Speech Analytics Market Analysis: Key Insights on Growth Rates, Trends, and Major Opportunities
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What CAGR Will the Speech Analytics Market Achieve During 2025–2034, and What Does It Indicate?
In recent times, there has been rapid expansion in the size of the speech analytics market. The forecast anticipates the market to increase from $3.11 billion in 2024 to $3.81 billion in 2025, indicating a compound annual growth rate (CAGR) of 22.4%. This past period of growth is credited to the launch of advanced speech recognition technologies, the use of speech analytics to enhance customer service, application of speech analytics in call centers, the emergence of voice biometrics for security and verification, and a heightened attention to compliance and regulatory rules.
Anticipated to witness significant escalation in the coming years, the speech analytics market is predicted to reach $9.72 billion by 2029, expanding at a compound annual growth rate of 26.4%. This upsurge during the forecast period can be credited to factors such as the broadening scope of speech analytics in multichannel customer interaction, implementation of speech analytics for business insights via predictive analysis, increasing employment of speech analytics in employee training and performance assessment, prioritizing real-time speech analytics for immediate response, and incorporation of emotion and sentiment examination in speech analytics. Noteworthy shifts projected during this period include fusion with artificial intelligence (AI) and machine learning (ml), incorporation of speech analytics in virtual assistants and chatbots, transition towards cloud-based speech analytics solutions, increasing attention to speech analytics for surveillance of social media activities, and emergence of sector-specific speech analytics applications.
How Are the key drivers Contributing to the Expansion of the speech analytics Market?
The rise in the adoption of artificial intelligence is anticipated to fuel the expansion of the speech analytics market. This is due to artificial intelligence enhancing efficiency, refining decision-making processes, and automating complex tasks in various sectors. AI enriches speech analytics by facilitating more precise transcription, real-time analysis, and offering deeper insights into customer sentiment, intent, and behavior using sophisticated natural language processing and machine learning algorithms. For example, International Business Machines Corporation (IBM), a technology company from the US, stated in May 2022 that the use of AI in global businesses in 2022 was at 35%, marking a 4% rise from 2021. Moreover, the adoption of AI in organizations saw a rise of 13% in 2022 compared to the previous year. Hence, the escalating adoption of artificial intelligence is fuelling the growth of the speech analytics market.
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Who Are the Key Firms Paving the Way for Growth in the Speech Analytics Market?
Major companies operating in the speech analytics market include:
• NICE Systems Ltd._x000D_
• Verint Systems Inc._x000D_
• Avaya Holdings Corp._x000D_
• OpenText Corporation_x000D_
• Genesys Telecommunications Laboratories Inc._x000D_
What Are the Most Influential Trends Currently Shaping the Speech Analytics Market?
The increasing application of superior technology is an emerging trend observed in the speech analytics market. Major corporations in this sector are concentrating their efforts on creating innovative technological solutions to solidify their standing. For example, in November 2023, Google, an American technology multinational, unveiled a generative AI voice analytics system designed for banks and investment firms. Their aim is to improve monitoring and documentation of business communication, chiefly voice and video calls, through the integration of Google Cloud’s generative AI platform, Vertex AI, with Symphony’s Cloud9 voice product.
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Which Segments of the Speech Analytics Market Hold the Most Potential for Future Development?
The speech analytics market covered in this report is segmented –
1) By Components: Solutions, Services
2) By Deployment Mode: Cloud, On-premises
3) By Organization Size: Large Enterprises, Small And Medium-Sized Enterprises (SMEs)
4) By Applications: Customer Experience Management, Call Monitoring And Summarization, Agent Performance Monitoring, Sales And marketing Management, Risk And Compliance Management, Sentiment Analysis
5) By Vertical: Banking Finance Services And Insurance (BFSI), IT And Telecom, Media And Entertainment, Retail And eCommerce, Travel And Hospitality, Government And Defense, Healthcare And life sciences, Other Verticals
Subsegments:
1) By Solutions: On-Premises Solutions, Cloud-Based Solutions, Integrated Solutions
2) By Services: Consulting Services, Implementation Services, Support And Maintenance Services
Which Regions Are Essential for the Growth of the Speech Analytics Market?
North America was the largest region in the speech analytics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the speech analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
What Key Elements Shape the Definition of the Speech Analytics Market?
Speech analytics is the process of using voice recognition software to analyze voice recordings or live calls from customers to contact centers, find useful information, and provide quality assurance.
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