Global Speech Analytics Market Size Study & Forecast, By Deployment, By Application, By Enterprise Type, By End-user, and Regional Analysis, 2023-2030

Description

List of Tables

Global Speech Analytics Market is valued at approximately USD 3.31 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 15.6% over the forecast period 2023-2030. Speech analytics utilizes speech recognition, machine learning, and natural language processing to transcribe spoken words into text and analyze them for patterns, keywords, and discussions related to customer sentiment, preferences, and requirements. Its primary goals include understanding customer interactions, improving the customer experience, ensuring compliance, identifying trends and patterns, optimizing operations, and deriving business insights. These tools provide real-time voice recordings and feedback for contact centres to enhance customer understanding, satisfaction, and agent performance. Speech technology becomes integral to growth strategies as agencies prioritize flexibility and scalability in their operations. The growing recognition of analytics' role in boosting customer retention and satisfaction, rising emphasis on compliance and risk management, along with increasing significance of voice in a multi-channel world are the most prominent factors that are propelling the market demand across the globe.

Additionally, call centre companies are increasingly adopting speech analytics platforms to improve the consumer experience, boost revenue, and enhance agent productivity while ensuring compliance. According to Account Recovery.net, 67% of companies employ speech analytics to reduce non-compliance and enhance agent performance. These solutions empower organizations to analyze customer-agent interactions, providing valuable intelligence to enhance customer experience and streamline operational processes. Additionally, call centres are embracing text analysis solutions to uncover insights that optimize future interactions and enhance real-time one-to-one customer engagements. These solutions also facilitate improved quality assurance for customer experience and mitigate micromanagement in business operations. For instance, in April 2023, SESTEK, a conversational automation company, partnered with CCC, a leading business processing outsourcing organization, to implement speech analytics, voice AI, and voice recognition solutions, driving growth and unlocking new opportunities in the public and services sectors. Furthermore, stringent compliance regulations for contact centres highlight the importance of real-time monitoring of customer calls, making speech analytics solutions integral to ensuring compliance and enhancing customer satisfaction while mitigating legal and regulatory risks. Thus, the increasing demand for speech analytics solutions within call centre services is expected to fuel market demand at a substantial rate. Moreover, the rise in adoption of cloud-based speech analytics solutions, as well as the increasing penetration of Machine Learning (ML) and Artificial Intelligence (AI) in solutions for better customer experience presents various lucrative opportunities over the forecasting years. However, the high investment cost and the rise in concern for data privacy & security are hindering the market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Speech Analytics Market study include Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the advent of Industry 4.0 and digital transformation, the high presence of prominent regional players and numerous service providers, along increased digital marketing spending. Also, the country leverages groundbreaking technologies to facilitate the seamless integration of solutions. For instance, in March 2023, Aural Analytics, Inc., a provider of clinical-grade speech analytical platforms, announced that its Speech Vitals-ALS technology received recognition from the U.S. Food and Drug Administration as an innovative device. Whereas, Asia Pacific is expected to grow at the highest CAGR over the forecast years. The continuous expansion of outsourcing industries across countries like China, India, Australia, Indonesia, Vietnam, and the Philippines. These nations are leveraging technology to enhance efficiency, customer experience, employee experience, and various other aspects. For instance, in February 2023, Bharti Airtel Telecom, a leading telecom provider, collaborated with Nvidia to develop and implement an AI-based solution aimed at improving the customer experience for all inbound calls to its contact centre. Airtel will utilize its deep learning-based automatic speech recognition (ASR) alongside Nvidia's NVIDIANeMo conversational AI toolkit to accurately interpret language and enhance operations for better service to agents and consumers. Additionally, the Asia Pacific contact centre outsourcing sector is currently experiencing accelerated growth, prompting industry participants to offer innovative solutions to companies seeking to outsource their services.

Major market players included in this report are:

Verint Systems Inc. (U.S.)
NICE Ltd. (Israel)
Avaya Inc. (U.S.)
Genesys Telecommunications Laboratories, Inc. (U.S.)
OpenText Corporation (U.S.)
Uniphore Software Systems, Inc. (U.S.)
CallMiner, Inc. (U.S.)
Talkdesk, Inc. (U.S.)
Amazon Web Services, Inc. (AWS) (U.S.)
LiveVox Holdings, Inc. (U.S.)

