New York, USA, Aug. 05, 2024 (GLOBE NEWSWIRE) -- Market Overview:
The speech analytics market was valued at USD 2,766.27 million in 2023, and it is projected to reach USD 11,452.66 million by 2032, exhibiting a robust CAGR of 17.1% over the forecast period of 2024-2032.
What are Speech Analytics?
Speech analytics, also known as interaction analytics, is the process of analyzing live or recorded audio data, such as calls and transcripts, leveraging artificial intelligence (AI) and several other speech recognition techniques. Contact centers often use technology to examine customer interactions by identifying and extracting significant insights from the conversations. These insights can help detect emotions and satisfaction levels in speakers' voices, aiding in aligning their needs, wants, and expectations.
Businesses can upgrade customer service operations in different forms, such as identifying customer preferences, reducing churn, and monitoring quality standards. Not just at the customer level, but speech analytics also provides beneficial outcomes at the business level, such as identifying successful sales tactics and behaviors from call recordings and aiding in product development and service improvement strategies.
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Key Market Stats:
- Speech analytics market size was valued at USD 2,766.27 million in 2023.
- The market is estimated to grow from USD 3,237.09 million in 2024 to USD 11,452.66 million by 2032.
- The market for speech analytics is likely to expand at a CAGR of 17.1% throughout the forecast period.
Major Findings from the Report:
- The market is expanding significantly as a result of the growing need for better omnichannel integration capabilities, the growing focus on agent performance monitoring and improvement, and the growing significance of using analytics for improved customer satisfaction and customer retention.
- The speech analytics market is primarily based on the offering, business function, deployment model, end-use industry, and region.
- Based on geography, North America held a significant market share in 2023.
Market Drivers and Trends:
- A Rise in Voice Data Volume: With the growing adoption of digital communication channels, the size of unstructured voice data from phone calls, voicemails, and video conferencing is also parallelly increasing which is one of the crucial factors driving the speech analytics market demand.
- Widespread Adoption of AI And Machine Learning: Sectors including telecommunications, finance, healthcare, retail, and hospitality use speech analytics, which is AI-driven and offers real-time transcription and sentiment analysis, leading to better customer experiences and overall business growth.
- Evolving Consumer Expectations: The speech analytics market is further being driven by the escalating competitive competition across the market in terms of new product and service development and changing consumer expectations. Businesses need such AI-driven solutions to gain a competitive edge, optimize operations, and provide personalized experiences.
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Market Challenges:
The risks of privacy breaches and unauthorized access are the major concerns when handling and managing sensitive customer data, such as voice recordings. Organizations face significant risks in terms of data privacy and security, negatively affecting speech analytics market growth. Additionally, organizations required to meet regulations like GDPR and CCPA face complexities and costs related to speech analytics implementations.
Industry’s Prominent Players:
- Almawave
- Avaya Inc.
- AWS
- Calabrio, Inc.
- CallMiner
- Genesys
- Invoca
- NICE Ltd.
- OpenText
- Talkdesk, Inc.
- Verint Systems Inc.
- Voci Technologies Incorporated
- VoiceBase, Inc.
- Vonage
Geographical Landscape:
North America occupied a significant speech analytics market share in 2023 owing to technological developments and the availability of key vendors, which propel extensive adoption. In addition, industries such as telecommunications, healthcare, finance, and retail aim to enhance customer experiences and operational efficiency by integrating speech analytics. The market is also expected to expand due to rising investments by private and government organizations in advanced technologies like speech analytics and well-developed technological infrastructure, enabling flawless deployment and adoption of this technology.
Over the forecast period, Asia Pacific is anticipated to see significant growth because of the rapidly growing digitization across industries in terms of speech analytics solutions in order to assess voice data from digital channels. Also, due to the major adoption of technologies like AI and big data, the demand for speech analytics solutions is increasing.
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Market Segmentation:
By Offering:
- Solution
- Services
By Business Function:
- Sales and Marketing
- Finance and Accounting
- Operations and Supply Chain
- Others
By Deployment Model:
- Cloud-based
- On-premise
By End Use Industry:
- BFSI
- Automotive and Transportation
- Healthcare
- Retail and E-commerce
- IT and Telecom
- Media and Entertainment
- Others
By Region:
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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