Speech Analytics Market by Component, Application (Customer Experience Management, Sales & Marketing Management, Risk & Compliance Management, Fraud Detection & Security Applications), Organization Size, Deployment Mode, End-use Industry (IT & Telecommunications, BFSI, Retail & Consumer Goods, Healthcare & Life Sciences, Business Process Outsourcing) - Global Forecast to 2029

The Speech Analytics Market is expected to reach $14.1 billion by 2029, at a CAGR of 20.1% during the forecast period 2022–2029. The growth of the global speech analytics market is driven by factors such as the surge in demand for speech analytics to improve contact center operations, the emergence of speech analytics to enhance fraud detection, and the rising demand for speech-based biometric systems during the COVID-19 pandemic. The increasing demand for speech analytics in the healthcare sector and the growing demand for cloud-based speech analytics solutions to bolster customer retention are expected to offer significant growth opportunities for the speech analytics market. Besides, limited use cases of real-time speech analytics pose a serious challenge to the growth of the speech analytics market.

Impact of COVID-19 on the Speech Analytics Market

The COVID-19 pandemic adversely impacted the global economy. Nationwide lockdowns and social distancing norms were imposed across several countries, negatively affecting multiple industries, including the speech analytics industry. Uncertainty regarding the lockdowns made it difficult for the key market players to anticipate the recovery of the speech analytics market. Numerous speech analytics providers were under immense pressure across various fronts due to the COVID-19 pandemic. Several economies are shifting their focus from responding to the pandemic to economic recovery; hence, various growth opportunities are expected to emerge for the players operating in the speech analytics market due to a surge in demand for voice-enabled real-time speech analytics solutions.

Many hospitals are experiencing changes in the call volume of patient financial services and operational complexity since the COVID-19 pandemic. These calls often require a coordinated and consistent response. With the emergence of speech analytics solutions, customers need faster and more informative help through voice-enabled platforms. Hospitals are served with various real-time speech analytics solutions to serve customers effectively in this dynamic environment. Thus, the demand for speech analytics solutions improved during the COVID -19 pandemic.

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A surge in demand for speech analytics to improve call center operations and fuel the market growth

Speech analytics is a technology that analyzes telephone calls between customers and call center agents, providing intelligence to organizations that can improve customer experience and drive operational efficiency. Call centers are leveraging speech analytics solutions for notable benefits such as improved customer experience, improved quality assurance metrics, real-time insights, identifying opportunities for upselling, reduced risk of non-compliance, and helping supervisors to avoid micromanagement in their operations.

In the past few years, the growing emphasis of cloud-based call center platform providers to launch voice analytics solutions for improved agent performance and increased efficiency of contact center operations is promoting the growth of the speech analytics market. For instance, in 2021 , TCN Inc. (U.S.) launched its Voice Analytics, a set of advanced tools for search and discovery combined with automated call transcription and reduction. This new set of tools initially provides a free 60-day trial, including a highly flexible search engine for quick and easy finding and retrieving calls through free-form combinations of keywords, phrases, acoustic measures and call metadata. Furthermore, efforts by prominent speech analytics players for product enhancement and an accurate understanding of complex contact center conversations promote the growth of the speech analytics market. For instance, in 2021, Verint Systems Inc. (U.S.) introduced a new market-leading AI innovation to further expand their real-time agent assist capabilities. Through these enhancements, a new Verint Da Vinci transcription engine, built on advanced deep neural network (DNN) models, provides best-in-class transcription and comprehension accuracy and discernment of customer intent and sentiment. This helps ensure an accurate understanding of complex call center conversations.

Key Findings in the Speech Analytics Market Study:

In 2022, the solutions segment is expected to dominate the Speech Analytics Market

Based on component, the global speech analytics market is segmented into solutions and services. In 2022, the solutions segment is expected to account for the larger share of the speech analytics market. The large market share of this segment is attributed to the rising proliferation of speech analytics software in call centers, growing demand for reporting and visualization tools across retail industries, increasing need for customer experience and engagement solutions, growing need to identify customer needs and interests, increasing demand for mitigating compliance & risks, and the increasing need to understand agent performance. Additionally, this segment is expected to register the highest CAGR during the forecast period.

