Speech Analytics Market by Offering (Software by Functionality & Deployment Mode & Services), Business Function (Sales & Marketing, HR), Channel (VOIP & Messaging Platforms, Webinars & Virtual Meetings), Vertical and Region - Global Forecast to 2029
Speech Analytics Market Size & Trends
The Speech Analytics Market is projected to grow from USD 3.3 billion in 2024 to USD 7.3 billion by 2029, at a compound annual growth rate (CAGR) of 17.5% during the forecast period. Due to various business drivers, the speech analytics market is expected to grow significantly during the forecast period. The market is experiencing significant growth due to the rising demand for improving omnichannel integration capabilities, the increasing emphasis on monitoring and improving agent performance, and the growing importance of utilizing analytics for customer retention and enhanced customer satisfaction.
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Market Dynamics
Driver: Increasing need to improve omnichannel integration capabilities
The growing imperative to enhance omnichannel integration capabilities within speech analytics solutions is propelled by escalating consumer demands for seamless experiences across diverse communication channels. Integrating data from multiple channels enables organizations to gain a more holistic understanding of customer behavior, preferences, and needs. By analyzing interactions across various touchpoints, businesses can identify trends, patterns, and opportunities for improvement more effectively. Omnichannel integration allows organizations to deliver personalized and consistent experiences to customers regardless of the channel they use to interact. Speech analytics solutions that can analyze data from all channels help businesses identify pain points, resolve issues promptly, and provide proactive support, ultimately enhancing the overall customer experience. Organizations that can effectively integrate data from multiple channels and leverage speech analytics to gain insights have a competitive edge in the market. They can anticipate customer needs, tailor offerings, and deliver superior experiences, increasing customer satisfaction, loyalty, and retention. Research by Adobe indicates that omnichannel customers have a 30% higher lifetime value than those who shop through only one channel. These statistics underscore the critical role of omnichannel integration in driving customer loyalty and revenue growth. As organizations strive to meet these expectations, speech analytics solutions that offer comprehensive omnichannel capabilities are poised to deliver superior insights, foster enhanced customer experiences, and gain a competitive edge in the market.
Restraints: Deriving insights from transcribed voice data
Speech analytics has yet to become widely adopted as a mainstream practice. Presently, its primary function revolves around keyword and phrase detection. Consequently, companies can segment customers based on sentiment, intent, or interests, and monitor agents' performance and compliance. However, the adoption of advanced analytics, like predictive analysis for real-time coaching, necessitates substantial investment. Moreover, tools that directly analyze speech data, such as speech emotion detection, are not readily accessible. Most call centers lack in-house machine learning expertise to develop such tools, and major tech companies dominating the market do not offer customizable solutions. Moreover, transcribing voice data accurately and efficiently requires sophisticated technology and resources, which can be costly and time-consuming to implement. Additionally, the sheer volume of voice data generated from various channels such as phone calls, voicemails, and virtual assistant interactions can overwhelm traditional analytics systems, leading to delays and performance issues. Moreover, ensuring the quality and accuracy of transcribed data is crucial for deriving meaningful insights, but this can be difficult to achieve, especially in noisy or complex environments. Furthermore, the interpretation and analysis of transcribed voice data require specialized skills and expertise, which may be lacking in many organizations. Overall, while the potential insights from transcribed voice data are valuable, the challenges associated with its generation can act as a restraining factor in the widespread adoption of speech analytics solutions in the market.
Opportunity: Integration with generative AI to offer real-time insights and predictive analytics
The integration of speech analytics with generative AI is revolutionizing the market by offering real-time insights and predictive analytics capabilities. By harnessing the power of speech analytics to analyze live or recorded conversations and generative AI to generate synthetic data and simulate future scenarios, businesses can gain a deeper understanding of customer behaviors, preferences, and trends in real-time. This integration enables organizations to anticipate customer needs, predict future outcomes, and make data-driven decisions with greater accuracy and agility. Moreover, by leveraging speech analytics to analyze ongoing or recorded conversations and generative AI to simulate future scenarios and generate synthetic data, organizations can gain a comprehensive understanding of customer behaviors, preferences, and trends. This integration enables businesses to anticipate customer needs, identify emerging patterns, and predict future outcomes with unprecedented accuracy. For instance, a telecommunications company can use real-time speech analytics combined with generative AI to analyze customer calls, predict churn risk based on sentiment analysis, and proactively address issues to retain valuable customers. A few vendors, such as Verint, NICE, Clarabridge, CallMiner, and Avaya, offer AI-powered speech analytics solutions that combine speech recognition technology with generative AI to extract actionable insights from customer interactions. Their solutions enable organizations to analyze sentiment, detect trends, and predict customer behavior in real-time.
