. The proliferation of cloud-based solutions has made speech analytics more accessible and scalable for businesses of all sizes. Moreover, the growing volume of voice data from various channels, including phone, social media, and the web, presents a vast opportunity for businesses to leverage speech analytics for deeper insights. The high cost associated with implementing and maintaining advanced speech analytics systems and concerns regarding data privacy and security, given the sensitive nature of customer conversations, hampers the growth of the market. Additionally, the ongoing innovation in AI and machine learning, along with increased integration with customer relationship management (CRM) systems, continues to enrich the capabilities and applications of speech analytics, further creating opportunities for market growth.

KEY MARKET STATISTICS
Base Year [2023]	USD 2.83 billion
Estimated Year [2024]	USD 3.29 billion
Forecast Year [2030]	USD 8.47 billion
CAGR (%)	16.95%

Component: Growing usage of hardware in speech analytics for the operation of speech analytics software

The hardware in speech analytics systems refers to the physical components required for the recording, storage, and processing of voice data. This includes servers, storage devices, and audio capture hardware, which are foundational for the operation of speech analytics software and the processing of large volumes of audio data. Solutions in speech analytics are comprehensive software packages that analyze voice recordings or real-time conversations. They aim to extract valuable information, identify patterns, and provide actionable insights. These solutions help enhance customer experience, monitor compliance, and improve operational efficiency. Indexing & query tools are crucial for organizing, searching, and retrieving speech data efficiently. These tools enable users to index large volumes of audio files and perform complex queries to find specific segments of interest. This facilitates faster analysis and aids in uncovering insights from the audio data effectively. Quality management in speech analytics involves monitoring and evaluating the interactions between agents and customers. This includes assessing agent performance, compliance with protocols, and ensuring customer satisfaction. Quality management tools help in identifying training needs and improving service quality. Reporting & visualization tools in speech analytics transform complex data into easy-to-understand reports and visual representations. These tools help stakeholders to quickly grasp key insights, trends, and anomalies in the data. Effective reporting and visualization are essential for informed decision-making. Root cause analysis in the context of speech analytics involves identifying the underlying reasons behind customer calls, issues, and sentiments. By analyzing speech data, organizations can uncover the root causes of customer experiences, enabling them to address the source of problems directly and improve their Product or Service. The speech engine is the core technology behind speech analytics, responsible for converting speech into text and analyzing the spoken content. It includes features such as speech recognition, natural language processing, and emotional detection. The efficiency and accuracy of the speech engine are critical for the overall effectiveness of speech analytics solutions.

End-Use: High potential of speech analytics in the IT & telecommunications industry for enhancing customer service operations

In the banking, financial services, and insurance (BFSI) sector, speech analytics maximizes customer satisfaction, ensures compliance with regulations, and enhances fraud detection capabilities. It provides insights into customer behaviors, identifying trends and opportunities for product or service improvements. Within the education sector, speech analytics tools are revolutionizing the way educational institutions engage with students and parents. They facilitate improved communication, enable the analysis of feedback to enhance learning experiences and assist in administrative efficiency. For government & public sector entities, speech analytics are pivotal in enhancing citizen engagement, streamlining service delivery, and improving public safety communications. It enables the monitoring of interactions for quality control and policy adherence. In healthcare & life sciences, speech analytics plays a crucial role in improving patient care, ensuring HIPAA compliance, and streamlining the flow of communication between healthcare providers and patients. This technology helps in extracting valuable insights from patient interactions. Speech analytics in IT & telecommunications assists in enhancing customer service operations, reducing churn rates, and improving product strategies based on customer feedback. It is essential for monitoring service quality and operational efficiency. The manufacturing sector utilizes speech analytics to bolster safety protocols, improve product quality feedback loops, and optimize customer service. It aids in capturing real-time insights from communication channels for swift decision-making. In retail & consumer goods, speech analytics enriches customer experience, streamlines omnichannel service strategies, and identifies sales trends. It offers a deep understanding of consumer preferences and service issues. Speech analytics in transportation & logistics improves operational efficiencies, enhances customer service, and ensures safety compliance. It facilitates the analysis of communication for optimizing routes, customer interactions, and logistics planning. The travel & hospitality sector leverages speech analytics to enhance guest experiences, manage reputation, and personalize services. It allows for the identification of service improvement areas and guest preferences.

