The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

Introduction to the Speech Analytics Market

• Exponential growth observed in recent years
• Projected market size to reach $3.17 billion in 2024 at a CAGR of 23.5%
• Factors contributing to historic growth: advanced speech recognition, customer service enhancement, voice biometrics, compliance focus

Anticipated Growth and Trends in Speech Analytics

• Expected growth to $7.62 billion in 2028 with a CAGR of 24.5%
• Forecast period trends: multichannel engagement, predictive analytics, employee training, real-time analytics, emotion analysis
• Major trends: AI integration, virtual assistants, cloud solutions, social media monitoring, industry-specific applications

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Rapid Adoption of Speech Analytics Drives Market Expansion

• Companies embracing speech analytics to enhance customer experiences
• Scope for future development through partnerships and alliances
• Example: Scotiabank’s partnership with Google Cloud for personalized banking services
• Increasing adoption expected to fuel market growth

The Growing Influence of Advanced Technology

• Emphasis on advanced technology in the speech analytics sector
• Companies focused on developing new solutions to strengthen market position
• Example: Verint’s release of Verint Intelligent Virtual Assistant Professional (IVA Pro) Package for automated self-service experiences
• Pegasystems’ acquisition of Qurious.io for real-time speech analytics solutions

Segmentation and Regional Insights

• Segmentation of the speech analytics market:
  1. By Components: Solutions, Services
  2. By Deployment Mode: Cloud, On-premises
  3. By Organization Size: Large Enterprises, SMEs
  4. By Applications: Customer Experience Management, Call Monitoring, Agent Performance Monitoring, Sales and Marketing Management, Risk and Compliance Management, Sentiment Analysis
  5. By Vertical: BFSI, IT and Telecom, Media and Entertainment, Retail and eCommerce, Travel and Hospitality, Government and Defense, Healthcare, Other Verticals
• North America leads the market in 2023; Asia-Pacific expected to witness rapid growth

Conclusion: Embracing the Potential of Speech Analytics

• Market growth driven by technological innovation and adoption across industries
• Emerging trends redefine speech analytics landscape
• Strategic acquisitions and partnerships enhance market capabilities
• Regional dynamics shape market dominance and growth prospects

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The Speech Analytics Global Market Report 2024  provides an overview of the speech analytics market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The speech analytics market forecast analyzes speech analytics market size, speech analytics market share, leading competitor and their market positions.

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