Speech Analytics Market Future Business Opportunities 2024-2032 | NICE, Verint, Avaya, OpenText

Global Market Digits announces the release of the report "Global Speech Analytics Market 2024 by Manufacturers, Regions, Type and Application, Forecast to 2032". This report provides a detailed overview of the market scenario, including a thorough analysis of the market size, sales quantity, average price, revenue, gross margin and market share. The report provides an in-depth analysis of the competitive landscape, manufacturer's profiles, regional and national market dynamics, and the opportunities and challenge that the market may be exposed to in the near future. Global Speech Analytics Market research report is a comprehensive analysis of the current market trends, future prospects, and other pivotal factors that drive the market.

The Speech Analytics Market is Valued USD 2.9 billion in 2024 and projected to reach USD 9.5 billion by 2032, growing at a CAGR of 17.58% During the Forecast period of 2024-2032.

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Speech Analytics Market Growth Drivers:

The increasing necessity to improve omnichannel integration features within speech analytics tools is driven by rising consumer expectations for cohesive experiences across various communication platforms. Combining data from various channels allows organizations to acquire a more comprehensive insight into customer behavior, preferences, and requirements. By examining interactions at different touchpoints, companies can more efficiently recognize trends, patterns, and areas for enhancement. Omnichannel integration enables organizations to provide tailored and uniform experiences to customers no matter which channel they choose for interaction. Speech analytics tools that can evaluate data from various channels assist companies in pinpointing challenges, addressing problems quickly, and offering proactive assistance, thereby improving the overall customer experience. Organizations that can successfully combine data from various channels and utilize speech analytics to derive insights possess a competitive advantage in the marketplace. They are able to predict customer needs, customize offerings, and provide exceptional experiences, enhancing customer satisfaction, loyalty, and retention. A study conducted by Adobe reveals that omnichannel shoppers possess a lifetime value that is 30% greater compared to individuals who purchase through a single channel. These figures highlight the essential importance of omnichannel integration in fostering customer loyalty and increasing revenue. As companies work to fulfill these demands, speech analytics tools that provide extensive omnichannel features are set to provide better insights, improve customer experiences, and secure a competitive advantage in the industry.

Top companies covered in this report: NICE, Verint, Avaya, OpenText, Google, Vonage, Genesys, Calabrio, CallMiner, Almawave, AWS, Qualtrics, Talkdesk, Alvaria, Castel, and Others.

Industry News:

In January 2024, The U.S. General Services Administration launched a new customer service platform that is driven by AI and integrated with advanced speech analytics technology. The aim is to improve government-citizen interactions, and this is a crucial onward step in the government's adoption of speech analytics. The latter is hoped to streamline the provision of public services and improve the efficiency of handling citizens inquiries.

In March 2024, Linus Health acquired Aural Analytics to enrich its cognitive assessment platform with speech analysis technology. This is how the company aims to enhance the efficiency of the earlier detection of cognitive decline and contribution to the life sciences market.

Speech Analytics Market Segmentation:

By Component
Solutions
Speech Engine
Indexing and Query Tools
Reporting and Visualization Tools
Quality Management
Root Cause Analysis
Workforce Optimization
Others
Services
Professional Services
Training and Consulting
System integration and implementation
Support and Maintenance
Managed Services

By Business Function
Finance and Accounting
Sales & Marketing
Contact Center/ Call Center
Operations & Supply Chain

By Organization Size
Large Enterprises
SMEs

By Deployment Model
On-premises
Cloud based

By Application
Customer Experience Management
Quality Management
Call Monitoring & Summarization
Agent Performance Management
Risk & Compliance Management
Sentiment Analysis
Sales & Marketing Management
Others

By End-use Industry
BFSI
Telecom
Retail & eCommerce
Automotive & Transportation
IT & ITES
Healthcare & Life Sciences
Media & Entertainment
Travel & Hospitality
Government & Defence
Others

Regional Analysis

North America (USA and Canada)
Europe (UK, Germany, France and rest of Europe)
Asia-Pacific (China, Japan, India, and Rest of Asia Pacific)
Latin America (Brazil, Mexico, and Rest of Latin America)
Middle East and Africa (GCC and Rest of the Middle East and Africa)

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Important Features of the reports:

- Detailed analysis of the Speech Analytics Market
- Fluctuating market dynamics of the industry
- Detailed market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape of the Speech Analytics Market
- Strategies of key players and product offerings
- Potential and niche segments/regions exhibiting promising growth
- A neutral perspective towards Speech Analytics Market performance.

The report provides insights on the following pointers:

Market Penetration: Comprehensive information on the product portfolios of the top players in the Speech Analytics Market.

Product Development/Innovation: Detailed insights on upcoming technologies, R&D activities, and product launches in the market.

Competitive Assessment: In-depth assessment of the market strategies, and geographic and business segments of the leading players in the market.

Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies.

Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the Speech Analytics Market

How big will the market and growth rate be in 2032?

What are the key drivers for the global Speech Analytics Market?
What are the major market trends influencing the growth of the global Speech Analytics Market?
What are the challenges for market growth?
Who are the key vendors in the global Speech Analytics Market?
What market opportunities and threats are vendors facing in the global Speech Analytics Market?
What are the main findings of the five forces analysis of the global Speech Analytics Market?

Conclusion: At the end of the Speech Analytics Market report, all findings and estimates are presented. It also includes key drivers and opportunities and regional analysis. The Segment analysis is also provided in terms of type and application.

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