Global Speech Analytics Market to Reach Around USD 3.24 Billion by 2032, Driven by Developing Technologies

Speech analytics helps improve customer contact centre services by offering insights and actionable information from customer engagements. Speech analytics and associated solutions are developed to analyse call recordings and identify keywords, phrases, and sentiments in order to understand customer satisfaction extent. This enables customer centre employees to tailor responses thereby improving customer satisfaction. The advancements in artificial intelligence and machine learning are significantly benefitting speech analytics market. Moreover, speech analytics is increasingly integrated with other sources, such as social media and CRM systems. The efficient integration will enable contact centres to provide effective customer services, thereby leading to faster conversions and a significant sales pipeline.

Currently, the major applications of speech analytics include sentiment analysis, risk and fraud detection, call monitoring, and sales and marketing tools. Organisations making use of analytical tools such as speech analytics reduce the average handling time by about 40%. Moreover, analytics solutions enhance the self-service containment rates by about 20%. With the expanding technologies, speech analytics are allowing for the development of marketing and product development. The information and data gathered at the contact centres help in identifying the pain points and forecast the requirements, allowing companies to build products and strategies aligned with customer requirements.

Major BFSI companies such as PNC Financial Services Group Inc (NYSE: PNC) make use of speech analytics improving customer security and customer satisfaction.

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Market Analysis by Type, Deployment, Enterprise Size, End User, and Region:

• The market on the basis of type can be divided into solution, and service.

• Based on deployment, the market can be divided into on-premise and cloud.

• Based on enterprise size, the market can be divided into small and medium enterprises and large enterprises.

• The end users for speech analytics include BFSI, telecommunication, IT, retail, healthcare, government, and hospitality, among others.

• The regional markets for speech analytics include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The global market is being driven by the increasing integration of technologies such as artificial intelligence and machine learning.

• The expanding telecom sector is necessitating the adoption of speech analytics, further supporting the market growth.

• Businesses and organisations are increasingly adopting speech analytics to improve customer satisfaction and to provide tailored products and services.

• Increasing integration of speech analytics through various platforms such as social media is supporting the market expansion.

Key Offerings of the Report:

• The EMR report gives an overview of the global speech analytics market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the type, deployment, enterprise size, end user and regions of speech analytics.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the speech analytics market are ASC Technologies, Avaya, Calabrio, CallMiner, Clarabridge, and Genesys, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.