Press release
Growing AI Adoption Accelerates Speech Analytics Market Expansion Driver: Leading Transformation in the Speech Analytics Market in 2025
The speech analytics market is projected to experience significant growth due to the escalating adoption of artificial intelligence. The utilization of AI has been increasing, as it enhances efficiency, improves decision-making, and automates complicated tasks across various sectors. AI amplifies speech analytics' performance by allowing for more accurate transcription, real-time analysis, and a deeper understanding of customer sentiment, intention, and behavior, achieved through sophisticated natural language processing and machine learning algorithms. For example, the US-based International Business Machines Corporation (IBM) disclosed in May 2022 that 35% of global businesses used AI in 2022, marking a 4% increase from 2021. Furthermore, the adoption of AI by organizations rose by 13% in 2022 in comparison to 2021. Consequently, this rise in AI adoption is fuelling the expansion of the speech analytics market.
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What is the projected compound annual growth rate (CAGR) of the speech analytics market from 2025 to 2034, and what factors influence it?
In recent years, the size of the speech analytics market has seen an exponential increase. It is projected to increase from a value of $3.11 billion in 2024 to $3.81 billion in 2025, growing at a compound annual growth rate (CAGR) of 22.4%. The expansion during the historic period is attributed to the advent of cutting-edge speech recognition technologies, acceptance of speech analytics to enhance customer service, application of speech analytics in call centers, emergence of voice biometrics for security and authentication, and an increased emphasis on meeting compliance and regulatory demands.
The market size of speech analytics is anticipated to witness tremendous growth in the upcoming years, swelling to $9.72 billion by 2029, demonstrating a compound annual growth rate (CAGR) of 26.4%. This predicted growth during the forecast period can be traced back to the broader utilization of speech analytics across multichannel customer engagement, its integration in predictive analytics as a tool for business insights, escalation of its application in employee skill development and performance assessment, and concentration on real-time speech analytics for instant decision-making. Other aspects include the use of sentiment analysis and the identification of emotions in speech analytics. Upcoming trends for the projected period comprise the amalgamation of artificial intelligence (AI) and machine learning (ml) with speech analytics, its blending into virtual assistants and chatbots, embracing cloud-based solutions for speech analytics, emphasis on speech analytics in social media surveillance, and the creation of sector-specific speech analytics software applications.
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How are the latest trends influencing the growth of the speech analytics market?
The adoption of sophisticated technology is a prevalent trend in the speech analytics market. Many significant companies in this sector are channeling their efforts into the creation of novel technological remedies to fortify their standing in the market. As an example, in November 2023, Google, an American multinational tech firm, rolled out generative AI voice analytics specifically for banks and investment companies. This initiative targets an improved monitoring and documentation of business-oriented communications, particularly voice and video calls, by merging Google Cloud's generative AI platform, Vertex AI, with Symphony's Cloud9 voice product.
What are the major segments of the speech analytics market and their role in driving growth?
The speech analytics market covered in this report is segmented -
1) By Components: Solutions, Services
2) By Deployment Mode: Cloud, On-premises
3) By Organization Size: Large Enterprises, Small And Medium-Sized Enterprises (SMEs)
4) By Applications: Customer Experience Management, Call Monitoring And Summarization, Agent Performance Monitoring, Sales And marketing Management, Risk And Compliance Management, Sentiment Analysis
5) By Vertical: Banking Finance Services And Insurance (BFSI), IT And Telecom, Media And Entertainment, Retail And eCommerce, Travel And Hospitality, Government And Defense, Healthcare And life sciences, Other Verticals
Subsegments:
1) By Solutions: On-Premises Solutions, Cloud-Based Solutions, Integrated Solutions
2) By Services: Consulting Services, Implementation Services, Support And Maintenance Services
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Which regions are key players in the growth of the speech analytics market?
North America was the largest region in the speech analytics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the speech analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the key firms paving the way for growth in the speech analytics market?
Major companies operating in the speech analytics market include 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
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What Is Covered In The Speech Analytics Global Market Report?
•Market Size Forecast: Examine the speech analytics market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the speech analytics market for a structured understanding.
•Key Players Overview: Analyze major players in the speech analytics market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the speech analytics market.
•Segment Contributions: Evaluate how different segments drive overall growth in the speech analytics market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the speech analytics market.
•Industry Challenges: Identify potential risks and obstacles affecting the speech analytics market.
•Competitive Landscape: Review strategic developments in the speech analytics market, including expansions, agreements, and new product launches.
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