Speech analytics is the method of evaluating recorded client calls to gather data. This is done to enhance future interaction and communication with the clients. Call recordings facilitate organizations to achieve rare insights about competitive intelligence, customer satisfaction, agent performance, campaign effectiveness, and service issues. Speech analytics solution offers valuable intellects and advanced functionalities from customer calls. This data is used to determine information associated with the operational issues and strategy of the organization. Speech analytics software enables to gain important information about the processes and product of a company, thereby gaining customer satisfaction and improve deliverables.
The global Growing need to enhance market size is expected to reach close to $9.33 Billion by 2029 with an annualized growth rate of 20.38% through the projected period.
Speech analytics solution aid companies to save money and reduce operating costs. It comprises the fundamentals of automatic speech recognition tools that provide businesses and contact centers to enhance their operating procedure. Sales organizations use these tools to classify cross-sell and up-sell opportunities. This has resulted in better sales conversion proportions since speech analytic tools enable in understanding the response of various consumer demographics towards the proposals made.
Demand for speech analytics solutions and software owing to the rising BPO sector is expected to drive the Speech Analytics Market
Speech analytics implementation is anticipated to experience substantial growth owing to a rise in the BPO sector in the last decade. On the other hand, speech analytics delivers the users the capability to make valuable insights from interaction trends and voice data to help businesses functioning within the BPO sectors. Speech analytics has substantiated to be an influential tool that has transmuted the sector from conventional contact centers recognized for its lesser operational expense to a rich BI source. These solutions are being implemented by various contact centers throughout the world for several applications such as agent performance monitoring, customer experience management, market intelligence, and legal compliance management. Furthermore, speech analytics ensures real-time quality assurance and analysis along with monitoring of script compliance and agent engagement. It can scale the effectiveness if closings and greetings and isolate tone of voice, phrases, or words that indicate customer dissatisfaction.
Retail & e-Commerce sector is likely to grow at a substantial growth rate for speech analytics market
The retail & e-Commerce businesses need to modify their consumer service management so as to entice more customers. Moreover, they must adapt their business model to enhance visibility and control, both externally as well as internally. The industry participants also require to focus on establishing an integrated workforce that includes logistics specialists, field service providers, and in-store employees. The retail sector is likely to be amongst the fastest-growing sectors, owing to the growth in the paying capacity of the customers in the developing countries. Consequently, this would nurture consumer information with the rising amount of customer interactions.
Asia-Pacific will lead the growth in this market
Asia Pacific region is anticipated to witness staggering growth prospects over the forecast period. The chief nations to experience high growth rates include Australia, China, India, New Zealand, and Singapore. The rivalry within the region is fragmented with global vendors financing heavily in the industry to enhance the speech analytics service offering to make sure the on-time and low-cost analysis, real-time event processing, and queueing data according to the preference level
Key Market Players
• Verint Systems
• Voci Technologies
• Zoom International
• NICE Systems
speech analytics market scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2030||$9.33 Billion|
|Growth Rate||CAGR of 20.38 % during 2022-2030|
|Segment Covered||Type, by Deployment Type, by End-User, by Organization Size, Region.|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Verint, NICE Ltd., CallMiner, Avaya Inc., Genesys., Clarabridge, Voci Technologies, Inc, ZOOM International, Calabrio, Hewlett Packard Enterprise Development LP, AlmavivA, Marchex, INC., Enghouse Interactive, Castel Communications, Aspect Software, Inc., Sabio Ltd, Business Systems (UK) Ltd, Talkdesk, Inc,, VoiceBase, Inc.,, Expedient, BIOS Middle East Group, Veeam Software, Internap Holding LLC and Fine Telecommunications, Inc.|
Key Segment Of The speech analytics market
By Type, 2022-2030 (USD Million)
Deployment Model, 2022-2030 (USD Million)
By End-User, 2022-2030 (USD Million)
By Organization Size, 2022-2030 (USD Million)
• Large Enterprises
• Small & Medium Enterprises
Regional Overview, 2022-2030 (USD Million)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
Middle East and South Africa