Soaring Demand Set to Propel Voice And Speech Analytics Market to $5.62 Billion by 2029

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How Large Will the Voice And Speech Analytics Market Size By 2025?
There has been a swift expansion in the voice and speech analytics market size in the past few years. The market is projected to rise from $2.54 billion in 2024 to $3.02 billion in 2025, boasting a compound annual growth rate (CAGR) of 19.0%. Factors such as the rapid integration of conversational AI, the increase in industry-specific solutions, the integration with sophisticated analytics platforms, the AI-induced customization, and the focus on emotional and sentiment analysis, contribute to the historic period's growth.

How Big Is the Voice And Speech Analytics Market Size Expected to Grow by 2029?
There's a projection for quick expansion in the voice and speech analytics market size in the upcoming years, reaching a growth pinnacle of $5.62 billion by 2029, the compound annual growth rate being 16.8%. The escalation in the predicted time frame is accredited to cloud computing adoption boost, the escalating requirement for an enhanced customer experience, the emergence of multichannel communication, the concentration on security and fraud prevention, and the extensive availability of big data. The forecast period will showcase predominant trends such as multi-channel analytics, emotion recognition technology, real-time sentiment analysis, a focus on compliance and ethical AI, along with predictive analytics for understanding customer behavior.

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Which Key Market Drivers Powering Voice And Speech Analytics Market Expansion and Growth?
The anticipated rise in video content marketing will likely fuel the expansion of the voice and speech analytics market. Video content marketing, which entails the production and strategic deployment of videos for promotion, advertising, or delivering messages to a targeted audience, uses voice and speech analytics for evidence-based decision making, comprehending audiences, and improving video content for better user engagement and impact. For example, a Wyzowl survey of 528 participants in February 2023 revealed an increase in the usage of video content marketing by businesses to 91%, up from 86% in 2022. Hence, the soaring demand for video content marketing is set to stimulate the growth of the voice and speech analytics market.

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Which Fast-Growing Trends Are Poised to Disrupt the Voice And Speech Analytics Market?
Leading businesses in the voice and speech analytics market are focusing their strategies on collaborations to create cutting-edge technology products. A strategic collaboration involves formal agreements between two or more parties - could be organizations, individuals or institutions, working jointly to achieve common objectives that are mutually beneficial. One such example was in February 2023, when Bharti Airtel Limited, a telecommunications firm based in India, partnered with Nvidia Corporation, a US-based tech company to initiate an AI-based speech analytics solution. Utilizing Nvidia's AI chat tool, NvidiaNeMo, and Triton Inference Server, a multi-framework inference-serving software, Airtel engineered a bespoke voice application. The telecommunications firm plans on merging its automated speech recognition (ASR) models, which use deep learning, with Nvidia's advanced software to accurately analyze speech and make operational improvements. This method is projected to deliver outputs at just 30% of the standard computational cost. Furthermore, this speech analytics innovation has a reduced carbon footprint and contributes lesser greenhouse gases (GHGs).

What Are the Emerging Segments in the Voice And Speech Analytics Market?
The voice and speech analyticsmarket covered in this report is segmented -

1) By Component: Solutions, Services
2) By Deployment Mode: On-Premises, Cloud
3) By Organization Size: Large Enterprises, Small And Medium-Sized Enterprises (SMEs)
4) By Application: Customer Experience Management, Call Monitoring And Summarization, Agent Performance Monitoring, Sales And Marketing Management, Risk And Compliance Management, Sentiment Analysis, Other Applications

Subsegments:
1) By Solutions: Cloud-Based Solutions, On-premises Solutions, Speech Recognition Software, Natural Language Processing (NLP) Tools
2) By Services: Consulting Services, Implementation Services, Support And Maintenance Services, Training And Education Services

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Who Are the Global Leaders in the Voice And Speech Analytics Market?
Major companies operating in the voice and speech analytics market report are Google LLC, Amazon Web Services Inc., Hewlett Packard Enterprise Development LP, Micro Focus International PLC, Avaya Inc., NICE Systems Ltd., Genesys Telecommunications Laboratories Inc., Qualtrics, Vonage, AlmavivA S.p.A., Verint System Inc., Five9 Inc., Enghouse Interactive Inc., Talkdesk Inc., ThoughtSpot Inc., Uniphore, Calabrio Inc., CallMiner, Marchex Inc., Sabio Group, Clarabridge, Nexidia Inc., CallTrackingMetrics, Castel Communications LLC, VoiceBase Inc., 3CLogic Inc., Beyond Verbal, Voci Technologies Inc., RankMiner, Zoom Speech Analytics

Which are the Top Profitable Regional Markets for the Voice And Speech Analytics Industry?
North America was the largest region in the voice and speech analytics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the voice and speech analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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