Challenge: Broadening the extent of transcribed data capture
The challenge posed by increasing transcribed data coverage in the adoption of speech analytics solutions lies in the sheer volume and complexity of data that needs to be processed and analyzed. As organizations aim to capture and transcribe a broader range of customer interactions across various channels, including phone calls, chat transcripts, social media interactions, and more, the scalability and efficiency of speech analytics solutions become critical. However, the process of transcribing large volumes of data accurately and in real-time can strain existing resources and infrastructure, leading to delays, errors, and performance issues. Furthermore, ensuring data quality, privacy, and compliance becomes increasingly challenging as the volume of transcribed data grows. Organizations must invest in robust infrastructure, advanced AI technologies, and data management strategies to overcome these challenges and effectively harness the insights hidden within their transcribed data. Failure to address these challenges may hinder the adoption and effectiveness of speech analytics solutions, limiting their ability to drive business value and deliver meaningful insights from customer interactions. Moreover, to increase transcribed data coverage, call centres need accurate and cost-effective ASRs. For instance, the latest improvements in deep learning have made local speech-to-text with cloud-level accuracy possible. Leopard Speech-to-Text is up to 20x more affordable. Now, enterprises that transcribe only 5-10% of interactions can transcribe every conversation for the same price.
By software functionality, the predictive analytics and forecasting segment registered the highest CAGR during the forecast period.
Predictive analytics and forecasting functionality in speech analytics software are instrumental in empowering organizations to anticipate future trends, behaviors, and outcomes based on historical data and analysis. Leveraging advanced algorithms and machine learning techniques, these capabilities enable organizations to predict customer behavior, identify potential issues, and proactively address them. Ultimately, predictive analytics and forecasting functionality empower organizations to make informed decisions, mitigate risks, and stay ahead of the competition in today's dynamic business landscape.
By vertical, healthcare & life sciences register the highest CAGR during the forecast period.
In the healthcare and life sciences verticals, speech analytics plays a crucial role in improving patient experiences, enhancing clinical workflows, and ensuring compliance with regulatory standards. Healthcare providers leverage speech analytics to analyze patient-doctor interactions, identify patient needs and concerns, and enhance the quality of care delivery. Additionally, speech analytics enables healthcare organizations to monitor and optimize operational processes, such as appointment scheduling, billing, and insurance claims processing, leading to increased efficiency and cost savings. In the life sciences sector, speech analytics is utilized for pharmaceutical sales and marketing, clinical trial management, and adverse event monitoring.
By channel, webinars & virtual meetings segment to register highest CAGR during the forecast period.
Speech analytics software is increasingly applied in webinars and virtual meetings to enhance participant engagement and optimize communication effectiveness. By analyzing the spoken content during these sessions, organizations can gain valuable insights into participant sentiment, engagement levels, and key discussion topics. This analysis enables presenters and organizers to identify areas for improvement, tailor their messaging, and enhance the overall quality of the virtual event experience. Moreover, speech analytics software assists in evaluating speaker performance and audience response, providing valuable feedback for future sessions.
By region, North America to witness the largest market size during the forecast period.
In North America, speech analytics has become a vital tool for organizations across various industries, driving insights, improving customer experiences, and enhancing operational efficiency. North America boasts advanced technological infrastructure, including robust telecommunications networks and high-speed internet connectivity. This infrastructure supports deploying speech analytics solutions across various communication channels, such as call centers, social media, and online chat platforms.