Recent Developments in the Market:

In October 2023, Talkdesk announced that it has enhanced the integration of generative AI with its Talkdesk CX Cloud platform and Industry Experience Cloud through product improvements. With the upgrade, companies from many sectors can set up and maintain the contact centre without needing any coding knowledge, all while providing a customized client experience.
In August 2023, Kura, the independent outsourcer in the UK, and Avaya announced their partnership to integrate Avaya Enterprise Cloud and revolutionize Kura's contact centre capabilities. With this solution, the Kura user can provide their clients with digital and social channels, speech analytics, and inbound and outbound contact centre services on a reliable platform.
In July 2023, Genesys declared that the company is leveraging Large Language Models (LLMs) to expand its generative AI capabilities. Employees can extract conversational intelligence from voice and digital interactions with the aid of the Genesys Cloud CX platform, which integrates auto-summarization to assist enterprises in increasing speed, quality, and accuracy.

Global Speech Analytics Market Report Scope:

Historical Data - 2020 - 2021
Base Year for Estimation - 2022
Forecast period - 2023-2030
Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered - Deployment, Enterprise Type, Application, End-user, Region
Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Customization Scope - Free report customization (equivalent to up to 8 analysts' working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define the market sizes of different segments & countries in recent years and to forecast the values for the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters to detailed information about the crucial aspects such as driving factors & challenges that will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with a detailed analysis of the competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Deployment:

Cloud
On-premise

By Enterprise Type:

SMEs
Large Enterprise

By Application:

Sentimental Analysis
Compliance Monitoring
Agent Performance Monitoring
Customer Experience Management
Others

By End-user:

IT & Telecom
BFSI
Healthcare
Retail & E-commerce
Travel & Hospitality
Other

By Region:

North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1.Executive Summary

1.1.Market Snapshot
1.2.Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
- 1.2.1.Speech Analytics Market, by Region, 2020-2030 (USD Billion)
- 1.2.2.Speech Analytics Market, by Deployment, 2020-2030 (USD Billion)
- 1.2.3.Speech Analytics Market, by Enterprise Type, 2020-2030 (USD Billion)
- 1.2.4.Speech Analytics Market, by Application, 2020-2030 (USD Billion)
- 1.2.5.Speech Analytics Market, by End-user, 2020-2030 (USD Billion)
1.3.Key Trends
1.4.Estimation Methodology
1.5.Research Assumption

Chapter 2.Global Speech Analytics Market Definition and Scope

2.1.Objective of the Study
2.2.Market Definition & Scope
- 2.2.1.Industry Evolution
- 2.2.2.Scope of the Study
2.3.Years Considered for the Study
2.4.Currency Conversion Rates

Chapter 3.Global Speech Analytics Market Dynamics

3.1.Speech Analytics Market Impact Analysis (2020-2030)
- 3.1.1.Market Drivers
  - 3.1.1.1.Increasing demand for speech analytics solutions within call centre services
  - 3.1.1.2.Rising significance of voice in multi-channel worldwide
- 3.1.2.Market Challenges
  - 3.1.2.1.High investment cost
  - 3.1.2.2.Rise in concern for data privacy & security
- 3.1.3.Market Opportunities
  - 3.1.3.1.Rise in adoption of cloud-based speech analytics solutions
  - 3.1.3.2.Increasing penetration of Machine Learning (ML) and Artificial Intelligence (AI) in solutions for better customer experience

Chapter 4.Global Speech Analytics Market Industry Analysis

4.1.Porter's 5 Force Model
- 4.1.1.Bargaining Power of Suppliers
- 4.1.2.Bargaining Power of Buyers
- 4.1.3.Threat of New Entrants
- 4.1.4.Threat of Substitutes
- 4.1.5.Competitive Rivalry
4.2.Porter's 5 Force Impact Analysis
4.3.PEST Analysis
- 4.3.1.Political
- 4.3.2.Economical
- 4.3.3.Social
- 4.3.4.Technological
- 4.3.5.Environmental
- 4.3.6.Legal
4.4.Top investment opportunity
4.5.Top winning strategies
4.6.COVID-19 Impact Analysis
4.7.Disruptive Trends
4.8.Industry Expert Perspective
4.9.Analyst Recommendation & Conclusion

Chapter 5.Global Speech Analytics Market, by Deployment

5.1.Market Snapshot
5.2.Global Speech Analytics Market by Deployment, Performance - Potential Analysis
5.3.Global Speech Analytics Market Estimates & Forecasts by Deployment 2020-2030 (USD Billion)
5.4.Speech Analytics Market, Sub Segment Analysis
- 5.4.1.Cloud
- 5.4.2.On-premise

Chapter 6.Global Speech Analytics Market, by Enterprise Type

6.1.Market Snapshot
6.2.Global Speech Analytics Market by Enterprise Type, Performance - Potential Analysis
6.3.Global Speech Analytics Market Estimates & Forecasts by Enterprise Type 2020-2030 (USD Billion)
6.4.Speech Analytics Market, Sub Segment Analysis
- 6.4.1.SMEs
- 6.4.2.Large Enterprise

