Global Speech Analytics Market to Reach US$ 5.9 Billion by 2027, Propelled by Widespread Product Adoption Across Diverse Industries

December 09, 2022

According to the latest report by IMARC Group, titled “­­Speech Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global speech analytics market size reached US$ 1.8 Billion in 2021. 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$ 5.9 Billion by 2027, expanding at a CAGR of 22% during 2022-2027.

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.
     

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact Us:

IMARC Group
30 N Gould St, Ste 
Sheridan, WY (Wyoming) 82801 USA
Email: Sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
Americas:- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331 | Asia: +91-120-433-0800, +91-120-433-0800

Global Speech Analytics Market to Reach US$ 5.9 Billion by 2027, Propelled by Widespread Product Adoption Across Diverse Industries
Select Licence Type



Benefits of Customization

Personalize This Research

Triangulate with your Data

Get Data as per your Format and Definition

Gain a Deeper Dive into a Specific Application, Geography, Customer or Competitor

Any level of Personalization

Get in Touch With Us
UNITED STATES

Phone: +1-631-791-1145

INDIA

Phone: +91-120-433-0800

UNITED KINGDOM

Phone: +44-753-713-2163

Email: sales@imarcgroup.com

Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Bayer AH

It was indeed a great experience to work with IMARC on the assignment on Aqua market. The team had done a fantastic job in terms of what was expected, what was assured and what was the result… the report gave us many insights and market know how which allowed us to work on our strength and define exact strategies…

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More
KRISHAK BHARTI CO-OP LTD

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More
Stax

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More