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The Growing Influence Of Advanced Technology In The Speech Analytics Market Industry Trends Gaining Momentum in the Global Speech Analytics Market
Speech Analytics Market Growth
Speech Analytics Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
There has been a substantial surge in the magnitude of the speech analytics market in the past years. The market which stood at $3.11 billion in 2024 is predicted to rise to $3.81 billion in 2025, witnessing a compound annual growth rate (CAGR) of 22.4%. The considerable growth experienced in the historic period can be credited to the launch of advanced speech recognition technologies, the incorporation of speech analytics to enhance customer service, application of the same in call centers, the emergence of voice biometrics for secure authentication, and a heightened emphasis on adhering to compliances and regulatory necessities.
Speech Analytics Market Size Forecast: What's the Projected Valuation by 2029?
Expectations are high for significant expansion in the speech analytics market size in the coming years. The estimated growth rate pegs it at a value of $9.72 billion in 2029, increasing at a CAGR of 26.4%. This anticipated development over the forecast period can be linked to the broadening applications of speech analytics in areas such as multichannel customer engagement, predictive analytics for business insights, and employee training and performance assessment. Also playing a part are factors such as emphasis on real-time analytics for urgent action and the use of emotion and sentiment analysis within speech analytics. Notable trends for the forecast period encompass the fusion of speech analytics with AI and machine learning, its integration into virtual assistants and chatbots, adoption of cloud-based analytics solutions, social media monitoring via speech analytics, and the creation of industry-specific speech analytics applications.
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What Are the Drivers Transforming the Speech Analytics Market?
The speech analytics market is set to expand due to the growing uptake of artificial intelligence. The reason for this increased adoption is the capability of AI to enhance efficiency, facilitate improved decision-making, and automate intricate tasks across various sectors. It boosts speech analytics by enabling highly accurate transcription, real-time analysis, and comprehensive understanding of customer sentiments, intents, and behavior, thanks to sophisticated natural language processing and machine learning techniques. For example, data provided by The International Business Machines Corporation (IBM), a US technology company, in May 2022 revealed that 35% of businesses around the globe incorporated artificial intelligence (AI) in their operations in 2022, representing a 4% rise compared to 2021. Furthermore, in comparison to 2021, the use of AI in organizations rose by 13% in 2022. As such, it is clear that the increasing adoption of artificial intelligence is fueling the expansion of the speech analytics market.
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What Long-Term Trends Will Define the Future of the Speech Analytics Market?
The increasing use of advanced technology is a notable trend gaining momentum in the speech analytics market. Predominant businesses in the sector of speech analytics are intensifying their focus on the invention of new technology-based solutions to fortify their standing. To demonstrate, in November 2023, Google, an American multinational technology firm, introduced generative AI voice analytics targeted towards banks and investment corporations. The goal of this venture is to improve the monitoring and documentation of business-focused communications, primarily voice and video calls, by merging Google Cloud's generative AI platform, Vertex AI, with Symphony's Cloud9 voice product.
Which Segments in the Speech Analytics Market Offer the Most Profit Potential?
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 Firms Dominate the Speech Analytics Market by Market Share and Revenue in 2025?
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
Which Regions Offer the Highest Growth Potential in 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
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