Global Speech Analytics Market to Reach US$ 12.6 Billion by 2032, Propelled by Widespread Product Adoption Across Diverse Industries

December 09, 2022 | Technology & Media

According to the latest report by IMARC Group, titled “­­Speech Analytics Market Report by Type (Solution, Service), Deployment (On-premises, Cloud-based), Enterprise Size (Small and Medium Enterprises, Large Enterprises), End Use (BFSI, IT and Telecommunication, Retail, Healthcare, Government, Hospitality, and Others), and Region 2024-2032,” the global speech analytics market size reached US$ 2.6 Billion in 2023. Speech analytics is a software technology that enables enterprises to evaluate voice recordings and customer calls to extract valuable insights from conversations. It leverages speech recognition software, artificial intelligence (AI), and natural language processing (NLP) solutions that help process language, understand and discern service issues, and evaluate contact center agent performance and campaign effectiveness. Apart from this, speech analytics offers sophisticated and valuable functionalities, further aiding organizations in accurately translating diverse dialects into texts, identifying keywords for policy-shaping, and monitoring the quality of customer service. As a result, speech analytics is extensively utilized by end-users for reducing operational costs, enhancing brand communication, allowing higher sales conversion rates, and ensuring unparalleled customer relationship management (CRM).

Global Speech Analytics Market Trends:

The widespread adoption of speech analytics across various industries can be attributed to the increasing demand for speech monitoring solutions to improve contact center operations and enhance fraud detection, which is primarily driving the market growth. In line with this, the rising need for risk and compliance management solutions to intensively analyze unstructured data and resolve their various concerns is acting as another growth-inducing factor. Additionally, significant improvements in business process outsourcing (BPO) companies are facilitating the uptake of speech analytics over traditional contact centers due to their lower operational costs, which, in turn, is supporting the market growth. Moreover, the large-scale integration of voice authentication, one-time passwords (OTPs), and recognition technology in mobile applications by the banking, financial services and insurance (BFSI) sector to mitigate fraudulent activities is favoring the market growth. Furthermore, the advent of AI-powered speech analytic tools to reduce call volumes, identify patterns in repeated calls, ensure proper decision-making and policy-shaping, and improve company productivity is impelling the market growth. Apart from this, the escalating deployment of speech analytics in the multi-branded retail, information technology (IT), hospitality, and travel industries to broaden the consumer base and provide personalized customer experience is positively impacting the market growth. Looking forward, the market value is projected to reach US$ 12.6 Billion by 2032, expanding at a CAGR of 18.5% during 2024-2032.

Market Summary:

  • Based on the type, the market has been bifurcated into solution and service.
  • On the basis of the deployment, the market has been divided into on-premises and cloud-based.
  • Based on the enterprise size, the market is categorized into small and medium, and large enterprises.
  • On the basis of the end use, the market is segregated into BFSI, IT and telecommunication, retail, healthcare, government, hospitality, and others.
  • Region-wise, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others) and Middle East and Africa.
  • The competitive landscape of the market has also been examined, with some of the key players being Almawave S.p.A., ASC Technologies AG, Avaya, Calabrio, Inc., CallMiner, Clarabridge, GemaTech, Genesys, inContact (NICE Systems), OnviSource Inc., OPEX Hosting and Verint System Inc.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Type, Deployment, Enterprise Size, End Use, Region
Region Covered Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Almawave S.p.A., ASC Technologies AG, Avaya, Calabrio, Inc., CallMiner, Clarabridge, GemaTech, Genesys, inContact (NICE Systems), OnviSource Inc., OPEX Hosting and Verint System Inc.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Speech Analytics Market to Reach US$ 12.6 Billion by 2032, Propelled by Widespread Product Adoption Across Diverse Industries
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