Speech Analytics Market Worth $14.1 Billion by 2029

According to a new market research report titled, 'Speech Analytics Market by Component, Application, Organization Size, Deployment Mode, End-use Industry (IT & Telecommunication, BFSI, Retail & Consumer Goods, Healthcare & Life Sciences, Business Process Outsourcing)-Global Forecast to 2029', the global speech analytics market is expected to register a CAGR of 20.1% from 2022 to 2029 to reach $14.1 billion by 2029.

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Speech Analytics is the process of extracting meaningful insights from audio recordings and analyzing that data for relevant and meaningful business intelligence. The key applications of speech analytics include customer experience management, call monitoring and summarization, sales and marketing management, risk and compliance management, sentiment analysis, and fraud detection & security applications. Speech analytics solutions are increasingly gaining traction due to their growing utilization across numerous industries, including contact & call centers, healthcare & life sciences, and media and entertainment.

The growth of the global speech analytics market is driven by 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. However, data privacy and security concerns represent 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 at present, pose a serious challenge to the overall growth of the speech analytics market.

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Impact of COVID-19 on the Speech Analytics Market

The COVID-19 pandemic created several challenges for the speech analytics market due to the lockdowns imposed during the second and third quarters of 2020. The pandemic lowered the financial capacity of end user industries, which decreased the sales of speech analytics solutions and services. However, in 2021, major industries, including call centers, BFSI, retail, healthcare and life sciences, started recovering from the economic setback suffered during the pandemic. The COVID-19 pandemic moderately impacted the speech analytics market due to delayed and postponed orders for speech analytics solutions; however, it started recovering rapidly from the last quarter of 2020. Social distancing became the new norm, and these restrictions had long-term effects on several areas, including the development, distribution, and deployment of speech analytics solutions. Several companies worldwide reduced employee contact and interaction and adapted to stringent government guidelines to curb the spread of infection.

Different leading speech analytics providers leveraged a strong portfolio of speech analytics solutions and enhanced their product capabilities during the COVID-19 pandemic, consequently promoting the growth of the speech analytics market. For instance, in 2022, NICE Ltd. (Israel) launched the NICE NTR-X solution for compliance recording capture for communications done via Zoom, including Zoom Meetings and Zoom Phone, a feature-rich cloud phone solution. Furthermore, in 2021 NICE Ltd. (Israel) launched Enlighten XO, a first-of-its-kind solution that automatically generates insights from human conversations to build smart self-service with advanced AI.

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Speech analytics solution providers plan to capitalize on the lucrative market growth opportunities resulting from the COVID-19 pandemic. The speech analytics market is projected to transform drastically over the coming years, with several leading companies growing rapidly through new product launches, product enhancements, and partnerships and collaborations for capitalizing on the market growth.

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.

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 share of this segment is attributed to the rising proliferation of speech analytics software in call centers, the growing demand for reporting and visualization tools across retail industries, and the increasing need for customer experience and engagement solutions. Additionally, the speech analytics solutions segment is expected to register the highest CAGR during the forecast period.

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Based on application, the global 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 (quality assurance, real-time alerting). In 2022, the sales and marketing management segment is expected to account for the largest share of the global speech analytics market. The large share of this market 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, and growing need for identifying cross and upsell opportunities.

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 share of this market segment is majorly attributed to the growing demand for improved operational efficiency in small customer service environments, growing demand for automating customer interactions in call center operations, 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 share of this market segment is 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.

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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, others (FMCG, automotive). In 2022, the IT & telecommunications segment is expected to account for the largest share of the global speech analytics market. The large share of this market segment is attributed to 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, and growing popularity for solutions to implement protocols to seize opportunities for cross-selling and upselling in IT & telecom industry. 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 and the 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 solutions in customer experience management; expansion of e-commerce platforms; growing focus on 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 countries such as Australia, China, and India, increasing 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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