Sales and marketing management is expected to dominate the Speech Analytics Market

Based on application, the global speech analytics market is segmented into customer experience management, call monitoring and summarization, sales and marketing management, risk and compliance management, sentiment analysis, fraud detection & security applications, and other applications (quality assurance, real-time alerting). In 2022, the sales and marketing management segment is expected to account for the largest share of the global speech analytics market. The large market share of this segment is attributed to the increasing need for improved customer experience in sales and marketing departments, the rising need for speech analytics solutions to identify effective patterns to close sales deals and develop a training program to mentor other team members, rising demand of call monitoring solutions for spotting competitive challenges, and the growing need for identifying cross and upsell opportunities. Additionally, the same segment is expected to register the highest CAGR during the forecast period.

In 2022, the IT & Telecommunications Segment is Expected to Dominate the Speech Analytics Market

Based on end-use industry, the global speech analytics market is segmented into IT & telecommunications, BFSI, retail & consumer goods, healthcare & life sciences, government & public sector, travel & hospitality, media & entertainment, business process outsourcing, education, and other end-use industries. In 2022, the IT & telecommunications segment is expected to account for the largest share of the global speech analytics market. The large market share of this segment is attributed to factors such as increasing demand for speech analytics solutions by telecom companies to gather more actionable information in less time, increasing demand to boost customer retention by building loyalty and maintaining customer relationships, growing popularity for solutions to Implement protocols to seize opportunities for cross-selling and upselling in IT & telecom, and a surge in demand by communication service providers (CSPs) to examine their voluminous data and draw actionable insights.

Asia-Pacific: The fastest Growing Regional Market

In 2022, Asia-Pacific is expected to register the highest CAGR during the forecast period. The rapid growth of this region is mainly driven by factors such as increasing technology expenditures in major countries such as Australia, China, and India, the growing demand for cost-effective analytical software and services among small and medium-sized enterprises, increasing proliferation of speech analytics solutions for improved contact center operations, and increase in usage and consciousness of speech and voice recognition devices in the automotive sector.

Key Players

The report includes a competitive landscape based on an extensive assessment of the key strategic developments adopted by the leading market participants in the speech analytics industry over the last three years. The key players operating in the global speech analytics market are NICE Ltd. (Israel), Verint Systems Inc. (U.S.), CallMiner, Inc. (U.S.), Genesys Cloud Services, Inc. (U.S.), Avaya Holdings Corp. (U.S.), Audio Analytic Ltd. (U.K.), Calabrio, Inc. (U.S.), Batvoice Technologies (France), Qualtrics, LLC (U.S.), Dialpad, Inc. (U.S.), WinterLight Labs (Canada), The Plum Group, Inc. (U.S.), Aural Analytics, Inc (U.S.), Amazon.com, Inc. (U.S.), Uniphore Technologies Inc. (India), Intelligent Voice Ltd (U.K.), Kwantics (India), Gnani Innovations Private Limited (India), and SAS Institute Inc. (U.S.).

Scope of the Report

Speech Analytics Market, by Component                                        

• Solutions
  • Call Center Software
  • Reporting and Visualization Tools
  • Quality Assurance and Monitoring Solutions
  • Enterprise Performance Management Solutions
  • Customer Experience Solutions
  • Customer Engagement Solutions
  • Other Solutions
• Services
  • Professional Services
  • Managed Services

Speech Analytics Market, by Application

• Customer Experience Management
• Call Monitoring and Summarization
• Sales & Marketing Management
• Risk & Compliance Management
• Sentiment Analysis
• Fraud Detection and Security Applications
• Other Applications

Speech Analytics Market, by Organization Size

• Small & Medium-sized Enterprises
• Large Enterprises

Speech Analytics Market, by Deployment Mode                            

• On-premise Deployment
• Cloud-based Deployment                    

Speech Analytics Market, by End-use Industry

• IT & Telecommunications
• BFSI
• Retail & Consumer Goods
• Healthcare & Life Sciences
• Government & Public Sector
• Travel & Hospitality
• Media & Entertainment
• Business Process Outsourcing
• Education
• Other End-use Industries

Speech Analytics Market, by Geography

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Netherland
  • Switzerland
  • Rest of Europe
• Asia-Pacific
  • Japan
  • China
  • India
  • South Korea
  • Singapore
  • Rest of Asia-Pacific
• Latin America
  • Mexico
  • Brazil
  • Rest of Latin America
• Middle East & Africa
  • UAE
  • Israel
  • Rest of Middle East & Africa

Key questions answered in the report: