Global Speech Analytics Market Report and Forecast 2024-2032

Global Speech Analytics Market Size

The global speech analytics market attained a value of about USD 1.36 billion in 2023. The market is further expected to grow at a CAGR of 10.2% during the forecast period of 2024-2032 to reach USD 3.24 billion by 2032.

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Rising Demand for Speech Analytics to Enhance Customer Experience Augmenting the Market Growth

The demand for speech analytics is being driven by the inability of human beings to record and decipher a multitude of customer concerns. Speech analytics tools help organisations automatically and intelligently evaluate unstructured data acquired from customer interactions to enhance customer experience, therefore adding to the market growth. Moreover, due to the growing requirement for risk and compliance management, organisations are increasingly adopting speech analytics for consumer management to retain their customers and attract new ones, thus, bolstering the market growth.

Additionally, speech analytics saves costs and time, eliminating the requirement to conduct elaborate surveys, which is propelling the market growth of speech analytics. Cloud-based real-time speech analytics are being rapidly deployed by enterprises to aid in quick and effective decision-making, thereby further invigorating the growth of the speech analytics industry.  Moreover, speech analytics substantially contributes to decision and policy-making strategies as the software enables organisations to automatically monitor recent and historical conversations, hence, catalysing the market growth. With more companies providing affordable on-premise and cloud speech analytics services, the market is expected to rise in small and medium enterprises, which is anticipated to fuel the industry growth in the forecast period.

Speech Analytics Industry Segmentation

Speech analytics is a software that evaluates voice calls and derives deep insights from the conversation, which helps business owners to create a customer-friendly environment. The software can spot keywords that aid in policy-shaping. It is being increasingly deployed by several small and large-scale industries.

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On the basis of type, the market is fragmented into:

• Solution
• Service

Based on deployment, the market is segmented into:

• On-Premise
• Cloud

The market, on the basis of enterprises size, is broadly categorised into:

• Small and Medium Enterprise
• Large Enterprise

The major end users of speech analytics are:

• BFSI
• Telecommunication
• IT
• Retail
• Healthcare
• Government
• Hospitality
• Others

The EMR report looks into the regional markets of speech analytics like North America, Europe, Latin America, the Asia Pacific, and the Middle East and Africa.

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Increasing Deployment of Speech Analytics in the Hospitality Sector to Boost the Market Growth

The increased implementation of speech analytics in the hospitality sector is anticipated to boost the market growth in the coming years. Speech analytics allows potential callers to convert into customers, thus, boosting the hospitality sector, owing to which it is increasingly deployed. The AI powered speech analytic tools enable an evaluated study of customer interaction by highlighting crucial words or phrases, aiding in decision making and policy-shaping, thus, augmenting the industry growth. Moreover, the travel industry can use speech analytics to provide a personalised customer experience, which is further projected to propel the market growth. As the development of advanced interaction tools is leading to the growth of the global travel sector, the hospitality sector is robustly growing, which is estimated to bolster the growth of the speech analytics industry.

In addition, the deployment of speech analytics in the retail sector is anticipated to substantially add to growth of the market. The speech analytics software enables retailers to capture customer data in a speedy and effective manner, thereby aiding in improved customer experience, quality of services, and store operations, which is expected to surge its demand. Additionally, the rising deployment of speed analytics by multi-branded retailers enables them to forward the recorded customer interactions to the specific brand and is projected to support the market growth in the upcoming years.

Key Industry Players in the Global Speech Analytics Market

The report presents a detailed analysis of the following key players in the global speech analytics market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• ASC Technologies
• Avaya
• Calabrio
• CallMiner
• Clarabridge
• Genesys 
• Others

The comprehensive report looks at the micro and macro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of the Porter’s Five Forces Model.

Key Highlights of the Report