Meticulous Research®— a leading global market research
company, published a research report titled “Speech Analytics Market by
Component, Application, Organization Size, Deployment Mode, Industry Vertical
(IT & Telecommunications, BFSI, Retail & Consumer Goods, Healthcare
& Life Sciences, Business Process Outsourcing) - Global Forecast to 2029’.
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According to this latest publication from Meticulous
Research®, the global speech analytics market is expected to register a CAGR of
20.1% during the forecast period to reach $14.1 billion by 2029. Factors such
as the surge in demand for speech analytics to improve contact center
operations, the emergence of speech analytics to enhance fraud detection, and
the rising demand for speech-based biometric systems during the COVID-19
pandemic drive the market’s growth. However, data privacy and security concerns
due to the pandemic emerged as a notable restraint for market growth. The
increasing demand for speech analytics in the healthcare sector and the growing
demand for cloud-based speech analytics solutions to bolster customer retention
are expected to offer significant growth opportunities for the speech analytics
market. Besides, limited use cases of real-time speech analytics pose a serious
challenge to the growth of the speech analytics market.
The global speech analytics market is segmented by component
(solutions [call center software, reporting and visualization tools, quality
assurance & monitoring solutions, enterprise performance management
solutions, customer experience solutions, customer engagement solutions, other
solutions (root cause analysis solutions, customer journey management],
services [professional services, managed services]), application (customer
experience management, call monitoring and summarization, sales and marketing
management, risk and compliance management, sentiment analysis, fraud detection
and security application, other applications (quality assurance, real-time
alerting), organization size (small & medium-sized enterprises, large
enterprises), deployment mode (on-premise deployment, cloud-based deployment),
and end-use industry (IT & telecommunications, BFSI, retail & consumer
goods, healthcare & life sciences, government & public sector, travel
& hospitality, media & entertainment, business process outsourcing, education,
other end-use industries). The study also evaluates industry competitors and
analyzes the market at regional and country levels.
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Based on component, the global speech analytics market is
segmented into solutions and services. In 2022, the solutions segment is
expected to account for the larger share of the speech analytics market. The
large market share of this segment is attributed to the rising proliferation of
speech analytics software in call centers, growing demand for reporting and
visualization tools across retail industries, increasing need for customer
experience and engagement solutions, growing need to identify customer needs
and interests, increasing demand for mitigating compliance & risks, and the
increasing need to understand agent performance. Additionally, this segment is
expected to register the highest CAGR during the forecast period.
Based on application, the speech analytics market is
segmented into customer experience management, call monitoring and
summarization, sales and marketing management, risk and compliance management,
sentiment analysis, fraud detection & security applications, and other
applications. In 2022, the sales and marketing management segment is expected
to account for the largest share of the global speech analytics market. The
large market share of this segment is attributed to the increasing need for
improved customer experience in sales and marketing departments, the rising
need for speech analytics solutions to identify effective patterns to close
sales deals and develop a training program to mentor other team members, rising
demand of call monitoring solutions for spotting competitive challenges,
growing need for identifying cross and upsell opportunities, and the need to
promote immediate performance feedback. Additionally, the same segment is
expected to register the highest CAGR during the forecast period.
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Based on organization size, the speech analytics market is
segmented into small & medium-sized enterprises and large enterprises. In
2022, the small & medium-sized enterprises segment is expected to account
for the larger share of the global speech analytics market. The large market
share of this segment is majorly attributed to factors such as growing demand
for improved operational efficiency in small customer service environments,
growing demand for automating interactions to reduce the burden on human call
center operators, and the growing proliferation of call recording and speech
analytics technology in small organizations. Additionally, this segment is
expected to register the highest CAGR during the forecast period.
Based on deployment mode, the speech analytics market is
segmented into on-premise deployment and cloud deployment. In 2022, the
cloud-based deployment segment is expected to account for a larger share of the
global speech analytics market. The large market share of this segment is
majorly attributed to the growing demand for secure cloud-based speech
analytics software, the rising need for cloud-based communication solutions,
the increasing need to store and analyze data through cloud platforms, and the
growing benefits offered by highly sophisticated cloud-based speech analytics
software. Additionally, this segment is expected to register the highest CAGR
during the forecast period.
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Based on end-use industry, the global speech analytics
market is segmented into IT & telecommunications, BFSI, retail &
consumer goods, healthcare & life sciences, government & public sector,
travel & hospitality, media & entertainment, business process
outsourcing, education, other end-use industries. In 2022, the IT &
telecommunications segment is expected to account for the largest share of the
global speech analytics market. The large market share of this segment is attributed
to factors such as increasing demand for speech analytics solutions by telecom
companies to gather more actionable information in less time, increasing demand
to boost customer retention by building loyalty and maintaining customer
relationships, growing popularity for solutions to Implement protocols to seize
opportunities for cross-selling and upselling in IT & telecom, and a surge
in demand by communication service providers (CSPs) to examine their voluminous
data and draw actionable insights.
However, the business process outsourcing segment is
expected to register the highest CAGR during the forecast period. The growth of
this segment is attributed to factors such as the growing demand to resolve
simpler customer queries using AI-based chatbots, the rising need to monitor
customer calls, derive actionable insights, raise red flags when there are
areas of concern, assist during agent QA process, among others, and increasing
proliferation of speech analytics solutions to monitor agent performance and
assess call quality.
Based on geography, the global speech analytics market is
segmented into North America, Europe, Asia-Pacific, Latin America, and Middle
East & Africa. In 2022, North America is expected to account for the
largest share of the global speech analytics market. The large market share of
this region is attributed to the increasing adoption of emotion analysis and
expansion of e-commerce platforms and provision of customer satisfaction,
rising demand for speech analytics software to maintain inbound, outbound, and
blended calls, e-mails, web inquiries, and chats, increasing demand for
self-service interactions among customers, growing popularity for healthcare
fraud analytics and detection solutions across the region, and growing demand
for reporting and visualization tools by region's flourishing retail and
e-commerce sectors. However, the Asia-Pacific region is expected to register
the highest CAGR during the forecast period due to the growing technology
expenditures in major countries such as Australia, China, and India, the demand
for cost-effective analytical software and services among small and
medium-sized enterprises (SMEs) and increasing usage and consciousness of
speech and voice recognition devices in the automotive sector.
The key players operating in the global speech analytics
market are NICE Ltd. (Israel), Verint Systems Inc. (U.S.), CallMiner, Inc.
(U.S.), Genesys Cloud Services, Inc. (U.S.), Avaya Holdings Corp. (U.S.), Audio
Analytic Ltd. (U.K.), Calabrio, Inc. (U.S.), Batvoice Technologies (France),
Qualtrics, LLC (U.S.), Dialpad, Inc. (U.S.), WinterLight Labs (Canada), The
Plum Group, Inc. (U.S.), Aural Analytics, Inc (U.S.), Amazon.com, Inc. (U.S.),
Uniphore Technologies Inc. (India), Intelligent Voice Ltd (U.K.), Kwantics
(India), Gnani Innovations Private Limited (India), and SAS Institute Inc.
(U.S.).
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