Speech Analytics Market by Component, Type, Channel, Organization Size, Deployment, End-Use

List of Tables

The Speech Analytics Market was valued at USD 2.83 billion in 2023, expected to reach USD 3.29 billion in 2024, and is projected to grow at a CAGR of 16.95%, to USD 8.47 billion by 2030.

Speech analytics involves the processing and analysis of recorded customer conversations to extract valuable insights for businesses. The necessity for this technology stems from the need to enhance customer satisfaction, improve agent performance, and gain a competitive edge by understanding customer sentiment and behavior. Applications of speech analytics span across industries such as telecommunications, BFSI (banking, financial services, and insurance), retail, and healthcare, where it's used for monitoring compliance, reducing churn, and optimizing marketing strategies. In terms of end-use scope, enterprises deploy speech analytics to transform raw communication data into actionable intelligence for decision-making and strategic planning.

KEY MARKET STATISTICS
Base Year [2023]	USD 2.83 billion
Estimated Year [2024]	USD 3.29 billion
Forecast Year [2030]	USD 8.47 billion
CAGR (%)	16.95%

Key market drivers include advancements in AI and machine learning, enabling more sophisticated and accurate speech recognition systems, and the rising trend towards customer-centric business models. The increasing adoption of cloud-based solutions and real-time analytics opens vast opportunities for market players to explore innovative offerings. However, challenges such as data privacy concerns, high implementation costs, and linguistic diversity can hinder market growth. Limitations in accurately capturing emotional nuance and context also pose a challenge for complete reliance on these systems.

Potential opportunities lie in incorporating multilingual analytics, expanding the use of speech analytics in sentiment analysis for brand reputation management, and integrating these technologies with customer relationship management (CRM) software for more comprehensive insights. Innovations could focus on enhancing natural language processing (NLP) capabilities and developing more intuitive user interfaces. The nature of the market is dynamic, with continuous growth predicted as companies increasingly recognize the value of voice data insights.

To leverage these opportunities, businesses should invest in R&D for advanced analytics capabilities and prioritize customer privacy. Deploying hybrid models that combine human expertise with technological solutions can also be effective in overcoming current limitations while enhancing the value provided by speech analytics applications.

Market Dynamics: Unveiling Key Market Insights in the Rapidly Evolving Speech Analytics Market

The Speech Analytics Market is undergoing transformative changes driven by a dynamic interplay of supply and demand factors. Understanding these evolving market dynamics prepares business organizations to make informed investment decisions, refine strategic decisions, and seize new opportunities. By gaining a comprehensive view of these trends, business organizations can mitigate various risks across political, geographic, technical, social, and economic domains while also gaining a clearer understanding of consumer behavior and its impact on manufacturing costs and purchasing trends.

Market Drivers
- Accelerating use of speech analytics to handle large number of customer interactions across industrial verticals
- Growing need for speech analytics solutions from the Business Process Outsourcing (BPO) sector
- Applications of cloud-based speech analytics solutions to increase client retention inthe healthcare and BFSI sector
Market Restraints
- High cost and limited availability of skilled professionals
Market Opportunities
- Integration of advanced technologies to facilitate real-time actionable insights
- Favorable funding landscape forthe development of novel speech analytics platforms
Market Challenges
- Data privacy and security issues associated with the use of speech analytics

Porter's Five Forces: A Strategic Tool for Navigating the Speech Analytics Market

Porter's five forces framework is a critical tool for understanding the competitive landscape of the Speech Analytics Market. It offers business organizations with a clear methodology for evaluating their competitive positioning and exploring strategic opportunities. This framework helps businesses assess the power dynamics within the market and determine the profitability of new ventures. With these insights, business organizations can leverage their strengths, address weaknesses, and avoid potential challenges, ensuring a more resilient market positioning.

PESTLE Analysis: Navigating External Influences in the Speech Analytics Market

External macro-environmental factors play a pivotal role in shaping the performance dynamics of the Speech Analytics Market. Political, Economic, Social, Technological, Legal, and Environmental factors analysis provides the necessary information to navigate these influences. By examining PESTLE factors, businesses can better understand potential risks and opportunities. This analysis enables business organizations to anticipate changes in regulations, consumer preferences, and economic trends, ensuring they are prepared to make proactive, forward-thinking decisions.

Market Share Analysis: Understanding the Competitive Landscape in the Speech Analytics Market

A detailed market share analysis in the Speech Analytics Market provides a comprehensive assessment of vendors' performance. Companies can identify their competitive positioning by comparing key metrics, including revenue, customer base, and growth rates. This analysis highlights market concentration, fragmentation, and trends in consolidation, offering vendors the insights required to make strategic decisions that enhance their position in an increasingly competitive landscape.

FPNV Positioning Matrix: Evaluating Vendors' Performance in the Speech Analytics Market

The Forefront, Pathfinder, Niche, Vital (FPNV) Positioning Matrix is a critical tool for evaluating vendors within the Speech Analytics Market. This matrix enables business organizations to make well-informed decisions that align with their goals by assessing vendors based on their business strategy and product satisfaction. The four quadrants provide a clear and precise segmentation of vendors, helping users identify the right partners and solutions that best fit their strategic objectives.

