Speech Analytics Market Outlook, Trends, Analysis, Insights, Overview And Forecast To 2033

"The Business Research Company recently released a comprehensive report on the Global Speech Analytics Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The speech analytics market size has grown exponentially in recent years. It will grow from $2.57 billion in 2023 to $3.17 billion in 2024 at a compound annual growth rate (CAGR) of 23.5%. The growth in the historic period can be attributed to introduction of advanced speech recognition technologies, adoption of speech analytics for customer service improvement, implementation of speech analytics in call centers, rise of voice biometrics for authentication and security, increasing focus on compliance and regulatory requirements.

The speech analytics market size is expected to see exponential growth in the next few years. It will grow to $7.62 billion in 2028 at a compound annual growth rate (CAGR) of 24.5%. The growth in the forecast period can be attributed to expansion of speech analytics in multichannel customer engagement, adoption of speech analytics in predictive analytics for business insights, growing use of speech analytics in employee training and performance evaluation, emphasis on real-time speech analytics for immediate action, use of emotion and sentiment analysis in speech analytics. Major trends in the forecast period include integration of speech analytics with artificial intelligence (ai) and machine learning (ml), integration of speech analytics in virtual assistants and chatbots, adoption of cloud-based speech analytics solutions, focus on speech analytics for social media monitoring, development of industry-specific speech analytics applications.

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Market Drivers and Trends:

The high adoption of speech analytics by companies is significantly driving the growth of the speech analytics market. Since speech analytics help in problem identification, customer experience enhancement as well as sentiment analysis, companies across various industrial segments are adopting speech analytics rapidly. This creates a huge scope for future development of speech analytics technology by key companies through partnerships and strategic alliances. For instance, in September 2021, Scotiabank partnered with Google Cloud to strengthen the bank's cloud-first commitment and speed up its global speech, text, and data analytics strategy. Google Cloud, as a Scotiabank trusted partner for analytics, will assist Scotiabank customers in the Americas and around the world in creating a more personalized and predictive banking experience. This partnership helps Scotiabank to offer more customized banking services by adopting speech and data analytics using Google Cloud. Hence, the increasing adoption of speech analytics by companies is expected to propel the growth of the speech analytics market over the coming years.

Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.

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Major Key Players of the Market:

NICE Systems Ltd., Verint Systems Inc., Avaya Holdings Corp., OpenText Corporation, Genesys Telecommunications Laboratories Inc., Calabrio Inc., Clarabridge Inc., Castel Communications LLC, VoiceBase Inc., Google LLC, Vonage Holdings Corp., Micro Focus International plc, Zoom International S. A., Almawave S. p. A., Talkdesk Inc., Alvaria Inc., Hewlett Packard Enterprise Company, Interactive Intelligence Group Inc., InContact Inc., Clarifai Inc., Uniphore Software Systems Pvt. Ltd., Deepgram Inc., Eleos Health Inc., Sonde Health Inc., Aural Analytics Inc., Intelligent Voice Ltd., Phonexia s. r. o., Daisee Pty Ltd, CloudTalk s. r. o., CallTrackingMetrics LLC, SpeechTech Ltd., Batvoice Technologies

Speech Analytics Market 2024 Key Insights:

• The speech analytics market size is expected to see exponential growth in the next few years. It will grow to $7.62 billion in 2028 at a compound annual growth rate (CAGR) of 24.5%.
• Rapid Adoption Of Speech Analytics Transforms Industries And Drives Market Growth
• The Growing Influence Of Advanced Technology In The Speech Analytics Market
• North America was the largest region in the speech analytics market in 2023

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