Speech Analytics Market by Solution (Tools and Services), Deployment Type (On-premises and Cloud-based), Industry Vertical (BFSI, Media & Entertainment, IT &Telecommunication, Healthcare & Life Science, Consumer Goods, Retail Market, and Others): Global Market Size Estimates and Forecast (2022-2030)
The speech analytics market crossed US$ 1.54 billion mark in 2022 and is expected to hit US$ 6.20 billion by 2030, recording a CAGR of 19.1% during the forecast period.
Amid the pandemic, there has been an increasing need for voice authentication in mobile banking applications, which is attributed to driving the speech analytics market growth: Banks may offer natural, human-like discussions and gratifying consumer engagements with voice technology combined with phone banking. Financial organizations prioritize innovation and invest in advanced technologies to improve their mobile banking services. In the past, they had to rely on laborious and unfriendly procedures like password verification, One-Time Passwords (OTPs), and security questions. By incorporating speech recognition technology in mobile applications, banks have finally come to understand how important it is to improve security and user experience. HSBC introduced voice recognition for banking customers for the first time in February 2019. The beginning of biometric banking has made a significant step. These advancements are expediting the demand for speech analytics market.
Within the report, the speech analytics market is segmented into solution, deployment type, industry vertical, and geography. By type, the speech analytics market is further segmented into tools and services. Based on deployment type, the speech analytics market is divided into cloud-based and on-premises. Based on industry vertical, the speech analytics market is segmented into BFSI, Media & Entertainment, IT &Telecommunication, Healthcare & Life Science, Consumer Goods, Retail Market, and Others. Geographically, the speech analytics market is sub-segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW).
AI and ML-driven speech analytics is a far-reaching technology that empowers the growth of speech analytics market.
Emerging AI and ML technologies provide real-time insights with built-in automation. AI-powered speech analytics tools can automatically record the whole agent-customer exchange and provide undiscovered possibilities and insights that improve results. Due to its ability to provide high-level perspectives and drill down to specifics, speech analytics enables the identification of actionable insights through high-volume discovery. Once the customer contacts are recorded and evaluated, real-time speech analytics gives the agents the next best actionable guidance message, improving operational efficiency. Additionally, speech analytics' reliable performance indicators, the identification of call patterns and trends, and the emergence of new revenue sources. Real-time speech analytics is used more often in numerous areas, including financial services, healthcare, retail, and hospitality. Utilizing technologies like AI and ML will be advantageous for speech analytics market participants. For instance, VoiceBase, a well-known provider of speech analytics software, gives call center managers and agents access to AI-driven speech analytics tools. Such attributes are contributing to the speech analytics market growth.
Contact centers can improve quality assurance metrics by implementing real-time speech analytics.
To gain a clear understanding of the customer's voice, speech analytics analyses information gleaned from conversations between contact center agents and customers. Without having to evaluate calls manually, these solutions let managers and contact center employees thoroughly examine every call that comes in and give real-time data for quality assurance. Speech analytics helps contact centers discover how to improve specific encounters in the long run.
Recent strategic developments in speech analytics market
The speech analytics market has undergone several significant developments, and a few of these have been mentioned below:
- In October 2021, With the launch of Customer Experience Interactions (CXi), a new framework made available through a unified suite of applications on the CXone platform, Nice announced the next advancement in customer experience (CX). In addition to enabling resolution through AI and data-driven self-service, CXi also equips agents with the knowledge necessary to address client demands properly. CXi empowers enterprises to meet their consumers wherever their journey begins intelligently.
- In April 2021, To quickly transform the current conversation data into automated self-service experiences, Verint launched Verint Virtual Assistant (IVA), a low-code Speech Analytics product. It enables business professionals to swiftly create a production-ready chatbot to divert calls and assist clients. With limitless intelligence for both speech and digital, Verint IVA enables enterprises to enhance capabilities across the workplace.
The speech analytics market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Almawave, Avaya Inc, Calabrio, CallMiner, and Genesys are among the prominent players operating in the speech analytics market.
Target audience for the report:
- Speech Analytics -related service providers
- Speech Analytics-related tools providers
- Speech Analytics-related associations, organizations, forums, and alliances
- Government bodies, such as regulating authorities and policy makers
- Venture capitalists, private equity firms, and start-up companies
- End users of speech analytics
- Research institutes, organizations, and consulting companies
Scope of the report:
In this report, the speech analytics market has been segmented on the basis of:
- Solution
- Tools
- Services
- Deployment Type
- Cloud-based
- On-premises
- Industry Vertical:
- BFSI
- Media & Entertainment
- IT &Telecommunication
- Healthcare & Life Science
- Consumer Goods
- Retail Market
- Others.
- Region
- North America
- Europe
- Asia Pacific (APAC)
- Rest of the World (RoW)
- Companies profiled
- Almawave
- Avaya Inc
- Calabrio
- CallMiner
- Genesys
The List of Companies
- Almawave
- Avaya Inc
- Calabrio
- CallMiner
- Genesys