Press release
Speech Analytics Market to Surpass USD 9.14 Billion by 2030 Driven by Rising Customer Expectations
Speech Analytics Market Report
The Speech Analytics Market, valued at USD 2.5 billion in 2022, is anticipated to surge to USD 9.14 billion by 2030, exhibiting a robust CAGR of 17.6% from 2023 to 2030, as per the SNS Insider report.
Speech analytics offers actionable insights that enhance corporate value, foster data-driven decision-making, and refine individual agent training techniques. By assessing contact center efficiency, companies can unveil latent issues trending across multiple calls, providing a deeper understanding of customer behavior and satisfaction levels. Speech analytics involves processing and analyzing customer conversations from real-time or recorded audio data, leveraging AI and NLP. Real-time speech analytics assists agents during calls, offering insights into customer mood, tone, and patterns. Post-call analytics provide valuable insights into completed conversations, aiding in the creation of future customer service procedures.
"According to SNS Insider, the Speech Analytics Market size was estimated at USD 2.5 Bn in 2022, and is expected to reach USD 9.14 Bn by 2030, with a growing healthy CAGR of 17.6% over the forecast period 2023-2030."
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Key Players:
The major key players in the Speech Analytics Market are LivePerson, Verint Systems, Call Miner, Nexidia, Genesys, Avaya Inc. Nice Systems, Gnani Innovations Private Limited, Amazon Web Services, Micro Focus, and others.
Market Analysis
The market's growth is fueled by increasing demand in mobile financial applications, retail, e-commerce, and the BPO sector. However, concerns regarding data privacy and complex data ecosystems pose challenges. Nonetheless, AI and ML-based technologies driving instantaneous consumer insights are expected to propel market growth.
Enhancing customer interactions and improving overall experiences have become imperative across industries. The rising need to optimize contact center performance and the emergent requirement to leverage analytics for robust customer retention strategies are propelling the growth of the Speech Analytics Market. This trend is underpinned by businesses seeking proactive approaches to understand customer behavior, intent, and satisfaction levels, all while making data-driven decisions to enhance agent training methodologies.
Market Segmentation Analysis
- Type: Speech analytic solutions dominate, catering to compliance management, agent performance, customer experience, and market intelligence. While solutions currently hold a significant share, services are anticipated to gain traction over time.
- Deployment: On-premises deployment, while currently larger, is anticipated to witness slower growth due to cost and maintenance factors. Cloud-based deployment is expected to surge across various industries due to cost-effectiveness and accessibility.
- Organization Size: SMEs are embracing speech analytics for security systems and customer experience improvements, driving significant growth. The increasing adoption of cloud analytics further fuels demand among SMEs.
- Industry Verticals: Telecom and IT industries are experiencing substantial growth due to the efficient resolution of issues and the adoption of advanced technological tools to enhance customer experiences.
Key Regional Development
North America leads in BFSI, media, retail, telecom, IT, government, and healthcare sectors. Investments in technology, digital marketing, and the presence of global vendors contribute to the region's dominance. Meanwhile, Asia Pacific shows rapid growth, particularly in contact center outsourcing.
Key Takeaways for Speech Analytics Market Study
➤ Increasing demand for customer-centric approaches fuels market growth.
➤ AI-driven insights and cloud-based solutions are pivotal for future market expansion.
➤ Telecom and IT sectors are witnessing significant adoption of speech analytics.
➤ North America remains a dominant region due to substantial investments and vendor presence.
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Recent Developments
➤ Startek® enhanced problem resolution by 4% using Verint Speech Analytics™.
➤ CallMiner collaborated with Microsoft, augmenting AI proficiency with Azure Cognitive Services.
➤ OpenText's acquisition of Micro Focus aims to consolidate strengths and expertise.
➤ Vonage launched Vonage AI Studio, simplifying bot creation and enhancing conversational AI models.
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Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1. COVID-19 Impact Analysis
4.2. Impact of Ukraine- Russia war
4.3. Impact of Ongoing Recession on Major Economies
5. Value Chain Analysis
6. Porter's 5 Forces Model
7. PEST Analysis
8. Speech Analytics Market Segmentation, by Type
9. Speech Analytics Market Segmentation, by Deployment
10. Speech Analytics Market Segmentation, by Organization Size
11. Speech Analytics Market Segmentation, by Industry Vertical
12. Regional Analysis
13. Company Profile
14. Competitive Landscape
15. USE Cases and Best Practices
16. Conclusion
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Akash Anand - Head of Business Development & Strategy
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About Us:
SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.
Our staff is dedicated to giving our clients reliable information, and with expertise working in the majority of industrial sectors, we're proud to be recognized as one of the world's top market research firms. We can quickly design and implement pertinent research programs, including surveys and focus groups, and we have the resources and competence to deal with clients in practically any company sector.
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