Speech Analytics Market Forecasts to 2030 - Global Analysis By Component, Business Function, Organization Size, Deployment Mode, Application, End User and By Geography

According to Stratistics MRC, the Global Speech Analytics Market is accounted for $2.74 billion in 2023 and is expected to reach $9.44 billion by 2030 growing at a CAGR of 19.3% during the forecast period. Speech analytics is a system that uses artificial intelligence and natural language processing (NLP) to interpret and analyze consumer conversations from real-time or recorded audio data. Managers of contact centers generally utilize speech analytics to determine the words that are frequently used during customer interactions in order to identify and comprehend their top contact drivers. Information related to organizational operational concerns and strategy is determined using this data. With the aid of speech analytics software, businesses can learn vital details about their operations and products, increasing consumer satisfaction and elevating shipments.

Market Dynamics:

Driver:

• Increasing use in the telecom sector.

• With the use of voice analytics, the telecom industry is expected to be more profitable. Additionally, cloud-based audio analytics are being used by contact centers for telecom companies to track customer journeys in real time and determine consumer patterns, behaviors, and trends. Many call recordings can be easily and affordably examined and evaluated using speech analytics. Speech analytics has additional benefits that have improved customer experience (CX), customer acquisition, and customer retention. These benefits include less fraud, better service, more customer satisfaction, lower risk, and higher profitability.

Restraint:

• Integration is necessary for the existing system.

• It can be difficult to decide on the most effective voice analytics software. Phonetics, transcription, and matching important terms spoken by users are just a few methods for drawing insights from data. It might be difficult to select the strategy that will best meet the needs of a firm. Selecting the best speech analytics solution is made more challenging by the abundance of providers offering services of an equivalent caliber. Therefore, one of the main obstacles to the widespread adoption of speech analytics is the requirement to integrate speech analytics with current CRM systems for data insights and to settle on a method to accomplish this.

Opportunity:

• Utilization of AI and ML technology to enable timely, actionable consumer insights.

• Modern businesses are utilizing AI and NLP technology to supplement corporate operations and cut operational costs. Real-time customer insights are provided by AI-powered speech analytics tools, which help support contact center agents concentrate on the caller, monitor customer sentiment, and use transcribed data to suggest responses and suggest solutions. For instance, the majority of contact centers in the banking industry became overwhelmed with consumer calls, making it impossible for them to deliver the best possible customer care. Thus, in the banking industry, voice analytics combined with NLP technology can aid human representatives in better understanding consumers and even foreseeing their demands.

Threat:

• Integration of speech analytics with other analytics.

• Predictive analytics is a precise method of predicting client behavior. In order to provide behavioral customization, it analyzes a customer's voice or speech patterns and connects them to usual behavioral patterns. Predictive analytics technology can foresee future behavior in consumerism, work culture, social habits, entertainment, and healthcare by understanding behavioral trends. Speech analytics concentrates on prosodic speech patterns, including emphasis, speed, and intonation. Currently, speech analytics are frequently used in the form of basic voice recognition tools or software.

COVID-19 Impact:

• The potential end-user industries adopted cutting-edge technology-enabled speech analytics solutions during the COVID-19 epidemic, thus increasing market growth. The epidemic has hastened the general development of workplace automation, even though call centers have long been a major frontier. Additionally, AI and machine learning have dramatically increased the speed at which businesses may use speech analytics to categorize communications into pertinent groups in order to comprehend what's going on in a conversation.

• The Telecom & IT segment is expected to be the largest during the forecast period

• Telecom & IT segment commanded the largest share over the forecast period. Speech analytics has gained more and more traction in the telecom industry as a result of the enormous number of data produced by the introduction of the connected world concept. Speech analytics tools are commonly used by telecom service providers. Numerous benefits, such as higher profits, lower fraud, lower risk, better service, and more customer happiness, are aiding in attracting and keeping more customers as the business market grows.

• The Solutions segment is expected to have the highest CAGR during the forecast period

• Solutions segment is estimated to witness lucrative growth during the projection period. By combining several technologies, including analytics, NLP, and AI, speech analytics systems can further build a deep analysis of voice communication and provide business-useful insights. The majority of businesses use speech analytics tools to comprehend the conversational data produced and use it to improve operational effectiveness. To meet the needs of verticals including BFSI, retail and eCommerce, telecom, manufacturing, travel and hospitality, healthcare and life sciences, and media and entertainment, speech analytics solution providers offer end-to-end solutions.

Region with largest share:

North America commanded the largest share throughout the domination period. The speech analytics industry in the US is driven by a number of factors, including rising digital marketing expenditures, greater government investment in technology, and a rising emphasis on the treatment of mental illness in the area. Additionally, organizations like the CIA aggressively support concepts that could aid in locating terrorists and foreign agents. The opportunity for Silicon Valley startups to actively design and innovate existing speech analytics technologies in order to create cutting-edge and appealing solutions is also greatly increased by this.

Region with highest CAGR:

Because more people are using voice controls on a variety of platforms, including connected TVs, PCs, tablets, cars, and wearables, North America is predicted to experience profitable growth over the projected period. Additionally, businesses in the area typically use these solutions to improve customer service. One of the biggest insurance companies in the US, MetLife, deployed an AI system largely to respond spontaneously to the emotional needs and demands of its consumers. Moreover, the technology was created with the specific goal of assisting the company's staff in tracking and monitoring clients' emotions throughout conversations, improving the caliber of customer support interactions.

Key players in the market:

Some of the key players in Speech Analytics market include: OpenText Corp, VoiceBase Inc., Calabrio Inc., Raytheon BBN Technologies, Callminer Inc, Genesys Telecommunications Laboratories Inc., Micro Focus International PLC, Avaya Inc and Verint System Inc.

Key Developments:

• In February 2023, Nvidia and Airtel have announced the launch of a speech analytics solution for call center operations. Bharti Airtel has announced a solution based on artificial intelligence to improve the customer experience for all inbound calls to its contact center. The voice analytics system, which is built in conjunction with Nvidia, is designed to assist call center workers and customers better while lowering computer costs. Airtel used Nvidia's conversational AI toolkit NvidiaNeMo and a multi-framework inference serving software Triton Inference Server to create this specialized voice application.

• In June 2022, Aural Analytics, Inc., a leader in clinical-grade speech analytics, announced a partnership with Koneksa in digital biomarker development to further strengthen its platform and research capabilities using Aural Analytics' technology, Speech Vitals. The premier research-grade technologies from Aural Analytics and Koneksa are optimized to enable clinical trials at scale throughout development and commercial pharma pipelines. This integration aims to make it simple to incorporate speech metrics into Koneksa research and digital biomarker development initiatives.

Components Covered:

• Services
• Solutions

Business Functions Covered:

• Operations and Supply Chain
• Contact Center/ Call Center
• Sales and Marketing
• Finance and Accounting

Organization Sizes Covered:

• SMEs
• Large Enterprises

Deployment Modes Covered:

• Cloud
• On-Premises
• On-Demand

Applications Covered:

• Operational Efficiency
• Revenue/ Lead Generation
• Customer Experience Management
• Call Monitoring and Summarization
• Quality Management
• Agent Performance Management
• Risk and Compliance Management
• Other Applications

End Users Covered:

• Travel and Hospitality
• Media and Entertainment
• Healthcare and Life Sciences
• Automotive and Transportation
• Retail and eCommerce
• Telecom & IT
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

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All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
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• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances