PUBLISHER: The Business Research Company | PRODUCT CODE: 1656962
PUBLISHER: The Business Research Company | PRODUCT CODE: 1656962
Speech analytics involves the utilization of voice recognition software to analyze voice recordings or live calls from customers to contact centers. Its primary purpose is to extract valuable information and ensure quality assurance in customer interactions.
The components of speech analytics encompass both solutions and services. Solutions in the speech analytics market involve the sales of speech analytics solutions by various entities, including organizations, partnerships, and sole proprietors. These solutions are designed to analyze conversations, focusing on the spoken words during recorded phone calls. The technology behind speech analytics organizes the content of agent-customer interactions by converting speech into text. Deployment modes for speech analytics include both on-premises and cloud solutions. Speech analytics solutions and services find applications in various areas, including customer experience management, call monitoring and summarization, agent performance monitoring, sales and marketing management, risk and compliance management, and sentiment analysis. They cater to the needs of both large enterprises and small and medium-sized enterprises (SMEs). Different industry verticals benefiting from speech analytics solutions and services include banking, financial services, and insurance (BFSI), IT and telecom, media and entertainment, retail and eCommerce, travel and hospitality, government and defense, healthcare and life sciences, and other verticals.
The speech analytics market research report is one of a series of new reports from The Business Research Company that provides speech analytics market statistics, including speech analytics industry global market size, regional shares, competitors with a speech analytics market share, detailed speech analytics market segments, market trends and opportunities, and any further data you may need to thrive in the speech analytics industry. This speech analytics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The speech analytics market size has grown exponentially in recent years. It will grow from $3.11 billion in 2024 to $3.81 billion in 2025 at a compound annual growth rate (CAGR) of 22.4%. The growth in the historic period can be attributed to introduction of advanced speech recognition technologies, adoption of speech analytics for customer service improvement, implementation of speech analytics in call centers, rise of voice biometrics for authentication and security, increasing focus on compliance and regulatory requirements.
The speech analytics market size is expected to see exponential growth in the next few years. It will grow to $9.72 billion in 2029 at a compound annual growth rate (CAGR) of 26.4%. The growth in the forecast period can be attributed to expansion of speech analytics in multichannel customer engagement, adoption of speech analytics in predictive analytics for business insights, growing use of speech analytics in employee training and performance evaluation, emphasis on real-time speech analytics for immediate action, use of emotion and sentiment analysis in speech analytics. Major trends in the forecast period include integration of speech analytics with artificial intelligence (AI) and machine learning (ml), integration of speech analytics in virtual assistants and chatbots, adoption of cloud-based speech analytics solutions, focus on speech analytics for social media monitoring, development of industry-specific speech analytics applications.
The increasing adoption of artificial intelligence (AI) is expected to drive the growth of the speech analytics market in the coming years. AI adoption is rising due to its capacity to boost efficiency, improve decision-making, and automate complex tasks across various sectors. In speech analytics, AI enhances capabilities by enabling more accurate transcription, real-time analysis, and deeper insights into customer sentiment, intent, and behavior using advanced natural language processing and machine learning algorithms. For example, in May 2022, International Business Machines Corporation (IBM), a US-based technology company, reported that 35% of businesses globally used AI in 2022, marking a 4% increase from 2021. Additionally, organizations adopting AI saw a 13% rise in 2022 compared to 2021. Thus, the growing adoption of AI is propelling the expansion of the speech analytics market.
The surging demand in e-commerce is anticipated to be a significant driver for the growth of the speech analytics market. With e-commerce encompassing online buying and selling of goods and services, speech analytics plays a vital role in identifying suspicious activities and potential fraud through the analysis of customer interactions and detection of anomalies in behavior on e-commerce platforms. As of August 2023, the United States Census Bureau reported a 7. 5% increase in e-commerce estimates for the second quarter of 2023 compared to the same period in 2022, with online stores accounting for 15. 4% of all sales. This robust demand in e-commerce is contributing significantly to the expansion of the speech analytics market.
The use of advanced technology is a growing trend in the speech analytics market. Leading companies in the sector are focusing on developing innovative technological solutions to enhance their market position. For example, in November 2023, Google, a US-based multinational technology company, introduced generative AI voice analytics for banks and investment firms. This initiative is designed to improve the tracking and recording of business communications, particularly voice and video calls, by integrating Google Cloud's generative AI platform, Vertex AI, with Symphony's Cloud9 voice product.
Leading companies in the speech analytics market are concentrating on technological innovations, such as voice analytics, to deliver dependable services to their customers. Voice analytics consists of advanced technology tools that capture, transcribe, and analyze spoken conversations, aimed at enhancing agent performance and boosting the efficiency of contact center operations. For example, in June 2024, Hodusoft, an India-based provider of communication solutions, introduced a new speech analytics feature. This feature incorporates advanced speech recognition technology, enabling users to analyze voice data from conversations.
In March 2024, Linus Health, a US-based healthcare technology company focused on brain health and cognitive assessment, completed the acquisition of Aural Analytics. The purpose of this acquisition is to strengthen Linus Health's ability to detect cognitive impairment and incorporate advanced speech analytics into its multimodal cognitive assessment platform. Aural Analytics is a US-based technology company that specializes in clinical-grade speech analytics.
Major companies operating in the speech analytics market include 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
North America was the largest region in the speech analytics market in 2024. 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
The countries covered in the speech analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The speech analytics market includes revenues earned by entities by providing solutions that understand, analyse, and derive insights from a voice conversation by utilising AI services such as transcription, natural language processing, and speech technologies. Speech analytics is a software application that transcribes the voice calls and extracts deep insights, trends, and metrics from each one. These insights are then used to evaluate agent performance, assess customer experience, and track the organization's overall strengths and weaknesses in every voice interaction. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Speech Analytics Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on speech analytics market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for speech analytics ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The speech analytics market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.