According to a research report "Speech Analytics Market by Component (Solutions, Services), Business Function, Application (Customer Experience Management, Sentiment Analysis), Vertical (BFSI, Telecom, Healthcare and Life Sciences) and Region - Global Forecast to 2027" published by MarketsandMarkets, the speech analytics market is projected to grow from USD 2.3 billion in 2022 to USD 5.1 billion by 2027, at a compound annual growth rate (CAGR) of 17.3% during the forecast period. The speech analytics market is expected to grow at a significant rate during the forecast period, owing to various business drivers. Some factors driving the growth of the speech analytics market are the increasing need to improve the customer journey and overall experience, the growing need to enhance and monitor agent performance, and adhere to regulatory and compliance standards.
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Contact Center software segment to register largest market size during forecast period
Speech analytics solutions comprise speech engines; indexing and query tools; reporting and visualization tools; contact center software; root cause analysis; and other solutions (emotion detection, quality assurance and monitoring, and performance management). Contact center software to hold largest market share in 2022 owing to the need to provide actionable business intelligence by deploying AI and NLP engines to customer conversations in multiple digital channels. Speech analytics benefit businesses so that they can improve the number of calls supervised and examined without a corresponding increase in quality assurance staff.
Services segment to witness higher CAGR during forecast period
The services segment has been further divided into professional and managed services. These services play a vital role in the functioning of speech analytics solutions. Speech analytics vendors require technical support services and consulting services to deploy their solutions quickly and smoothly in the market. These services help maximize the value of enterprise investments. Service providers ensure end-to-end deployment and maintenance of speech analytics solutions and address pre-and post-deployment queries. These services play a vital role in properly functioning speech analytics solutions. Speech analytics vendors require technical support services and consulting services to deploy their solutions quickly and smoothly in the market.
Large Enterprises to register for the highest market size during the forecast period
Large enterprises are defined as business entities with 1,000 or more employees. These organizations have a large customer base that needs to be managed via collaborative work teams to enhance their experience. Large enterprises have the in-depth infrastructure, support teams, and large budgets to implement audio communication solutions. With the ‘pay-as-you-go’ pricing model, large enterprises can minimize budget constraints and concentrate their finances on other core business growth strategies. Large enterprises collect customer and market data to help improve experiences and drive business growth. They encourage their employees to access business applications and corporate data to achieve greater operational efficiencies, high regulatory compliance, and customer satisfaction. Today, most organizations adopt speech analytics solutions to harness data to generate better business decisions.
North America to account for largest market size during forecast period
North America is expected to be the largest contributor to the speech analytics market. The US and Canada are the two biggest contributors to the expansion of the speech analytics market in North America. Businesses in this region, particularly in the US, have incorporated AI, machine learning, and deep learning into their current business processes to stay competitive. As a result of the established economies in this region, speech analytics vendors can invest in cutting-edge technology. The region is also recognized as the epicenter of innovation, with IT giants launching new products and forging aggressive alliances in the speech analytics industry. The acceleration of omnichannel service delivery and digital transformation, coupled with the inclusion of new technologies, such as AI, is driving future technology acquisitions and investments in the region.
North America has shown to be the most promising region across verticals such as BFSI, media and entertainment, retail and eCommerce, telecom, IT and ITES, government, and healthcare and life sciences. To serve a vast client base, the public sector and the government have also jumped into the race to develop cutting-edge technology. North America heavily influences the speech analytics industry, and this region is predicted to continue expanding. Companies such as AWS, which had introduced speech analytics solutions powered by Al for Amazon Connect, provide real-time customer insights, enable agents to respond to customers' needs, and improve the entire customer experience.
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), AWS (US), Qualtrics (US), Talkdesk (US), Alvaria (US), Castel (US), VoiceBase (US), Intelligent Voice (UK), CallTrackingMetrics (US), Five9 (US), 3CLogic (US), CloudTalk (US), Deepgram (US), Gnani.ai (India), Observe.ai (US), SpeechTech (US), Speech-I-Ltd (UK), Batvoice (France), Kwantics (India), Speech Village (UK), Salesken (US), and Enthu.AI (India).
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