Speech Analytics Market Growth, Development and Demand Forecast to 2030

Speech Analytics Market was valued at US$ 2.30 Bn in 2022 and is expected to reached at US$ 8.84 Bn in 2029. Speech Analytics Market size is expected to grow at a CAGR of 21.2% through the forecast period.

Speech Analytics Market Overview

Envisaged during the envisaged period, Maximize Market Research envisions a noteworthy upsurge in the market. The scrutiny of the Speech Analytics Market evaluated by Maximize Market Research, entails a comprehensive exploration of regional intricacies and the competitive landscape.

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Speech Analytics Market Scope and Methodology

The report adopts a foundation-up methodology to estimate the Speech Analytics Market's dimensions. Information is sourced from primary and secondary databases, encompassing both qualitative and quantitative analysis. Primary data is acquired via surveys, questionnaires, and interviews with key figures and entrepreneurs in the Speech Analytics market. The report leverages analytical tools such as SWOT, PESTLE, and Porter's Five Forces Analysis to conduct comprehensive market scrutiny. SWOT analysis facilitates a holistic comprehension of factors influencing business decisions within the market, while PESTLE analysis furnishes insights into growth prospects and risks that influence market efficiency. Overall, the report functions as a valuable resource for investors, stakeholders, and market observers, aiding them in making well-informed judgments within the Speech Analytics Market arena.

Speech Analytics Market Regional Insights

The assessment of regional dynamics is conducted to gauge the state of the Speech Analytics market across nations falling within North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. This market, denoted as Speech Analytics, is broadly categorized into these delineated regions, facilitating an in-depth comprehension of the market's topography and the ever-evolving forces within each specific geographical domain.

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Speech Analytics Market Segmentation

by Component

1. Solutions
1.1 Speech Engine
1.2 Indexing and Query Tools
1.3 Reporting and Visualization Tools
1.4 Quality Management
1.5 Root Cause Analysis
1.6 Other Solutions (Emotion Detection and Workforce Optimization)
2. Services
2.1 Professional Services
2.1.1 Training and Consulting
2.1.2 System integration and implementation
2.1.3 Support and Maintenance
2.2 Managed Services

The solutions segment is predicted to grow with the biggest market share in 2022 based on component. Over the course of the projection period, the customer experience management application category is anticipated to have a greater market share. It enables businesses to leverage current customer data to spot patterns and trends, create retention plans, and lower customer attrition. The requirement to examine customer call recordings in order to determine customer intent and conduct behaviour analysis is responsible for various factors, including the indexing and query tools segment's large market share.

by Application

1. Customer Experience Management
2. Call monitoring and summarization
3. Agent performance monitoring
4. Sales and marketing management
5. Risk and compliance management
6. Sentiment analysis
7. Other Applications

The Customer Experience Management segment is anticipated to have the highest compound annual growth rate (CAGR) over the projected period, based on applications. Contact centres now connect and communicate much more effectively thanks to these apps, which has improved business performance. Speech analytics solutions have the power to completely change a business by giving them several techniques to guarantee that every client interaction is secure and of consistently high quality. The speech engine provides inputs by identifying and comprehending conversations.

by Deployment Mode

1. Cloud
2. On-premises

by Organization Size

1. Large enterprises
2. Small and medium-sized enterprises (SMEs)

by End-User

1. Banking Finance Services and Insurance (BFSI)
2. IT and Telecom
3. Media and Entertainment
4. Healthcare and Life Sciences
5. Retail and eCommerce
6. Travel and Hospitality
7. Government and Defense
8. Healthcare and life sciences
9. Other Verticals

The retail and e-commerce industry vertical is anticipated to expand at the greatest CAGR of xx% throughout the projected period, based on End-Users. With speech analytics becoming more and more important in improving customer happiness, retention rates, and churn rates, the BFSI vertical is expected to hold a greater market share during the projection period. The majority of businesses use speech analytics tools to interpret the conversational data they collect and use that data to improve operational efficiency. The retail and e-commerce segments of the speech analytics market are expanding as a result of the growing use of speech analytics tools in the business process outsourcing (BPO) sector.

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Speech Analytics Market Key Players

1. Verint Systems
2. Avaya
3. Calabrio
4. CallMiner
5. Clarabridge
6. Almawave
7. Voci Technologies
8. Zoom International
9. NICE Systems
10. Genesys


Key questions answered in the Speech Analytics Market are:

• What is Speech Analytics?
• What was the Speech Analytics market size in 2022?
• What are the different segments of the Speech Analytics Market?
• What growth strategies are the players considering to increase their presence in Speech Analytics?
• What are the upcoming industry applications and trends for the Speech Analytics Market?
• What are the recent industry trends that can be implemented to generate additional revenue streams for the Speech Analytics Market?
• What major challenges could the Speech Analytics Market face in the future?
• What segments are covered in the Speech Analytics Market?
• Who are the leading companies and what are their portfolios in Speech Analytics Market?
• What segments are covered in the Speech Analytics Market?
• Who are the key players in the Speech Analytics market?

Key Offerings:

• Past Market Size and Competitive Landscape (2018 to 2022)
• Past Pricing and price curve by region (2018 to 2022)
• Market Size, Share, Size & Forecast by different segment | 2023-2029
• Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by Region
• Market Segmentation - A detailed analysis by segment with their sub-segments and Region
• Competitive Landscape - Profiles of selected key players by region from a strategic perspective
o Competitive landscape - Market Leaders, Market Followers, Regional player
o Competitive benchmarking of key players by region
• PESTLE Analysis
• PORTER's analysis
• Value chain and supply chain analysis
• Legal Aspects of Business by Region
• Lucrative business opportunities with SWOT analysis
• Recommendations


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