Global Speech Analytics Market 2024, Forecast To 2033
26 Feb, 2024
The speech analytics market has experienced exponential growth, surging from $2.57 billion in 2023 to $3.17 billion in 2024, with a CAGR of 23.5%. Historical growth is attributed to advanced speech recognition technologies, adoption in customer service improvement, and the implementation of speech analytics in call centers. Forecasts anticipate exponential growth to $7.62 billion in 2028, with a CAGR of 24.5%. The projected growth is driven by the expansion of speech analytics in multichannel customer engagement, predictive analytics, and its use in employee training and performance evaluation.
Global Speech Analytics Market Key Driver
The speech analytics market is experiencing significant growth driven by the high adoption of speech analytics by companies. Companies across various sectors are rapidly adopting speech analytics for problem identification, customer experience enhancement, and sentiment analysis. Strategic partnerships, such as Scotiabank's collaboration with Google Cloud, further propel market growth.
Get A Free Sample Of The Global Speech Analytics Market ReportGlobal Speech Analytics Market Segments
The speech analytics market covered in this report is segmented –
1) By Components: Solutions, Services
2) By Deployment Mode: Cloud, On-premises
3) By Organization Size: Large enterprises, Small and Medium-Sized Enterprises (SMEs)
4) By Applications: Customer Experience Management, Call Monitoring and Summarization, Agent Performance Monitoring, Sales and Marketing Management, Risk and Compliance Management, Sentiment Analysis
5) By Vertical: Banking Finance Services and Insurance (BFSI), IT and Telecom, Media and Entertainment, Retail and eCommerce, Travel and Hospitality, Government and Defence, Healthcare and life sciences, Other Verticals
By Geography: The regions covered in the template market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions.
North America was the largest region in the speech analytics market in 2023. 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, Middle East, Africa
Major Speech Analytics Industry Players
NICE Systems Ltd.; Verint Systems Inc.; Avaya Holdings Corp.; OpenText Corporation; Genesys Telecommunications Laboratories Inc.; Calabrio Inc.; Clarabridge Inc.; Castel Communications LLC; VoiceBase Inc.; Google LLC; Vonage Holdings Corp.; Micro Focus International plc; Zoom International S. A.; Almawave S. p. A.; Talkdesk Inc.; Alvaria Inc.; Hewlett Packard Enterprise Company; Interactive Intelligence Group Inc.; InContact Inc.; Clarifai Inc.; Uniphore Software Systems Pvt. Ltd.; Deepgram Inc.; Eleos Health Inc.; Sonde Health Inc.; Aural Analytics Inc.; Intelligent Voice Ltd.; Phonexia s. r. o.; Daisee Pty Ltd; CloudTalk s. r. o.; CallTrackingMetrics LLC; SpeechTech Ltd.; Batvoice Technologies
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Speech Analytics Market Overview
Speech analytics is the process of using voice recognition software to analyze voice recordings or live calls from customers to contact centers, find useful information, and provide quality assurance.
Speech Analytics Global Market Report 2023 provides data on the global speech analytics market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The speech analytics market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.