Strategy Analysis & Recommendation: Charting a Path to Success in the Speech Analytics Market

A strategic analysis of the Speech Analytics Market is essential for businesses looking to strengthen their global market presence. By reviewing key resources, capabilities, and performance indicators, business organizations can identify growth opportunities and work toward improvement. This approach helps businesses navigate challenges in the competitive landscape and ensures they are well-positioned to capitalize on newer opportunities and drive long-term success.

Key Company Profiles

The report delves into recent significant developments in the Speech Analytics Market, highlighting leading vendors and their innovative profiles. These include 3CLogic Inc., Almawave S.p.A. by AlmavivA S.p.A., Alvaria, Inc., Amazon.com, Inc., Aural Analytics, Inc., Avaya Inc., Business Systems (UK) Ltd, Calabrio, Inc., CallMiner, Inc., CallTrackingMetrics LLC, Castel Communications LLC, Contact Cubed, LLC, Daisee Pty Ltd., Deepgram, Inc., Delacon Pty Ltd., Dialpad, Inc., Enghouse Systems Limited, Five9, Inc. by Zoom Video Communications, Inc., Genesys Cloud Services, Inc., Gnani Innovations Private Limited, Google LLC by Alphabet Inc., Intelligent Voice Ltd., Invoca, Inc., Marchex, Inc., Medallia, Inc., NeoSound Intelligence B.V., NICE Ltd., Open Text Corporation, Ozonetel Communications Pvt Ltd., Picovoice Inc., Qualtrics LLC by SAP SE, Salesken Pvt. Ltd., Speech-i Limited by CEDAT85 SRL, Talkdesk, Inc., TATWA Technologies Ltd., Tethr, TTEC Holdings, Inc., Uniphore Technologies Inc., Verint Systems, Inc., VoiceBase, Inc. by LivePerson, Inc., and Xdroid.

Market Segmentation & Coverage

This research report categorizes the Speech Analytics Market to forecast the revenues and analyze trends in each of the following sub-markets:

Based on Component, market is studied across Hardware and Solutions. The Solutions is further studied across Indexing & Query Tools, Quality Management, Reporting & Visualization Tools, Root Cause Analysis, and Speech Engine.
Based on Type, market is studied across Post-Call Speech Analytics and Real-Time Speech Analytics.
Based on Channel, market is studied across Broadcast Media & Content Production, Sales & Telemarketing Calls, Social Media, Voicemails & IVR Systems, VOIP & Messaging Platforms, and Webinars & Virtual Meetings.
Based on Organization Size, market is studied across Large Enterprises and Small & Medium Enterprises.
Based on Deployment, market is studied across On-Cloud and On-Premise.
Based on End-Use, market is studied across Banking, Financial Services, & Insurance, Education, Government & Public Sector, Healthcare & Life Sciences, IT & Telecommunications, Manufacturing, Retail & Consumer Goods, Transportation & Logistics, and Travel & Hospitality.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom.

The report offers a comprehensive analysis of the market, covering key focus areas:

1. Market Penetration: A detailed review of the current market environment, including extensive data from top industry players, evaluating their market reach and overall influence.

2. Market Development: Identifies growth opportunities in emerging markets and assesses expansion potential in established sectors, providing a strategic roadmap for future growth.

3. Market Diversification: Analyzes recent product launches, untapped geographic regions, major industry advancements, and strategic investments reshaping the market.

4. Competitive Assessment & Intelligence: Provides a thorough analysis of the competitive landscape, examining market share, business strategies, product portfolios, certifications, regulatory approvals, patent trends, and technological advancements of key players.

5. Product Development & Innovation: Highlights cutting-edge technologies, R&D activities, and product innovations expected to drive future market growth.

The report also answers critical questions to aid stakeholders in making informed decisions:

1. What is the current market size, and what is the forecasted growth?

2. Which products, segments, and regions offer the best investment opportunities?

3. What are the key technology trends and regulatory influences shaping the market?

4. How do leading vendors rank in terms of market share and competitive positioning?

5. What revenue sources and strategic opportunities drive vendors' market entry or exit strategies?

Product Code: MRR-B01BF0CD8FAC

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Accelerating use of speech analytics to handle large number of customer interactions across industrial verticals
  - 5.1.1.2. Growing need for speech analytics solutions from the Business Process Outsourcing (BPO) sector
  - 5.1.1.3. Applications of cloud-based speech analytics solutions to increase client retention inthe healthcare and BFSI sector
- 5.1.2. Restraints
  - 5.1.2.1. High cost and limited availability of skilled professionals
- 5.1.3. Opportunities
  - 5.1.3.1. Integration of advanced technologies to facilitate real-time actionable insights
  - 5.1.3.2. Favorable funding landscape forthe development of novel speech analytics platforms
- 5.1.4. Challenges
  - 5.1.4.1. Data privacy and security issues associated with the use of speech analytics
5.2. Market Segmentation Analysis
- 5.2.1. Component: Growing usage of hardware in speech analytics for the operation of speech analytics software
- 5.2.2. End-Use: High potential of speech analytics in the IT & telecommunications industry for enhancing customer service operations
5.3. Porter's Five Forces Analysis
- 5.3.1. Threat of New Entrants
- 5.3.2. Threat of Substitutes
- 5.3.3. Bargaining Power of Customers
- 5.3.4. Bargaining Power of Suppliers
- 5.3.5. Industry Rivalry
5.4. PESTLE Analysis
- 5.4.1. Political
- 5.4.2. Economic
- 5.4.3. Social
- 5.4.4. Technological
- 5.4.5. Legal
- 5.4.6. Environmental

