Speech Analytics Market on Track to Hit USD 11,452.66 Million By 2032, With an Impressive CAGR of 17.1%

According to a new market research report published by Polaris Market Research, the global Speech Analytics Market was valued at USD 2,766.27 Million in 2023. The market is projected to grow to USD 11,452.66 Million by 2032, exhibiting a CAGR of 17.1% during the forecast period, 2024 to 2032.

Speech analytics refers to the use of speech recognition software and other AI tools to analyze voice recordings or live customer calls. It aims at gathering customer data to improve communication and further interaction with customers. After extracting the data using the software, it's structured to draw useful information from it.

𝐆𝐞𝐭 𝐚𝐧 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅 𝐨𝐟 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.polarismarketresearch.com/industry-analysis/speech-analytics-market/request-for-sample

Call centers primarily use speech analytics to extract meaningful information from client interactions within an enterprise. Along with improving customer experience, speech analytics can help improve operational efficiency and drive revenue growth across organizations. Speech analytics finds end uses across several verticals, including BFSI, healthcare, IT and telecom, and media and entertainment.

With the rapid adoption of digital communication channels, organizations are gathering vast amounts of voice data via voicemails and calls. This, in turn, is driving the demand for speech analytics. Besides, the rising adoption of AI and machine learning technologies is further expected to support market growth.

𝐏𝐫𝐨𝐦𝐢𝐧𝐞𝐧𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬

• Almawave
• Avaya Inc.
• AWS
• Calabrio, Inc.
• CallMiner
• Genesys
• Google
• Invoca
• NICE Ltd.
• OpenText
• Talkdesk, Inc.
• Verint Systems Inc.
• Voci Technologies Incorporated
• VoiceBase, Inc.
• Vonage

𝐁𝐮𝐲 𝐭𝐡𝐢𝐬 𝐏𝐫𝐞𝐦𝐢𝐮𝐦 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.polarismarketresearch.com/buy/3808/2

𝐆𝐫𝐨𝐰𝐭𝐡 𝐃𝐫𝐢𝐯𝐞𝐫𝐬:

• Customer Experience Management: Companies seek to improve customer satisfaction by analyzing customer interactions and identifying areas for improvement.
• Quality Assurance and Compliance: Organizations use speech analytics to ensure that their employees comply with regulatory requirements and internal standards during customer interactions.
• Rising Adoption of AI and ML: Speech analytics leverages artificial intelligence (AI) and machine learning (ML) technologies to transcribe, analyze, and interpret spoken conversations.

𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬:

• Integration with Other Analytics Tools: Integrating speech analytics with other analytics solutions can provide a more comprehensive view of customer interactions.
• Cloud-Based Solutions: The shift towards cloud-based speech analytics solutions offers scalability and accessibility for organizations.
• Real-Time Analytics: Real-time speech analytics allows businesses to respond quickly to customer issues and opportunities.
• Multimodal Analytics: Combining speech analytics with other data sources such as text and video provides richer insights.

𝐀𝐜𝐜𝐞𝐬𝐬 𝐓𝐡𝐞 𝐅𝐮𝐥𝐥 𝐑𝐞𝐩𝐨𝐫𝐭, 𝐡𝐞𝐫𝐞: https://www.polarismarketresearch.com/industry-analysis/speech-analytics-market

𝐒𝐩𝐞𝐞𝐜𝐡 𝐀𝐧𝐚𝐥𝐲𝐭𝐢𝐜𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐩𝐨𝐫𝐭 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬

• In 2023, the solution segment held a significant revenue share owing to focus on customer experience, customization and scalability, and integration capabilities.
• In 2023, the sales and marketing segment held significant revenue share owing to focus on customer insights, lead generation and conversion, and sales performance monitoring.
• The cloud-based segment is expected to experience significant growth during the forecast period owing to scalability and flexibility, cost efficiency, and rapid deployment.
• The healthcare segment is expected to experience significant growth during the forecast period owing to the increasing adoption of electronic health records, enhanced patient care and experience, and telehealth and remote patient monitoring.

𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬

• The speech analytics market analysis is primarily segmented based on offering, business function, deployment model, end-use industry, and region.
• By offering analysis, the solution segment held significant revenue share as it provides comprehensive solutions.
• By business function analysis, the sales and marketing segment accounted for a significant revenue share.

𝐌𝐨𝐫𝐞 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐋𝐚𝐭𝐞𝐬𝐭 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐛𝐲 𝐏𝐨𝐥𝐚𝐫𝐢𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡:

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𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐈𝐧𝐟𝐨:

Polaris Market Research
Phone: +1-929-297-9727
Email: sales@polarismarketresearch.com

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:

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This release was published on openPR.