Speech Analytics Market Growth, Size, Share, Trends, Key Players Analysis, and Forecast by 2031

Coverage: Speech Analytics Market covers analysis By Component (Solution, Services), Deployment Type (On-Premise, Cloud), Industry Vertical (BFSI, Media and Entertainment, IT and Telecommunication, Healthcare and Life Science, Retail and E-commerce, Others),  and Geography

  • Report Code : TIPTE100000186
  • Category : Technology, Media and Telecommunications
  • No. of Pages : 150
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The speech analytics market size is projected to reach US$ 6.86 billion by 2031 from US$ 2.33 billion in 2023. The market is expected to register a CAGR of 14.5 % in 2023–2031. AI-powered conversation analysis is likely to become more prevalent, enabling deeper insights into complex customer interactions and acting as the trend for the market.

Speech Analytics Market Analysis

The speech analytics market has witnessed significant growth in recent years, driven by technological advancements, increased demand for speech authentication solutions for mobile financial applications, and increased utilization in the retail and e-commerce industry. Furthermore, the increasing number of contact centers is also driving the market growth. The growing technological developments such as artificial intelligence (AI) and machine learning (ML) are emerging as lucrative growth opportunities for market growth.

Speech Analytics Market Overview

Speech analytics refers to the process of analyzing voice recordings or live customer calls to contact centers with the help of speech recognition software to find useful information and provide quality assurance. Solutions help to identify words and analyze audio patterns to detect emotions and stress in a speaker's voice. These technologies are widely used during customer interactions in call centers to identify information such as the reason for the call, the products mentioned, and the caller's mood. It enables businesses to take action on less usable information from customer service calls and gain insights about customers. The majority of the contact centers adopt these solutions primarily for cost-saving purposes. While cost reduction is the initial factor for higher adoption, it offers many more benefits, adding significant value in business process optimization, quality improvement, customer satisfaction improvement, litigation avoidance, and revenue augmentation. In today’s data-driven world, speech analytics solutions are extremely important across a range of businesses. 

Strategic Insights

Speech Analytics Market Drivers and Opportunities

Increased Demand from the BPO Sector  to Favor Market

 The BPO sector is witnessing increased adoption of technology solutions, including BPO speech analytics, to help contact center agents understand their customers better. Speech analytics in the BPO sector helps users understand human speech and is ideal for use in AI-based chatbots. For queries that are too complicated and complex for chatbots to understand and handle, it can transfer the customer to live agent assistance using Robotic Process Automation (RPA). It helps to identify the customer’s real intent in real-time and offer appropriate alerts to the agent. Real-time speech analytics solutions in BPO can monitor 100% of customer calls, derive actionable insights, raise red flags in areas of concern, assist during the agent QA process, and more. It helps to alleviate longstanding BPO pain points, streamline manual burdensome processes and help BPOs adhere to the business and customer metrics. Speech analytics software in BPO also assists in training BPO agents with domain knowledge, analyzing call disposition across multiple tags, and increasing first-call resolution. BPO speech analytics tools also continuously monitor agents’ performance and send the correct feedback to supervisors in real-time while adhering to regulatory compliance in the BPO industry.

  • Understand the customers and their problems better
  • Improves the quality of support provided using customer data
  • Learn about customer's real intent and anticipate their needs
  • Streamline BPO processes and reduce the cost of running a call center
  • Provide better onboarding and training for call center agents
  • Uncover insights and discover new business opportunities
  • Get a better sense of the issues with the products offered.

It helps to determine customer sentiments, emotions, and implied needs. With speech analytics, brands can improve customer service and customer satisfaction, plug customer service loopholes, and course-correct detrimental actions. Thus, increased demand from the BPO sector drives the growth of the market.

Integration of Speech Analytics with Generative AI – An Opportunity in the Speech Analytics Market

Integration of speech analytics with generative AI used in customer support or contact centers to enhance the client experience that provides quality service, identify areas of improvement, and improve CSAT and NPS scores. It is also used in a various other industries, such as finance, healthcare, banking, and retail. Speech analyzer software uses natural language processing and machine learning (ML) algorithms to analyze spoken language data. Generative AI, powered by large language models (LLMs), thrives on well-designed voice analytics data and voice recognition models. By feeding LLMs with high-quality voice data insights, contact center management can harness AI's full potential to deliver customized and effective customer service at scale. Thus, the integration of generative AI with speech analytics creates opportunities for the company.

Speech Analytics Market Report Segmentation Analysis

Key segments that contributed to the derivation of the speech analytics market analysis are component, deployment type, and industry vertical.

  • Based on components, the speech analytics market is segmented into solutions and services.
  •  Based on deployment type, the market is segmented into on-premise and cloud.
  • Based on industry vertical, the market is segmented into BFSI, media and entertainment, IT and telecommunication, healthcare and life science, retail and e-commerce, and others.