Regional Insights

The Americas represents a significant market for speech analytics technologies due to the robust presence of global enterprises, technological advancements, and a strong focus on customer experience management. The United States represents a significant country in the deployment of speech analytics solutions, driven by sectors such as banking, financial services, insurance (BFSI), healthcare, and retail. The demand in this region is further propelled by stringent compliance requirements and a growing need for advanced analytics and real-time monitoring tools to derive actionable insights from customer interactions. The APAC region is experiencing rapid growth in the speech analytics market, attributed to its burgeoning call center industry and increasing focus on enhancing customer service operations. Countries including India, China, Japan, and Australia are at the forefront, propelled by the rising adoption of new technologies amongst small and medium-sized enterprises (SMEs) and the escalating demand for cloud-based solutions. The region's diverse linguistic landscape presents opportunities for speech analytics technologies, encouraging innovations tailored to regional needs. The EMEA region shows a growing interest in speech analytics, with Europe representing a significant region driven by the need for compliance management, customer experience enhancement, and operational efficiency. Meanwhile, the Middle East and Africa are witnessing gradual growth, with a focus on modernizing traditional call centers and an emphasis on customer service as a differentiation point. Regulatory requirements, particularly in Europe's GDPR, significantly impact the deployment and operation of speech analytics solutions, steering innovations towards privacy and data protection.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Speech Analytics Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Speech Analytics Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Speech Analytics Market, highlighting leading vendors and their innovative profiles. These include 3CLogic Inc., Almawave S.p.A. by AlmavivA S.p.A., Alvaria, Inc., Amazon.com, Inc., Aural Analytics, Inc., Avaya Inc., Business Systems (UK) Ltd, Calabrio, Inc., CallMiner, Inc., CallTrackingMetrics LLC, Castel Communications LLC, Contact Cubed, LLC, Daisee Pty Ltd., Deepgram, Inc., Delacon Pty Ltd., Dialpad, Inc., Enghouse Systems Limited, Five9, Inc. by Zoom Video Communications, Inc., Genesys Cloud Services, Inc., Gnani Innovations Private Limited, Google LLC by Alphabet Inc., Intelligent Voice Ltd., Invoca, Inc., Marchex, Inc., Medallia, Inc., NeoSound Intelligence B.V., NICE Ltd., Open Text Corporation, Ozonetel Communications Pvt Ltd., Picovoice Inc., Qualtrics LLC by SAP SE, Salesken Pvt. Ltd., Speech-i Limited by CEDAT85 SRL, Talkdesk, Inc., TATWA Technologies Ltd., Tethr, TTEC Holdings, Inc., Uniphore Technologies Inc., Verint Systems, Inc., VoiceBase, Inc. by LivePerson, Inc., and Xdroid.

Market Segmentation & Coverage

This research report categorizes the Speech Analytics Market to forecast the revenues and analyze trends in each of the following sub-markets:

Component
- Hardware
- Solutions
  - Indexing & Query Tools
  - Quality Management
  - Reporting & Visualization Tools
  - Root Cause Analysis
  - Speech Engine
Type
- Post-Call Speech Analytics
- Real-Time Speech Analytics

Channel
- Broadcast Media & Content Production
- Sales & Telemarketing Calls
- Social Media
- Voicemails & IVR Systems
- VOIP & Messaging Platforms
- Webinars & Virtual Meetings

Organization Size
- Large Enterprises
- Small & Medium Enterprises

Deployment
- On-Cloud
- On-Premise

End-Use
- Banking, Financial Services, & Insurance
- Education
- Government & Public Sector
- Healthcare & Life Sciences
- IT & Telecommunications
- Manufacturing
- Retail & Consumer Goods
- Transportation & Logistics
- Travel & Hospitality

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Speech Analytics Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Speech Analytics Market?

