Global Speech Analytics Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028

The Speech Analytics Market report has been segmented on the basis of component, organization size, deployment mode, industry vertical, and region.

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Global Speech Analytics Market: Overview

“The Speech Analytics Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

Speech analytics is software that analyzes unstructured data that is collected by recording calls, chat transcripts, emails, and other customer interaction modes.

Speech analytics process includes an audio that undergoes a speech recognition process and turns the sounds into text. Acoustic signals are extracted such as tempo, agitation in the voice, silence/ pauses, and loudness.

Then the acoustic properties and the meta-data are normalized. Key metrics are combined into a score that measures various performance indicators which includes customer satisfaction, agent quality, compliance risk, and emotion detection.

These scorecards provide objective and accurate feedback that is shared with customer service representatives and used by supervisors to personalize training and coaching.

Global Speech Analytics Market: Dynamics

Increasing implementation of speech analytics to cater to the growing BPO sector is a key factor expected to drive the growth of the global speech analytics market. Speech analytics in BPO offers benefits such as less customer churn, stronger branding, improved operation efficiency, increased call center productivity, and many others.

The growing need for higher customer satisfaction in the retail sector and rising awareness regarding the positive impact of real-time speech analytics among various industries are among some of the major factors expected to boost the growth of the target market.

Speech analytics offers solutions such as customer engagement analytics and interaction analytics and provides analytical conversations via email, phone, web-chat, text, and social media platforms.

However, complex integration in existing systems and difficult to quantify return on investment (ROI) are factors that would restraint growth of the global speech analytics market to a certain extent.

Growing demand for analytics which can predict customer’s intent and monitor consumer’s behavior and increasing adoption of cloud-based speech analytics solutions are revenue growth opportunities for players operating in the global market.

Global Speech Analytics Market: Segment Analysis

Among the component segments, the solutions segment is expected to dominate in the global market. Speech analytics offers solutions such as emotion detection, speech-to-text recognition, phonetic indexing, and talk over analytics is a factor expected to support the growth of the target market over the forecast period.

Among the deployment mode segments, the cloud segment is projected to contribute highest revenue growth in the global market due to advent of artificial intelligence(AI) and machine learning into speech analytics. This advent is offered via cloud-based solutions due to its scalability and cost-effective benefits.

Global Speech Analytics Market: Region Analysis

The market in North America is expected to dominate in terms of revenue in the global market. Whereas, the market in the Asia Pacific is expected to register the highest CAGR in the global market followed by the market in Latin America.

The speech analytics market in Europe is expected to register increasing growth in terms of revenue owing to increasing awareness regarding the positive impact of analytics adoptions.

Global Speech Analytics Market Segmentation:

Segmentation by Component:

• Solutions
• Services

Segmentation by Organization Size:

• Large Enterprises
• Small and Medium-Sized Enterprises (SME’s)

Segmentation by Deployment Mode:

• Cloud
• On-Premises

Segmentation by Industry Vertical:

• Energy and Utilities
• Media and Entertainment
• Healthcare and Life Sciences
• Retail and Consumer Goods
• Banking, Financial Services, and Insurance
• Information Technology and Telecommunications
• Others (Manufacturing, Transportation and Logistics, Travel and Hospitality, Education, Food & Beverage, Commercial, etc.)

Segmentation by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa