Speech Analytics Market to be Influenced by Increasing Voice Significance in a Multichannel Environment Across the Globe through 2028
Growing need for speech analytics in business process operations
(BPO) is driving the Global Speech Analytics Market.
According to
TechSci Research report, “Speech Analytics Market – Global Industry Size,
Share, Trends, Opportunity, and Forecast, 2018-2028F,” the global speech analytics market is growing owing to the need for better customer experience (CX), especially
in developing countries by enterprises to deliver superior experiences, value,
and growth for customers. Speech analytics gives businesses the opportunity to uncover
the root cause of customer concerns or issues, increase efficiency and manage sales
across several sites while enhancing performance, dependability, and
scalability. Vendors globally are launching significant services by
integrating technologies such as artificial intelligence (AI) and machine
learning (ML) to cater to the customer needs and market requirements. Numerous innovations and product launches carried out in analytics
are expected to enhance the features of speech analytics. Moreover, the rising significance of real-time speech analytics and increasing
need for speech analytics solutions from the Business Process Outsourcing (BPO)
are further attributing to the growth of the global speech analytics market.
The global speech analytics
market is segmented into component, deployment mode, organization size,
application, end user, region, and competitive landscape. Based on component,
the market is segmented into service and solution. Based on deployment mode,
the market is bifurcated into clouds and on-premises. Based on organization
size, the market is segmented into SMEs and large enterprises. Based on application,
the market is divided into call monitoring, customer experience management,
agent performance monitoring, sales performance management, competitive
intelligence, risk and compliance management, and others. Based on end user,
the market is segmented into BFSI, government & defense, retail and
ecommerce, travel and hospitality, healthcare and life sciences, energy and
utilities, media and entertainment, travel and hospitality, Telecommunications
and IT, and others.
The solutions segment by
component dominated the global speech analytics market in 2022 and is expected
to maintain its dominance during the forecast period. Enterprises across the
world have rapidly deployed speech analytics solutions in a variety of
applications such as customer experience management, compliance management, agent
performance management, etc. These are the most widely utilized solutions
installed in analytical platforms to reducing customer churn and mitigate compliance
and risks. Also, there is a rising need for advanced analytics, particularly for
the customer experience to understand customers better across the industry,
which will support market expansion in
the ensuing years. Therefore, it is anticipated that several advantages offered
by speech analytical solutions will fuel the segment's expansion.
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The cloud segment by deployment mode is gaining popularity in
several industry sectors while also driving down operating expenses.
Cloud-based services are being offered by emerging companies to give SMEs
affordable options. This has forced existing businesses to stay updated with
the rapidly evolving speech analytics technology and offer creative solutions,
which are expected to increase market growth.
Small and medium-sized
businesses (SMEs) accounted for a significant part of the market in 2022, and
this growth is predicted to continue. This expansion is related to the
expanding availability of cloud services. Additionally, SMEs are working with
research institutes to build cutting-edge spoken conversation systems, tools
for fine-tuning voice applications, and speech analytics solutions, which is
fueling the demand for the solution.
The Telecommunications and IT
segment by end user is expected to register fastest growth during the forecast
period. Among the end user industries, the BFSI segment is expected to gain the
maximum traction in the market over the forecast period. This is since most speech
analytics are used by information technology sectors for data security and
managing the data efficiently. Telecommunication companies are utilizing speech
analytics extensively to gather more actionable information in minimal time. Organizations
in the telecommunications sector are using such speech analytics for absolute
customer satisfaction and maximize their profits. Moreover, the majority of the
companies have already implemented advanced solutions to optimize their
resources, and increased customer retention by building loyalty and maintaining
customer relationships with remarkable success.
Key market players in the global
speech analytics market include:
- Verint Systems
Inc.
- Avaya Inc.
- Micro Focus
International PLC
- Genesys
Telecommunications Laboratories Inc.
- Callminer Inc.
- Nice Ltd
- Raytheon BBN
Technologies
- VoiceBase Inc.
(Liveperson Inc.)
- OpenText
Corporation
- Calabrio Inc.
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“The North America region
shows substantial growth prospects in the global speech analytics market, which can be
attributed to the increasing demand for enhanced customer support services to
strengthen customer retention initiatives. However, Asia Pacific is forecastto
be the fastest growing region. The speech analytics is gaining traction and is
expanding to various countries in North America, including United States, Canada,
and Mexico. This can be attributed to the increasing investments in speech
analytics for the ongoing business process and industrial developments, along with
the presence of a massive number of companies such as Verint Systems Inc., OpenText
Corporation, Nice Ltd, Calabrio Inc. and so on in the region. Furthermore, the
early adoption of advanced technologies such as machine learning, artificial
intelligence by the enterprises during the integration in analytical products
is anticipated to drive product demand over the forecast period. The United
States leads the market in North America and is expected to continue its
dominance in the global speech market analytics during the forecast period as
well,” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management consulting firm.
“Speech Analytics Market
– Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented
By Component (Service, Solution), By Deployment Mode (Cloud,
On-Premises), By Organization Size (SMEs, Large Enterprise), By Application
(Call Monitoring, Customer Experience Management, Agent Performance Monitoring,
Sales Performance Management, Competitive Intelligence, Risk and Compliance
Management, Others), By End-user (BFSI, Government & Defense, Retail and
eCommerce, Travel and Hospitality, Healthcare and Life Sciences, Energy and
Utilities, Media and Entertainment, Travel and Hospitality, Telecommunications
and IT, Others), By
Region, Competition”, has
evaluated the future growth potential of speech analytics
and provides statistics and information on market structure, size, share, and
future growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers, challenges,
and opportunities in the global speech analytics market.
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