3. What are the technology trends and regulatory frameworks in the Speech Analytics Market?

4. What is the market share of the leading vendors in the Speech Analytics Market?

5. Which modes and strategic moves are suitable for entering the Speech Analytics Market?

Product Code: MRR-B01BF0CD8FAC

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Accelerating use of speech analytics to handle large number of customer interactions across industrial verticals
  - 5.1.1.2. Growing need for speech analytics solutions from the Business Process Outsourcing (BPO) sector
  - 5.1.1.3. Applications of cloud-based speech analytics solutions to increase client retention inthe healthcare and BFSI sector
- 5.1.2. Restraints
  - 5.1.2.1. High cost and limited availability of skilled professionals
- 5.1.3. Opportunities
  - 5.1.3.1. Integration of advanced technologies to facilitate real-time actionable insights
  - 5.1.3.2. Favorable funding landscape forthe development of novel speech analytics platforms
- 5.1.4. Challenges
  - 5.1.4.1. Data privacy and security issues associated with the use of speech analytics
5.2. Market Segmentation Analysis
- 5.2.1. Component: Growing usage of hardware in speech analytics for the operation of speech analytics software
- 5.2.2. End-Use: High potential of speech analytics in the IT & telecommunications industry for enhancing customer service operations
5.3. Market Disruption Analysis
5.4. Porter's Five Forces Analysis
- 5.4.1. Threat of New Entrants
- 5.4.2. Threat of Substitutes
- 5.4.3. Bargaining Power of Customers
- 5.4.4. Bargaining Power of Suppliers
- 5.4.5. Industry Rivalry
5.5. Value Chain & Critical Path Analysis
5.6. Pricing Analysis
5.7. Technology Analysis
5.8. Patent Analysis
5.9. Trade Analysis
5.10. Regulatory Framework Analysis

6. Speech Analytics Market, by Component

6.1. Introduction
6.2. Hardware
6.3. Solutions

7. Speech Analytics Market, by Type

7.1. Introduction
7.2. Post-Call Speech Analytics
7.3. Real-Time Speech Analytics

8. Speech Analytics Market, by Channel

8.1. Introduction
8.2. Broadcast Media & Content Production
8.3. Sales & Telemarketing Calls
8.4. Social Media
8.5. Voicemails & IVR Systems
8.6. VOIP & Messaging Platforms
8.7. Webinars & Virtual Meetings

9. Speech Analytics Market, by Organization Size

9.1. Introduction
9.2. Large Enterprises
9.3. Small & Medium Enterprises

10. Speech Analytics Market, by Deployment

10.1. Introduction
10.2. On-Cloud
10.3. On-Premise

11. Speech Analytics Market, by End-Use

11.1. Introduction
11.2. Banking, Financial Services, & Insurance
11.3. Education
11.4. Government & Public Sector
11.5. Healthcare & Life Sciences
11.6. IT & Telecommunications
11.7. Manufacturing
11.8. Retail & Consumer Goods
11.9. Transportation & Logistics
11.10. Travel & Hospitality

12. Americas Speech Analytics Market

12.1. Introduction
12.2. Argentina
12.3. Brazil
12.4. Canada
12.5. Mexico
12.6. United States

13. Asia-Pacific Speech Analytics Market

13.1. Introduction
13.2. Australia
13.3. China
13.4. India
13.5. Indonesia
13.6. Japan
13.7. Malaysia
13.8. Philippines
13.9. Singapore
13.10. South Korea
13.11. Taiwan
13.12. Thailand
13.13. Vietnam

14. Europe, Middle East & Africa Speech Analytics Market

14.1. Introduction
14.2. Denmark
14.3. Egypt
14.4. Finland
14.5. France
14.6. Germany
14.7. Israel
14.8. Italy
14.9. Netherlands
14.10. Nigeria
14.11. Norway
14.12. Poland
14.13. Qatar
14.14. Russia
14.15. Saudi Arabia
14.16. South Africa
14.17. Spain
14.18. Sweden
14.19. Switzerland
14.20. Turkey
14.21. United Arab Emirates
14.22. United Kingdom

15. Competitive Landscape

15.1. Market Share Analysis, 2023
15.2. FPNV Positioning Matrix, 2023
15.3. Competitive Scenario Analysis
- 15.3.1. Xdroid offers Superior Speech Analytics with Advanced NLP-based Features
- 15.3.2. Microsoft, Canary Speech Partner to Advance AI-enabled Speech Analysis
- 15.3.3. Airtel deploys AI-powered speech analytics solutions for customer service transformation with NVIDIA
15.4. Strategy Analysis & Recommendation

16. Competitive Portfolio

16.1. Key Company Profiles
16.2. Key Product Portfolio