Speech Analytics Market predicted to gain $4.5 billion by 2026

According to a new market research report "Speech Analytics Market by Component (Solutions and Services), Application (Risk & Compliance Management, Sentiment Analysis), Organization Size, Deployment Mode (Cloud, On-premises), Vertical and Region - Global Forecast to 2026" published by MarketsandMarkets™, the market for Speech Analytics is projected to grow from USD 1.8 billion in 2021 to USD 4.5 billion by 2026; it is expected to grow at a CAGR of 20.5% during 2021–2026.

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Speech analytics is a software tool that automates the overall process of delivering insights from customer interactions. It extracts valuable information from multiple customer conversations; decision-makers can use this real-time information to make better decisions. Nowadays, speech analytics solutions can sift through unstructured call data (human voice interactions) to identify the probable causes of failure and success as well as identify relationships. These solutions provide a complete analysis of speaker separation, customer discontent, root-cause analysis, call-topic, and visual context for enhanced customer experience.

During the pandemic, various companies experienced a significant increase in pressure from customers, while their number of available employees decreased. Various contact centers could not cope with the demand or closed because of lockdown restrictions leading to long delays in customer service queries, which significantly affected the customer experience. As businesses develop a more strategic approach that delivers resilience into operations through flexibility and scalability while at the same time working to improve operational efficiencies; hence, speech analytics is rising to the forefront of technology enablers. Data analytics application builders seek medical speech recognition capabilities that help them efficiently and accurately transcribe video and audio containing the COVID-19 terminology into text for downstream analytics. For instance, Verint offers a free COVID-19 category and 12 additional business impact categories for speech analytics.

The speech analytics market is expected to witness a slowdown in 2020 due to the global lockdown, which is impacting global manufacturing, and supply chains and logistics. The manufacturing, transportation and logistics, and retail and consumer goods sectors have been most severely affected. The availability of essential items has also been impacted due to the lack of manpower to work on production lines, supply chains, and transportation, even though essential items are exempted from the lockdown. The situation is expected to come under control by early 2021. Meanwhile, the demand for speech analytics solutions and services is expected to increase due to the rising demand for call monitoring, customer experience management, agent performance management, sentiment analysis, and risk and compliance management applications. Several verticals are already planning to deploy a diverse array of speech analytics solutions and services to enable digital transformation initiatives, which address mission-critical processes, improve operations, and differentiate customer relationships. The reduction in operational costs, better customer experiences, improved network security and privacy capabilities, enhanced visibility into processes and operations, and improved real-time decision-making are the key business and operational priorities expected to drive the speech analytics market.

The services segment to hold higher CAGR during the forecast period

Based on components, The solutions segment is expected to hold a larger market share in 2021, while the services segment is projected to grow at a higher CAGR during the forecast period. The services segment plays a vital role in the functionality of speech analytics solutions. These services are an integral step in deploying technology solutions and are taken care of by solution and service providers. The demand for speech analytics solutions increases globally due to the rising demand for enhanced customer support across major key verticals.

The customer experience management segment will hold the largest market size during the forecast period

Based on applications, The speech analytics market is segmented into customer experience management, call monitoring and summarization, agent performance monitoring, sales and marketing management, risk and compliance management, sentiment analysis, and other applications (competitive intelligence, business process monitoring, and predictive analysis). The customer experience management segment will hold the largest market size in 2021. This growth is attributed to the need for identifying agents that need the most training and support, and reducing the risk of bottlenecks in business. Business leaders can use workforce optimization strategies to automatically track trends and performance in the contact center.

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The cloud segment to hold the larger market size during the forecast period

Based on deployment mode the Speech Analytics market is bifurcated into on-premises and cloud. The cloud segment is expected to account for a larger market size during the forecast period. The cloud segment offers benefits, such as scalability and cost-effectiveness, which are expected to be instrumental in propelling the growth of overall speech analytics. APAC is expected to witness the highest growth rate in the cloud segment due to the increasing adoption of speech analytics solutions and services among SMEs in the region.

The large enterprises segment to hold a larger market size during the forecast period

Based on organization size, the speech analytics market has been segmented into large enterprises and SMEs. The large enterprises segment is estimated to hold a larger market share in 2021. The segments growth is due to increased competition in large enterprises from budding SMEs. Owing to the availability of cost-effective cloud solutions, speech analytics solutions and services are expected to witness a prominent growth rate among SMEs during the forecast period.

Healthcare and life sciences vertical is to have the highest CAGR during the forecast period

The speech analytics market has been segmented based on verticals into BFSI, retail and eCommerce, IT and telecom, healthcare and life sciences, government and defense, travel and hospitality, media and entertainment, and other verticals (education, transportation and logistics, and manufacturing). The healthcare and life sciences vertical is projected to grow at the highest CAGR during the forecast period. This growth can be attributed to the increasing patient data resulting from the COVID-19 pandemic and the need to handle patient queries for better medical treatment.

North America to hold the largest market share during the forecast period

In North America, speech analytics solutions and services are highly effective in most organizations and verticals due to the increasing need to handle customer queries and enhance user experience. Europe is gradually advancing toward incorporating speech analytics within its market. APAC is showing a substantial rise in the adoption of speech analytics solutions and services during the forecast period, while Latin America and MEA are slowly picking up speech analytics due to its benefits for various industries to get user insights.

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Key players offering Speech Analytics Market. The major vendors covered NICE (US), Micro Focus (UK), Verint (US), Avaya (US), OpenText (Canada), Google (US), Vonage (US), Geneys (US), Calabrio (US), CallMiner (US), AWS (US), Clarabridge (US), Almawave (Italy), Talkdesk (US), Alvaria (US), Castel (US), VoiceBase (US), Intelligent Voice (US), CallTrackingMetrics (US), Five9 (US), 3CLogic (US), CloudTalk (US), Deepgram (US), Gnani.ai (India), Observe.AI (US), SpeechTech (US), Speech-i Ltd (England), Batvoice (France), Kwantics (India), Speech Village (UK), and Salesken (US).

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