Chapter 7.Global Speech Analytics Market, by Application

7.1.Market Snapshot
7.2.Global Speech Analytics Market by Application, Performance - Potential Analysis
7.3.Global Speech Analytics Market Estimates & Forecasts by Application 2020-2030 (USD Billion)
7.4.Speech Analytics Market, Sub Segment Analysis
- 7.4.1.Sentimental Analysis
- 7.4.2.Compliance Monitoring
- 7.4.3.Agent Performance Monitoring
- 7.4.4.Customer Experience Management
- 7.4.5.Others

Chapter 8.Speech Analytics Market, by End-user

8.1.Market Snapshot
8.2.Global Speech Analytics Market by End-user, Performance - Potential Analysis
8.3.Global Speech Analytics Market Estimates & Forecasts by End-user 2020-2030 (USD Billion)
8.4.Speech Analytics Market, Sub Segment Analysis
- 8.4.1.IT & Telecom
- 8.4.2.BFSI
- 8.4.3.Healthcare
- 8.4.4.Retail & E-commerce
- 8.4.5.Travel & Hospitality
- 8.4.6.Other

Chapter 9.Global Speech Analytics Market, Regional Analysis

9.1.Top Leading Countries
9.2.Top Emerging Countries
9.3.Speech Analytics Market, Regional Market Snapshot
9.4.North America Speech Analytics Market
- 9.4.1.U.S. Speech Analytics Market
  - 9.4.1.1.Deployment breakdown estimates & forecasts, 2020-2030
  - 9.4.1.2.Enterprise Type breakdown estimates & forecasts, 2020-2030
  - 9.4.1.3.Application breakdown estimates & forecasts, 2020-2030
  - 9.4.1.4.End-user breakdown estimates & forecasts, 2020-2030
- 9.4.2.Canada Speech Analytics Market
9.5.Europe Speech Analytics Market Snapshot
- 9.5.1.U.K. Speech Analytics Market
- 9.5.2.Germany Speech Analytics Market
- 9.5.3.France Speech Analytics Market
- 9.5.4.Spain Speech Analytics Market
- 9.5.5.Italy Speech Analytics Market
- 9.5.6.Rest of Europe Speech Analytics Market
9.6.Asia-Pacific Speech Analytics Market Snapshot
- 9.6.1.China Speech Analytics Market
- 9.6.2.India Speech Analytics Market
- 9.6.3.Japan Speech Analytics Market
- 9.6.4.Australia Speech Analytics Market
- 9.6.5.South Korea Speech Analytics Market
- 9.6.6.Rest of Asia Pacific Speech Analytics Market
9.7.Latin America Speech Analytics Market Snapshot
- 9.7.1.Brazil Speech Analytics Market
- 9.7.2.Mexico Speech Analytics Market
9.8.Middle East & Africa Speech Analytics Market
- 9.8.1.Saudi Arabia Speech Analytics Market
- 9.8.2.South Africa Speech Analytics Market
- 9.8.3.Rest of Middle East & Africa Speech Analytics Market

Chapter 10.Competitive Intelligence

10.1.Key Company SWOT Analysis
10.2.Top Market Strategies
10.3.Company Profiles
- 10.3.1.Verint Systems Inc. (U.S.)
  - 10.3.1.1.Key Information
  - 10.3.1.2.Overview
  - 10.3.1.3.Financial (Subject to Data Availability)
  - 10.3.1.4.Product Summary
  - 10.3.1.5.Recent Developments
- 10.3.2.NICE Ltd. (Israel)
- 10.3.3.Avaya Inc. (U.S.)
- 10.3.4.Genesys Telecommunications Laboratories, Inc. (U.S.)
- 10.3.5.OpenText Corporation (U.S.)
- 10.3.6.Uniphore Software Systems, Inc. (U.S.)
- 10.3.7.CallMiner, Inc. (U.S.)
- 10.3.8.Talkdesk, Inc. (U.S.)
- 10.3.9.Amazon Web Services, Inc. (AWS) (U.S.)
- 10.3.10.LiveVox Holdings, Inc. (U.S.)