Key Market Players
The speech analytics providers have implemented various organic and inorganic growth strategies, such as product upgrades, new product launches, partnerships and agreements, business expansions, and mergers and acquisitions to strengthen their offerings in the market. Some major players in the speech analytics market include NICE (US), Verint (US), Avaya (US), OpenText (Canada), Google (US), Vonage (US), Genesys (US), Calabrio (US), CallMiner (US), Almawave (Italy), Five9 (US), AWS (US), Qualtrics (US), Talkdesk (US), Alvaria (US), Castel Communications (US), VoiceBase (US), Intelligent Voice (UK), CallTrackingMetrics (US), 3CLogic (US), Sprinklr (US), Uniphore ( US), Enthu.ai (India), Deepgram (US), Gnani.ai (India), Observe.ai (US), Batvoice (France), Kwantics (India), Convin (India), Salesken (US), Tethr (US), Gong (US), and Clari (US).
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Report Metrics |
Details |
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Market size available for years |
2019–2029 |
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Base year considered |
2023 |
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Forecast period |
2024–2029 |
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Forecast units |
USD (Billion) |
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Segments Covered |
Offering, Business Function, Channel, Vertical, and Region |
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Geographies covered |
North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America |
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Companies covered |
Qualtrics (US), Talkdesk (US), Alvaria (US), Castel Communications (US), VoiceBase (US), Intelligent Voice (UK), CallTrackingMetrics (US), 3CLogic (US), Sprinklr (US), Uniphore (US), Enthu.ai (India), Deepgram (US), Gnani.ai (India), Observe.ai (US), Batvoice (France), Kwantics (India), Convin (India), Salesken (US), Tethr (US), Gong (US), and Clari (US) |
This research report categorizes the speech analytics market based on offering, business function, channel, vertical, and region.
By Offering:
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Software by Functionality
- Speaker Identification & Diarization
- Emotion Detection
- Speech-to-Text Transcription
- Dashboard & Reporting
- Predictive Analytics & Forecasting
- Topic Modeling & Categorization
- Other Software Functionalities
-
Software by Deployment Mode
- Cloud
- On-premises
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Services
-
Professional Services
- Consulting & Advisory
- Integration & Deployment
- Support & Maintenance
- Quality Assurance & Testing
- Performance Optimization & Testing
- Training & Education
- Managed Services
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Professional Services
By Business Function:
- Finance & Accounting
- Sales & Marketing
- Operations & Supply Chain
- HR
By Channel:
- VOIP & Messaging Platforms
- Voicemails & IVR Systems
- Social Media
- Sales & Telemarketing Calls
- Webinars & Virtual Meetings
- Broadcast Media & Content Production
- Other Channels
By Deployment Mode:
- On-premises
- Cloud
By Vertical:
- BFSI
- Telecom
- Retail & eCommerce
- Automotive & Transportation
- IT/ ITeS
- Healthcare & Life Sciences
- Media & Entertainment
- Travel & Hospitality
- Other Verticals
By Region:
-
North America
- US
- Canada
-
Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
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Asia Pacific
- India
- Japan
- China
- South Korea
- ANZ
- ASEAN Countries
- Rest of Asia Pacific
-
Middle East and Africa
- United Arab Emirates (UAE)
- Saudi Arabia
- South Africa
- Qatar
- Egypt
- Rest of the Middle East and Africa
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Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
Recent Developments:
- In October 2023, NICE and LiveVox announced that NICE has entered a definitive agreement to acquire LiveVox, a leading AI-driven proactive outreach provider. NICE’s industry-leading platform CXone, with its advanced digital engagement capabilities, and Enlighten, the industry’s only AI purpose-built for CX, combined with LiveVox’s sophisticated and rich proactive outreach portfolio creates the only truly unified platform converging all interactions, voice and digital, attended, and unattended, inbound and outbound.
- In May 2023, BT and Five9, a prominent provider of the intelligent CX Platform, have announced an expansion of their partnership aimed at enriching the array of contact center services and solutions available to organizations worldwide. As part of this collaboration, BT will extend the offering of the Five9 Intelligent CX Platform to both new and existing customers as a managed service.
- In March 2023, Verint partnered with Google Cloud aimed at enhancing contact center performance. This partnership focuses on integrating Google Cloud’s Contact Center AI with the Verint Customer Engagement Platform to empower organizations in improving their customer service capabilities.
- In January 2023, OpenText completed the acquisition of Micro Focus to help enterprise professionals secure their operations, gain more insight into their information, and better manage an increasingly hybrid and complex digital fabric with a new generation of tools that include Cybersecurity, Digital Operations Management, Applications Modernization & Delivery and AI & Analytics.
- In January 2023,Genesys has unveiled a new Strategic Collaboration Agreement (SCA) with AWS. This collaboration aims to assist organizations in crafting exceptional experiences by fostering deeper integration of technologies and leveraging intelligent, automated solutions..
Frequently Asked Questions (FAQ):
What is Speech analytics?
Speech analytics is the process of analyzing spoken language, typically in the form of recorded conversations or live interactions, to extract valuable insights and information. It involves using various technologies such as natural language processing (NLP), machine learning, and artificial intelligence (AI) to transcribe, analyze, and interpret the content of spoken communication.
What is the total CAGR expected to be recorded for the Speech analytics market during the forecast period?
The market is expected to record a CAGR of 17.5% during the forecast period.
What are the key drivers supporting the growth of the speech analytics market?
Some factors driving the growth of the speech analytics market are the increasing need to upgrade omnichannel integration capabilities, the growing need to monitor and enhance agent performance, and the rising need to leverage analytics for customer retention and better customer satisfaction.
Which are the key channels prevailing in the Speech analytics market?
The key channels include VOIP and messaging platforms, voicemails and IVR (Interactive Voice Response) systems, social media, sales and telemarketing calls, webinars and virtual meetings, broadcast media and content production, customer support hotlines, and other channels (customer service interactions, call center recordings, employee training sessions, conference calls, and public speaking engagements).
Who are the key vendors in the Speech analytics market?
Some major players in the speech analytics market include NICE (US), Verint (US), Avaya (US), OpenText (Canada), Google (US), Vonage (US), Genesys (US), Calabrio (US), CallMiner (US), Almawave (Italy), Five9 (US), AWS (US), Qualtrics (US), Talkdesk (US), Alvaria (US), Castel Communications (US), VoiceBase (US), Intelligent Voice (UK), CallTrackingMetrics (US), 3CLogic (US), Sprinklr (US), Uniphore ( US), Enthu.ai (India), Deepgram (US), Gnani.ai (India), Observe.ai (US), Batvoice (France), Kwantics (India), Convin (India), Salesken (US), Tethr (US), Gong (US), and Clari (US). .
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The research study for the Speech analytics market involved extensive secondary sources, directories, journals, and paid databases. Primary sources were mainly industry experts from the core and related industries, preferred speech analytics providers, third-party service providers, consulting service providers, end users, and other commercial enterprises. In-depth interviews were conducted with various primary respondents, including key industry participants and subject matter experts, to obtain and verify critical qualitative and quantitative information, and assess the market’s prospects.
Secondary Research
The market size of companies offering Speech analytics software and services was determined based on secondary data available through paid and unpaid sources. It was also arrived at by analyzing major companies' product portfolios and rating them based on their performance and quality.
In the secondary research process, various sources were referred to for identifying and collecting information for this study. Secondary sources included annual reports, press releases, and investor presentations of companies; white papers, journals, and certified publications; and articles from recognized authors, directories, and databases. The data was also collected from other secondary sources, such as journals, government websites, blogs, and vendor websites. Additionally, Speech analytics spending of various countries was extracted from the respective sources. Secondary research was mainly used to obtain key information related to the industry’s value chain and supply chain to identify key players based on solutions, services, market classification, and segmentation according to offerings of major players, industry trends related to software by functionality, services, deployment modes, business functions, channel, verticals, and regions, and key developments from both market- and technology-oriented perspectives.
Primary Research
In the primary research process, various primary sources from both supply and demand sides were interviewed to obtain qualitative and quantitative information on the market. The primary sources from the supply side included various industry experts, including Chief Experience Officers (CXOs); Vice Presidents (VPs); directors from business development, marketing, and Speech analytics expertise; related key executives from Speech analytics solution vendors, SIs, professional service providers, and industry associations; and key opinion leaders.
Primary interviews were conducted to gather insights, such as market statistics, revenue data collected from solutions and services, market breakups, market size estimations, market forecasts, and data triangulation. Primary research also helped in understanding various trends related to technologies, applications, deployments, and regions. Stakeholders from the demand side, such as Chief Information Officers (CIOs), Chief Technology Officers (CTOs), Chief Strategy Officers (CSOs), and end users using speech analytics solutions, were interviewed to understand the buyer’s perspective on suppliers, products, service providers, and their current usage of Speech analytics software and services, which would impact the overall Speech analytics market.
