Speech Analytics Market Report, Latest Updates, Size, Share, Growth Opportunities 2023-2028

According to IMARC Group latest report titled "Speech Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", offers a comprehensive analysis of the industry, which comprises insights on speech analytics market. The report also includes competitor and regional analysis, and contemporary advancements in the global market.

The global speech analytics market size reached US$ 2.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 6.9 Billion by 2028, exhibiting a growth rate (CAGR) of 21.1% during 2023-2028.

Speech analytics is a sophisticated technology that analyzes spoken words within recorded calls to gather customer information, thereby improving communication and future interaction. This tool enables companies to extract valuable insights from customer conversations, uncovering patterns and sentiments that can inform business strategies. Speech analytics software is generally categorized into phonetic, lexical, and conversation analysis, each offering unique capabilities to decode human speech. Phonetic analysis detects speech sounds, lexical includes word and phrase analysis, while conversation analysis understands the context and emotion. The advantages of utilizing speech analytics include enhanced customer service, improved compliance, and heightened sales performance. By leveraging this technology, businesses can identify areas for operational improvement, understand customer needs and preferences, and ultimately drive customer satisfaction and loyalty.

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Market Trends:

The global speech analytics market is majorly driven by the increasing demand for improved customer service and competitive differentiation. Along with this, the proliferation of data-driven decision-making is cementing the importance of actionable insights, which speech analytics tools are uniquely positioned to provide. As businesses across various industries strive for a deeper understanding of customer behaviors and preferences, the market for speech analytics is expanding. In addition, the integration of artificial intelligence and machine learning technologies is significantly enhancing the capabilities of speech analytics software, making it more accurate and insightful.

Moreover, the rise in online communication and virtual customer interactions, accelerated by the digital transformation trends, is further driving the market. Apart from this, regulatory requirements for data retention and compliance monitoring are also significant drivers as organizations seek efficient ways to meet these demands. Furthermore, the increasing emphasis on workforce optimization and the strategic advantage of real-time analytics in decision-making are creating a positive market outlook.

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Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

• Almawave S.p.A.
• ASC Technologies AG
• Avaya
• Calabrio, Inc.
• CallMiner
• Clarabridge
• GemaTech
• Genesys
• inContact (NICE Systems)
• OnviSource Inc.
• OPEX Hosting
• Verint System Inc

Speech Analytics Market Segmentation:

Our report has categorized the market based on region, type, deployment, enterprise size and end use.

Breakup by Type:
• Solution
• Service

Breakup by Deployment:
• On-premises
• Cloud-based

Breakup by Enterprise Size:
• Small and Medium Enterprises
• Large Enterprises

Breakup by End Use:
• BFSI
• IT and Telecommunication
• Retail
• Healthcare
• Government
• Hospitality
• Others

Breakup by Region:
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the report:
• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

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This release was published on openPR.