Speech Analytics Market worth $6.09 Billion by 2030 - Exclusive Report by The Insight Partners

Pune, India., Oct. 10, 2023 (GLOBE NEWSWIRE) -- According to a new report on “Speech Analytics Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis By Component (Solution, Services); Deployment Type (On-Premise, Cloud); Industry Vertical (BFSI, Media and Entertainment, IT and Telecommunication, Healthcare and Life Science, Retail and E-commerce, Others), and Geography” the market in terms of revenue was estimated to be worth $2.13 billion in 2022 and is poised to reach $6.09 billion by 2030, growing at a CAGR of 14.0% from 2022 to 2030.

The growth of speech analytics market is driven by the increase in penetration of technology and the rise in the number of contact centers. However, an increase in security concerns is expected to hinder the market growth.

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Global Speech Analytics Market Scope:

Real-time Speech Analytics Drives the Global Speech Analytics Market Growth:

In today’s digital and data-driven world, call centers are under pressure to provide personalized customer experiences while controlling costs. Real-time speech analytics provides businesses the ability to analyze customer interactions in real-time and gain valuable insights. Real-time speech analytics provides several benefits, such as enhanced customer experience, high operational efficiency, cost reduction, and increased revenue. Real-time speech analytics helps to identify customer needs and preferences, leading to personalized and satisfactory customer experiences. Real-time speech analytics optimizes operations, reduces call handling time, and improves agent productivity. Real-time speech analytics reduces the cost of hiring and training agents, leading to significant cost savings. In addition, real-time speech analytics help contact centers identify upselling and cross-selling opportunities, leading to an increase in revenue. All such benefits increase the adoption of real-time speech analytics amongst consumers and drive the speech analytics market growth.

Real-time speech analytics is a rapidly evolving technology that is transforming the way organizations interact with customers. With the ability to analyze conversations in real-time, companies can gain insights into customer preferences and needs, identify common pain points, and improve the overall customer experience. By providing immediate feedback to agents, real-time speech analytics can help improve agent performance and increase efficiency, resulting in cost savings and productivity gains. Moreover, real-time speech analytics is increasingly being adopted for compliance monitoring, enabling companies to identify and mitigate legal risks. By detecting specific keywords or phrases, these systems can help prevent fraud, protect sensitive data, and ensure that agents are following approved scripts and protocols. Industry-specific use cases for real-time speech analytics are numerous, ranging from optimizing sales opportunities and identifying coaching opportunities to monitoring agent performance and improving the overall quality of customer interactions. As the speech analytics market continues to grow, companies that adopt these solutions are likely to gain a competitive edge and provide better service to their customers. Overall, real-time speech analytics is a valuable tool for companies seeking to improve their customer service, increase efficiency, and mitigate legal risks. With the ability to provide immediate feedback and insights, these solutions can help companies stay ahead of the competition and meet the evolving needs of their customers in today’s fast-paced business environment.

The Asia Pacific region is witnessing increased adoption of voice controls by customers across multiple platforms, such as connected TVs, tablets, PCs, automobiles, and wearables devices. Enterprises in the region were increasingly adopting these solutions to enhance their customer service. The growing need for speech analytics across various industries and the increased focus of organizations towards improving and enhancing overall consumer experience are some of the factors driving the speech analytics market growth in Asia Pacific. Moreover, Enterprises across the region are becoming conscious of the value proposition of speech analytics, and South Asia is witnessing aggressive adoption of speech analytics solutions. For instance, according to Uniphore Software Systems’ survey, the adoption of speech analytics in Southeast Asia surged to 90% in 2017 from 49% in 2016. All such factors are contributing to the market growth in APAC.

Increased internet penetration and consumption and rapid adoption of voice-based technology are some of the factors driving the speech analytics market growth in India. India is a huge market for voice technology, from voice-assistant-enabled feature phones to connected devices such as Alexa, Google Home and others. Reports suggested that India is expected to see a growth rate of at least 30% in speech analytics. Industries such as BFSI, It and telecom, travel and hospitality, BPO, and others lead in the speech analytics solutions adoption. According to a survey, nearly 57% of the Indian respondents said they are putting heavy emphasis on speech analytics. Moreover, real-time speech analytics has become increasingly popular in India, especially in the calling center industry, to provide personalized customer experiences while controlling costs. Some of the key speech analytics market players in India are Uniphore, Verint, Ozonetel, Mihup, Liv.ai and others.

China has witnessed huge growth in the speech analytics market. Amid the pandemic, online learning and education have become increasingly popular. From elementary school to university, Chinese schools widely adopted the method of online teaching where speech recognition is widely implemented to convert the teacher’s lecture voice into text during the teaching process to facilitate students to find after class. Moreover, voice recognition technology has been increasingly applied in the Chinese BFSI industry. Furthermore, Chinese market players are increasingly engaging themselves in various strategic decisions such as partnerships, mergers, acquisitions and others. For instance, in June 2018, China’s voice recognition firm AISpeech raised US$ 76 million. The Suzhou-based Oriza Holdings and China Minsheng Investment Group led the round. Other participants include Foxconn Technology Group, MediaTek, and Shenzhen Venture Capital. All such factors are contributing to the speech analytics market growth in China.

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Global Speech Analytics Market: Segmental Overview

Based on industry, the speech analytics market is segmented into BFSI, media and entertainment, IT and telecommunication, healthcare and life science, retail and e-commerce, and others. IT and telecommunication are expected to grow with the highest CAGR in the speech analytics market over the forecast period. Speech analytics has become increasingly popular in the It and telecom business with the introduction of the connected world as a huge volume of data is generated. As the number of customer calls has increased, the need for adequate and accurate assessment has also increased, resulting in speech analytics solutions implementation. The main goal of It and telecom firms is to enable calls and gather information about consumer trends and behavior. Telecom businesses widely adopt speech analytics solutions for higher margins, reduced risk, decreased fraud, improved service, and enhanced customer happiness.

Global Speech Analytics Market: Competitive Landscape

NICE, Verint System Inc., Avaya Inc., Genesys Telecommunications, Callminer Inc.; Raytheon BBN Technologies; OpenText Corp; Calabrio Inc.; VoiceBase Inc.; Amazon Web Services, Inc. are a few of the key companies operating in the speech analytics market. The market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.

Recent Developments:

• In May 2023: Canary Speech announced a partnership with Microsoft to apply AI technology to expand their machine-learning speech models for healthcare. Under this partnership, Canary will be a Microsoft Cloud for Healthcare co-sell partner and employ Microsoft's AI to accelerate speech analysis technology to reduce healthcare costs, address mental health challenges and scale remote patient monitoring solutions.
• In November 2022: Verint announced that Startek leverages the Verint Speech Analytics solution to derive insights from the company’s more than 500 million annual customer interactions. Deploying Verint Speech Analytics has enabled Startek to move away from call sampling to a more holistic approach comprised of identifying call drivers and root causes through advanced speech analytics, transcribing more than 80% of recorded calls to analyze emerging trends, identify areas of opportunity, and pinpoint customer concerns.

Go through further research published by The Insight Partners:

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