The following is the breakup of primary profiles:
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Market Size Estimation
In this approach for market estimation, key Speech analytics and service vendors such as Qualtrics (US), Talkdesk (US), Alvaria (US), Castel Communications (US), VoiceBase (US), Intelligent Voice (UK), CallTrackingMetrics (US), 3CLogic (US), Sprinklr (US), Uniphore ( US), Enthu.ai (India), Deepgram (US), Gnani.ai (India), Observe.ai (US), Batvoice (France), Kwantics (India), Convin (India), Salesken (US), Tethr (US), Gong (US), and Clari (US) were identified. These vendors contribute nearly 50%–55% to the global Speech analytics market. After confirming these companies through primary interviews with industry experts, their total revenue was estimated through annual reports, Securities and Exchange Commission (SEC) filings, and paid databases. The revenue pertaining to Business Units (BUs) that offer Speech analytics solutions was identified through similar sources. Then, through primaries, the revenue data generated from specific speech analytics software was collected. The collective revenue of key companies that offer speech analytics solutions comprises 40%–50% of the market, which was again confirmed through primary interviews with industry experts.
- The pricing trend is assumed to vary over time.
- All the forecasts are made with the standard assumption that the accepted currency is USD.
- To convert various currencies to USD, average historical exchange rates are used according to the year specified. For all the historical and current exchange rates required for calculations and currency conversions, the US Internal Revenue Service's website is used.
- All the forecasts are made under the standard assumption that the globally accepted currency USD remains constant during the next five years.
- Vendor-side analysis: The market size estimates of associated solutions and services are factored in from the vendor side by assuming an average of licensing and subscription-based models of leading and innovative vendors.
Demand/end-user analysis: End users operating in verticals across regions are analyzed regarding market spending on Speech analytics based on some of the key use cases. These factors for the Speech analytics industry per region are separately analyzed, and the average spending was extrapolated with an approximation based on assumed weightage. This factor is derived by averaging various market influencers, including recent developments, regulations, mergers and acquisitions, enterprise/SME adoption, start-up ecosystem, IT spending, technology propensity and maturity, use cases, and the estimated number of organizations per region.
Data Triangulation
Based on the market numbers, the regional split was determined by primary and secondary sources. The procedure included the analysis of the Speech analytics market’s regional penetration. Based on secondary research, the regional spending on Information and Communications Technology (ICT), socio-economic analysis of each country, strategic vendor analysis of major Speech analytics providers, and organic and inorganic business development activities of regional and global players were estimated. With the data triangulation procedure and data validation through primaries, the exact values of the overall Speech analytics market size and segments’ size were determined and confirmed using the study.
Report Objectives
- To define, describe, and predict the speech analytics market by offering (software by functionality and deployment mode, and services), business function, channel, verticals, and region.
- To provide detailed information on major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the market growth.
- To analyze the micro markets with respect to individual growth trends, prospects, and their contribution to the total market
- To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the market
- To analyze opportunities in the market and provide details of the competitive landscape for stakeholders and market leaders.
- To forecast the market size of segments for five main regions: North America, Europe, Asia Pacific, Middle East and Africa, and Latin America
- To profile key players and comprehensively analyze their market rankings and core competencies.
- To analyze competitive developments, such as partnerships, new product launches, and mergers and acquisitions, in the market
- To analyze the impact of recession across all the regions across the speech analytics market
Customization Options
With the given market data, MarketsandMarkets offers customizations as per your company’s specific needs. The following customization options are available for the report:
Product Analysis
- Product quadrant, which gives a detailed comparison of the product portfolio of each company.
Geographic Analysis
- Further breakup of the North American speech analytics market
- Further breakup of the European market
- Further breakup of the Asia Pacific market
- Further breakup of the Middle East and Africa market
- Further breakup of the Latin America market
Company Information
- Detailed analysis and profiling of additional market players (up to five)
Generating Response ...
Growth opportunities and latent adjacency in Speech Analytics Market
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