Market Research Future Insights
According to MRFR analysis, the global Speech Analytics Market is expected to register a CAGR of 20.38% from 2023 to 2032 and hold a value of over USD 9.5 Billion by 2032.
Speech Analytics is the procedure of extracting meaningful insights from audio recordings and examining that data for relevant and meaningful business intelligence. The important applications of speech analytics contain customer experience management, call monitoring and summarization, auctions and marketing management, risk and compliance management, sentiment examination, and fraud detection & security applications. Speech analytics solutions are progressively gaining traction owing to their rising utilization across numerous industries, including contact & call centers, healthcare & life sciences, and television and entertainment.
The growth of the global speech analytics market is determined by factors such as the surge in demand for speech analytics to improve contact center operations, the emergence of speech analytics to improve fraud detection, and the increasing demand for speech-based biometric systems during the COVID-19 pandemic. However, data privacy and security concerns represent a prominent restraint for market growth. The growing demand for speech analytics in the healthcare sector and the rising demand for cloud-based speech analytics solutions to boost customer retention are anticipated to offer significant growth chances for the speech analytics market.
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Key Players
Some of the key market players are,
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NICE
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Micro Focus
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Verint
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Castel
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Avaya
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OpenText
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Google
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Vonage
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Geneys
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Calabrio
Regional Analysis
North America is anticipated to account for the largest share of the global speech analytics market. The large market share of this region is attributed to the growing adoption of emotion analysis solutions in customer experience management, an extension of e-commerce platforms, a rising focus on customer satisfaction, increasing demand for speech analytics software to maintain inbound, outbound, and blended calls, e-mails, web investigations, and chats, growing demand for self-service interactions among customers, rising popularity for healthcare fraud analytics and detection solutions across the region, and rising demand for reporting and visualization tools by region's prosperous retail and e-commerce sectors. However, the Asia-Pacific region is anticipated to register the highest CAGR during the forecast period owing to the rising technology expenditures in countries such as Australia, China, and India, growing demand for cost-effective analytical software and services among small and medium-sized enterprises (SMEs), and growing usage and consciousness of speech and voice recognition devices in the automotive sector.
Market Segmentation
The global Speech Analytics Market has been segmented into Deployment, End-user, and organization size
Based on the Deployment Type, The global Speech Analytics Market has been segmented into Cloud and On-premise
Based on the End-User, The global Speech Analytics Market has been segmented into BFSI, Government, Healthcare, Retail, and IT
Based on the Organization Size, The global Speech Analytics Market has been segmented into Large Enterprises, Small & Medium Enterprises
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