LONDON, March 02, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the speech analytics market, the high adoption of speech analytics by companies is significantly driving the growth of the speech analytics market. Since speech analytics helps in problem identification, customer experience enhancement, as well as sentiment analysis, companies across various industrial segments are adopting speech analytics rapidly. This creates a huge scope for future development of speech analytics technology by the key companies through partnerships and strategic alliances. For instance, in September 2021, Scotiabank partnered with Google Cloud to strengthen the bank's cloud-first commitment and speed up its global speech, text, and data analytics strategy. Scotiabank's trusted partner for analytics, Google Cloud, will assist Scotiabank customers in the Americas and around the world in creating a more personalized and predictive banking experience. This partnership helps Scotiabank offer more customized banking services by adopting speech and data analytics using Google Cloud. Hence, the increasing adoption of speech analytics by companies is expected to propel the growth of the speech analytics market over the coming years.
The global speech analytics market size is expected to grow from $1.74 billion in 2021 to $2.13 billion in 2022 at a compound annual growth rate (CAGR) of 22.52%. The change in the speech analytics market growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The market is expected to reach $5.04 billion in 2026 at a CAGR of 24.05%.
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Using advanced technology is gaining popularity amongst the speech analytics market trends. Major companies operating in the speech analytics sector are focused on developing new technological solutions to strengthen their position. For instance, in April 2021, Verint released the Verint Intelligent Virtual Assistant Professional (IVA Pro) Package, a low-code conversational artificial intelligence (AI) offering that can transform existing conversation data into automated self-service experiences quickly. The package, which is included in Verint's market-leading Intelligent Virtual Assistant (IVA) offering, enables business professionals to quickly deploy a production-ready chatbot to deflect calls and provide customer support. With boundless intelligence for both voice and digital, Verint IVA enables businesses to expand capabilities across the enterprise.
Major players in the speech analytics market are NICE Ltd., Verint, Avaya Holdings Corporation, OpenText, Genesys, Calabrio Inc., Clarabridge, Castel Communications, VoiceBase, Google, Vonage, Micro Focus, Zoom International, Almawave, Talkdesk, Alvaria, and Hewlett Packard Enterprise Company.
The global speech analytics market research report is segmented by component into solutions, services; by deployment mode into cloud, on-premises; by organization size into large enterprises, small and medium-sized enterprises (SMEs); by application into customer experience management, call monitoring and summarization, agent performance monitoring, sales and marketing management, risk and compliance management, sentiment analysis; by vertical into banking finance services and insurance (BFSI), IT and telecom, media and entertainment, retail and eCommerce, travel and hospitality, government and defense, healthcare and life sciences, others.
North America was the largest region in the speech analytics market in 2021. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the speech analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Speech Analytics Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide speech analytics market overviews, speech analytics market analyze and forecast market size and growth for the whole market, speech analytics market segments and geographies, speech analytics market trends, speech analytics market drivers, speech analytics market restraints, speech analytics market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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