Speech Analytics Market To Generate Revenue Worth $8,185.9 Million by 2030
- Published: February 2024
The speech analytics market size is set to be USD 8,185.9 million by 2030, witnessing 17.5% CAGR between 2024 and 2030. This can be ascribed to the growing importance of using predictive speech analytics.
- Predictive analytics through speech data provides a highly accurate approach to predicting customer behavior.
- This method involves analyzing customers’ voice or speech patterns and relating them to typical behavioral characteristics, allowing for personalized predictions.
- This in-depth understanding of behavioral trends allows predictive analytics technology to predict future behaviors across many different aspects of life, including consumption patterns, work culture, habits, and lifestyles, social habits, entertainment preferences, and healthcare choices.
- Speech analytics focuses primarily on prosodic speech patterns, including factors such as rhythm, intonation, and emphasis.
- Currently, speech analysis is commonly used in its basic form, often using simple speech recognition software or tools.
- While these solutions are more efficient and cost-effective than human-powered alternatives, there is still significant untapped potential and added value for businesses in integrating speech analytics with predictive analytics.
Rising Investment in R&D Drives the Market
To improve the functionality of speech analytics, companies are actively investing in research and development (R&D) efforts. Their focus lies on integrating cutting-edge technologies such as artificial intelligence (AI), machine learning (ML), natural language processing (NLP), and sentiment analysis. These technologies are leveraged to increase the accuracy of speech recognition, sentiment analysis, and predictive analytics in these solutions. As a result, customer conversations can be analyzed with greater accuracy, generating more valuable insights.
Additionally, a concerted effort is underway to build speech analytics solutions tailored to the specific needs of different industries. For example, customized solutions are being developed for several sectors such as BFSI, healthcare, and contact centers. These industry-specific solutions offer specialized functionality, compliance monitoring, and seamless integration with industry-specific systems. This strategic approach ensures that the unique requirements and regulations of each sector are addressed effectively.
Surging Demand for Speech Analytics from SMEs
- The worldwide speech analytics market is witnessing an increase in demand, mainly from small and medium enterprises (SMEs).
- In recent years, there has been a notable increase in the adoption of speech analytics solutions and services by SMEs, driven by a desire to improve the overall customer experience.
- Market participants are proactively adapting their offerings to meet the needs of small and medium-sized businesses, recognizing their growing propensity for data-driven decision-making to increase their openness-wide operations.
- This trend highlights the central role of speech analytics in enabling SMEs to make informed strategic choices and drive business growth in today’s data-centric landscape.
The market growth is largely supported by well-established telecommunications and information technology (IT) infrastructure in North America. Additionally, the region benefits from the presence of some of the leading global speech analytics solutions providers who continuously strive to innovate and improve their products, thereby promoting market expansion.
- In November 2022, Startek, a leading global CX solutions provider, deployed Verint Speech analytics to facilitate exceptional customer experiences.
Additionally, the adoption of speech analytics solutions is increasing across a variety of industries, including retail, banking, financial services, healthcare, and insurance. These solutions are used to improve customer experience, ensure regulatory compliance, and derive valuable business insights, thereby contributing to overall market growth.
Some of the key players operating in the speech analytics market include NICE Systems Ltd., Verint Systems Inc., Hewlett Packard Enterprise Company, Genesys Cloud Services Inc., Avaya Holdings Corporation, Alvaria Inc., Castel Communications LLC, Clarabridge Inc., Calabrio Inc., Google LLC, Deepgram Inc., Amazon Web Services Inc., and Intelligent Voice Ltd.