6. Speech Analytics Market, by Component

6.1. Introduction
6.2. Hardware
6.3. Solutions
- 6.3.1. Indexing & Query Tools
- 6.3.2. Quality Management
- 6.3.3. Reporting & Visualization Tools
- 6.3.4. Root Cause Analysis
- 6.3.5. Speech Engine

7. Speech Analytics Market, by Type

7.1. Introduction
7.2. Post-Call Speech Analytics
7.3. Real-Time Speech Analytics

8. Speech Analytics Market, by Channel

8.1. Introduction
8.2. Broadcast Media & Content Production
8.3. Sales & Telemarketing Calls
8.4. Social Media
8.5. Voicemails & IVR Systems
8.6. VOIP & Messaging Platforms
8.7. Webinars & Virtual Meetings

9. Speech Analytics Market, by Organization Size

9.1. Introduction
9.2. Large Enterprises
9.3. Small & Medium Enterprises

10. Speech Analytics Market, by Deployment

10.1. Introduction
10.2. On-Cloud
10.3. On-Premise

11. Speech Analytics Market, by End-Use

11.1. Introduction
11.2. Banking, Financial Services, & Insurance
11.3. Education
11.4. Government & Public Sector
11.5. Healthcare & Life Sciences
11.6. IT & Telecommunications
11.7. Manufacturing
11.8. Retail & Consumer Goods
11.9. Transportation & Logistics
11.10. Travel & Hospitality

12. Americas Speech Analytics Market

12.1. Introduction
12.2. Argentina
12.3. Brazil
12.4. Canada
12.5. Mexico
12.6. United States

13. Asia-Pacific Speech Analytics Market

13.1. Introduction
13.2. Australia
13.3. China
13.4. India
13.5. Indonesia
13.6. Japan
13.7. Malaysia
13.8. Philippines
13.9. Singapore
13.10. South Korea
13.11. Taiwan
13.12. Thailand
13.13. Vietnam

14. Europe, Middle East & Africa Speech Analytics Market

14.1. Introduction
14.2. Denmark
14.3. Egypt
14.4. Finland
14.5. France
14.6. Germany
14.7. Israel
14.8. Italy
14.9. Netherlands
14.10. Nigeria
14.11. Norway
14.12. Poland
14.13. Qatar
14.14. Russia
14.15. Saudi Arabia
14.16. South Africa
14.17. Spain
14.18. Sweden
14.19. Switzerland
14.20. Turkey
14.21. United Arab Emirates
14.22. United Kingdom

15. Competitive Landscape

15.1. Market Share Analysis, 2023
15.2. FPNV Positioning Matrix, 2023
15.3. Competitive Scenario Analysis
- 15.3.1. Xdroid offers Superior Speech Analytics with Advanced NLP-based Features
- 15.3.2. Microsoft, Canary Speech Partner to Advance AI-enabled Speech Analysis
- 15.3.3. Airtel deploys AI-powered speech analytics solutions for customer service transformation with NVIDIA
15.4. Strategy Analysis & Recommendation

Companies Mentioned

1. 3CLogic Inc.
2. Almawave S.p.A. by AlmavivA S.p.A.
3. Alvaria, Inc.
4. Amazon.com, Inc.
5. Aural Analytics, Inc.
6. Avaya Inc.
7. Business Systems (UK) Ltd
8. Calabrio, Inc.
9. CallMiner, Inc.
10. CallTrackingMetrics LLC
11. Castel Communications LLC
12. Contact Cubed, LLC
13. Daisee Pty Ltd.
14. Deepgram, Inc.
15. Delacon Pty Ltd.
16. Dialpad, Inc.
17. Enghouse Systems Limited
18. Five9, Inc. by Zoom Video Communications, Inc.
19. Genesys Cloud Services, Inc.
20. Gnani Innovations Private Limited
21. Google LLC by Alphabet Inc.
22. Intelligent Voice Ltd.
23. Invoca, Inc.
24. Marchex, Inc.
25. Medallia, Inc.
26. NeoSound Intelligence B.V.
27. NICE Ltd.
28. Open Text Corporation
29. Ozonetel Communications Pvt Ltd.
30. Picovoice Inc.
31. Qualtrics LLC by SAP SE
32. Salesken Pvt. Ltd.
33. Speech-i Limited by CEDAT85 SRL
34. Talkdesk, Inc.
35. TATWA Technologies Ltd.
36. Tethr
37. TTEC Holdings, Inc.
38. Uniphore Technologies Inc.
39. Verint Systems, Inc.
40. VoiceBase, Inc. by LivePerson, Inc.
41. Xdroid