Chapter 11.Research Process

11.1.Research Process
- 11.1.1.Data Mining
- 11.1.2.Analysis
- 11.1.3.Market Estimation
- 11.1.4.Validation
- 11.1.5.Publishing
11.2.Research Attributes
11.3.Research Assumption

LIST OF TABLES

TABLE 1.Global Speech Analytics Market, report scope
TABLE 2.Global Speech Analytics Market estimates & forecasts by Region 2020-2030 (USD Billion)
TABLE 3.Global Speech Analytics Market estimates & forecasts by Deployment 2020-2030 (USD Billion)
TABLE 4.Global Speech Analytics Market estimates & forecasts by Enterprise Type 2020-2030 (USD Billion)
TABLE 5.Global Speech Analytics Market estimates & forecasts by Application 2020-2030 (USD Billion)
TABLE 6.Global Speech Analytics Market estimates & forecasts by End-user 2020-2030 (USD Billion)
TABLE 7.Global Speech Analytics Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 8.Global Speech Analytics Market by region, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 9.Global Speech Analytics Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 10.Global Speech Analytics Market by region, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 11.Global Speech Analytics Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 12.Global Speech Analytics Market by region, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 13.Global Speech Analytics Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 14.Global Speech Analytics Market by region, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 15.Global Speech Analytics Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 16.Global Speech Analytics Market by region, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 17.U.S. Speech Analytics Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 18.U.S. Speech Analytics Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 19.U.S. Speech Analytics Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 20.Canada Speech Analytics Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 21.Canada Speech Analytics Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 22.Canada Speech Analytics Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 23.UK Speech Analytics Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 24.UK Speech Analytics Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 25.UK Speech Analytics Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 26.Germany Speech Analytics Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 27.Germany Speech Analytics Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 28.Germany Speech Analytics Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 29.France Speech Analytics Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 30.France Speech Analytics Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 31.France Speech Analytics Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 32.Italy Speech Analytics Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 33.Italy Speech Analytics Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 34.Italy Speech Analytics Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 35.Spain Speech Analytics Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 36.Spain Speech Analytics Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 37.Spain Speech Analytics Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 38.RoE Speech Analytics Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 39.RoE Speech Analytics Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 40.RoE Speech Analytics Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 41.China Speech Analytics Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 42.China Speech Analytics Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 43.China Speech Analytics Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 44.India Speech Analytics Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 45.India Speech Analytics Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 46.India Speech Analytics Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 47.Japan Speech Analytics Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 48.Japan Speech Analytics Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 49.Japan Speech Analytics Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 50.South Korea Speech Analytics Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 51.South Korea Speech Analytics Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 52.South Korea Speech Analytics Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 53.Australia Speech Analytics Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 54.Australia Speech Analytics Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 55.Australia Speech Analytics Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 56.RoAPAC Speech Analytics Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 57.RoAPAC Speech Analytics Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 58.RoAPAC Speech Analytics Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 59.Brazil Speech Analytics Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 60.Brazil Speech Analytics Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 61.Brazil Speech Analytics Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 62.Mexico Speech Analytics Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 63.Mexico Speech Analytics Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 64.Mexico Speech Analytics Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 65.RoLA Speech Analytics Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 66.RoLA Speech Analytics Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 67.RoLA Speech Analytics Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 68.Saudi Arabia Speech Analytics Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 69.South Africa Speech Analytics Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 70.RoMEA Speech Analytics Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 71.List of secondary sources, used in the study of global Speech Analytics Market
TABLE 72.List of primary sources, used in the study of global Speech Analytics Market
TABLE 73.Years considered for the study
TABLE 74.Exchange rates considered

List of tables and figures and dummy in nature, final lists may vary in the final deliverable

LIST OF FIGURES

FIG 1.Global Speech Analytics Market, research methodology
FIG 2.Global Speech Analytics Market, Market estimation techniques
FIG 3.Global Market size estimates & forecast methods
FIG 4.Global Speech Analytics Market, key trends 2022
FIG 5.Global Speech Analytics Market, growth prospects 2023-2030
FIG 6.Global Speech Analytics Market, porters 5 force model
FIG 7.Global Speech Analytics Market, pest analysis
FIG 8.Global Speech Analytics Market, value chain analysis
FIG 9.Global Speech Analytics Market by segment, 2020 & 2030 (USD Billion)
FIG 10.Global Speech Analytics Market by segment, 2020 & 2030 (USD Billion)
FIG 11.Global Speech Analytics Market by segment, 2020 & 2030 (USD Billion)
FIG 12.Global Speech Analytics Market by segment, 2020 & 2030 (USD Billion)
FIG 13.Global Speech Analytics Market by segment, 2020 & 2030 (USD Billion)
FIG 14.Global Speech Analytics Market, regional snapshot 2020 & 2030
FIG 15.North America Speech Analytics Market 2020 & 2030 (USD Billion)
FIG 16.Europe Speech Analytics Market 2020 & 2030 (USD Billion)
FIG 17.Asia Pacific Speech Analytics Market 2020 & 2030 (USD Billion)
FIG 18.Latin America Speech Analytics Market 2020 & 2030 (USD Billion)
FIG 19.Middle East & Africa Speech Analytics Market 2020 & 2030 (USD Billion)