Speech Analytics Market Share Analysis by Geography

The geographic scope of the speech analytics market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. North America holds one of the largest global speech analytics market shares. Aspects such as increased adoption of digital marketing and high technological spending by government agencies are expected to drive the North American speech analytics market growth. In addition, the US has a large number of speech analytics market players who have been increasingly focusing on developing innovative solutions. Some of the key players in the speech analytics market are NICE, Verint System Inc., Avaya Inc., and Genesys Telecommunications, among others. All these factors contribute to the region’s growth of the market.  

Speech Analytics Market Report Scope

Speech Analytics Market News and Recent Developments

The speech analytics market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for innovations, business expansion, and strategies:

  • In February 2023,. Airtel and Nvidia announced a partnership to deploy AI-powered speech analytics solutions for customer services. Under this partnership, Airtel leveraged the NVIDIANeMo conversational AI toolkit and Nvidia Triton Inference Server, a multi-framework inference serving software supported in the Nvidia AI Enterprise software suite, in order to develop the technology that enables automated speech recognition. (Source: Airtel, Press Release)
  • In July 2023,  Pegasystems announced the acquisition of Qurious.io, a cloud-based real-time speech analytics. This acquisition helped Pegasystems to add capabilities to its software portfolio. (Source: Pegasystems, Newsletter)

Speech Analytics Market Report Coverage and Deliverables

The “Speech Analytics Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering the following areas:

  • Speech analytics market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
  • Market dynamics such as drivers, restraints, and key opportunities
  • Speech analytics market trends
  • Detailed PEST/Porter’s Five Forces and SWOT analysis
  • Speech analytics market analysis covering key market trends, Global and regional framework, major players, regulations, and recent market developments.
  • Speech analytics Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments.
  • Detailed company profiles

Speech Analytics Market Report Analysis

Speech Analytics Market

  • CAGR (2023 - 2031)
    14.5 %
  • Market Size 2023
    US$ 2.33 Billion
  • Market Size 2031
    US$ 6.86 Billion

Report Coverage

  • Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
  • Key future trends
  • Detailed PEST/Porter’s Five Forces and SWOT analysis
  • Industry landscape and competition analysis & recent developments
  • Detailed company profiles
  • Global and regional market analysis covering key market trends, major players, regulations, and recent market developments

Key Players

  • Almawave
  • Avaya Inc
  • Calabrio
  • CallMiner
  • Genesys
  • Marchex, Inc.
  • NICE Systems
  • Verint Systems Inc.
  • VoiceBase, Inc.
  • ZOOM International

Regional Overview

  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

By Component
  • Solution
  • Services
By Deployment Type
  • On-Premise
  • Cloud
By Industry Vertical
  • BFSI
  • Media and Entertainment
  • IT and Telecommunication
  • Healthcare and Life Science
  • Retail and E-commerce
  • Others
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Speech Analytics Market Report Scope

Report Attribute Details
Market size in 2023 US$ 2.33 Billion
Market Size by 2031 US$ 6.86 Billion
Global CAGR (2023 - 2031) 14.5 %
Historical Data 2021-2022
Forecast period 2024-2031
Segments Covered By Component
  • Solution
  • Services
By Deployment Type
  • On-Premise
  • Cloud
By Industry Vertical
  • BFSI
  • Media and Entertainment
  • IT and Telecommunication
  • Healthcare and Life Science
  • Retail and E-commerce
  • Others
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • Almawave
  • Avaya Inc
  • Calabrio
  • CallMiner
  • Genesys
  • Marchex, Inc.
  • NICE Systems
  • Verint Systems Inc.
  • VoiceBase, Inc.
  • ZOOM International
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
    Report Coverage
    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered
    Segment Covered

    Component, Deployment Type, Industry Vertical

    Regional Scope
    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope
    Country Scope

    This text is related
    to country scope.

    Frequently Asked Questions

    Which region dominated the speech analytics market in 2023?

    North America dominated the speech analytics market in 2023.

    What are the driving factors impacting the speech analytics market?

    Increased demand from the BPO sector is the major factors that propel the global speech analytics market.

    What are the future trends of the speech analytics market?

    The growing use of AI and ML to play a significant role in the global cryocoolers market in the coming years.

    Which are the leading players operating in the speech analytics market?

    The leading player operating in the global speech analytics market are Almawave, Avaya Inc., Calabrio, CallMiner, Genesys, Marchex, Inc., NICE Systems, Verint Systems Inc., VoiceBase, Inc., ZOOM International, Kwantic, Convin.ai, Salesken AI Inc., Tethr, Gong.io Inc., Clari, Observe.ai, Batvoice, Deepgram, and Castel Communications.

    What would be the estimated value of the speech analytics market by 2031?

    The global speech analytics market is expected to reach US$ 6.86 billion by 2031.

    What is the expected CAGR of the speech analytics market?

    The market is expected to register a CAGR of 14.5% during 2023–2031.

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    1. Data Collection and Secondary Research:

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    Research Methodology

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    1. Data Triangulation and Final Review:

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