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Global Speech Analytics Market Growth, Trends, Analysis: By Type: Solution, Service; By Deployment: On-Premise, Cloud; By Enterprise Size: Small and Medium Enterprises, Large Enterprises; By End User: BFSI, Telecommunication, IT, Retail, Healthcare, Government, Hospitality, Others; Regional Analysis; Competitive Landscape; 2024-2032
Global Speech Analytics Market Outlook
The global speech analytics market attained a value of about USD 1.36 billion in 2023. The market is further expected to grow at a CAGR of 10.2% during the forecast period of 2024-2032 to reach USD 3.24 billion by 2032.
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Rising Demand for Speech Analytics to Enhance Customer Experience Augmenting the Market Growth
The demand for speech analytics is being driven by the inability of human beings to record and decipher a multitude of customer concerns. Speech analytics tools help organisations automatically and intelligently evaluate unstructured data acquired from customer interactions to enhance customer experience, therefore adding to the market growth. Moreover, due to the growing requirement for risk and compliance management, organisations are increasingly adopting speech analytics for consumer management to retain their customers and attract new ones, thus, bolstering the market growth.
Additionally, speech analytics saves costs and time, eliminating the requirement to conduct elaborate surveys, which is propelling the market growth of speech analytics. Cloud-based real-time speech analytics are being rapidly deployed by enterprises to aid in quick and effective decision-making, thereby further invigorating the growth of the speech analytics industry. Moreover, speech analytics substantially contributes to decision and policy-making strategies as the software enables organisations to automatically monitor recent and historical conversations, hence, catalysing the market growth. With more companies providing affordable on-premise and cloud speech analytics services, the market is expected to rise in small and medium enterprises, which is anticipated to fuel the industry growth in the forecast period.
Speech Analytics: Market Segmentation
Speech analytics is a software that evaluates voice calls and derives deep insights from the conversation, which helps business owners to create a customer-friendly environment. The software can spot keywords that aid in policy-shaping. It is being increasingly deployed by several small and large-scale industries.
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On the basis of type, the market is fragmented into:
- Solution
- Service
Based on deployment, the market is segmented into:
- On-Premise
- Cloud
The market, on the basis of enterprises size, is broadly categorised into:
- Small and Medium Enterprise
- Large Enterprise
The major end users of speech analytics are:
- BFSI
- Telecommunication
- IT
- Retail
- Healthcare
- Government
- Hospitality
- Others
The EMR report looks into the regional markets of speech analytics like North America, Europe, Latin America, the Asia Pacific, and the Middle East and Africa.
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Increasing Deployment of Speech Analytics in the Hospitality Sector to Boost the Market Growth
The increased implementation of speech analytics in the hospitality sector is anticipated to boost the market growth in the coming years. Speech analytics allows potential callers to convert into customers, thus, boosting the hospitality sector, owing to which it is increasingly deployed. The AI-powered speech analytic tools enable an evaluated study of customer interaction by highlighting crucial words or phrases, aiding in decision making and policy-shaping, thus, augmenting the industry growth. Moreover, the travel industry can use speech analytics to provide a personalised customer experience, which is further projected to propel the market growth. As the development of advanced interaction tools is leading to the growth of the global travel sector, the hospitality sector is robustly growing, which is estimated to bolster the growth of the speech analytics industry.
In addition, the deployment of speech analytics in the retail sector is anticipated to substantially add to growth of the market. The speech analytics software enables retailers to capture customer data in a speedy and effective manner, thereby aiding in improved customer experience, quality of services, and store operations, which is expected to surge its demand. Additionally, the rising deployment of speed analytics by multi-branded retailers enables them to forward the recorded customer interactions to the specific brand and is projected to support the market growth in the upcoming years.
Key Industry Players in the Global Speech Analytics Market
The report presents a detailed analysis of the following key players in the global speech analytics market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
- ASC Technologies
- Avaya
- Calabrio
- CallMiner
- Clarabridge
- Genesys
- Others
The comprehensive report looks at the micro and macro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of the Porter’s Five Forces Model.
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report | Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Type, Deployment, Enterprise Size, End User, Region |
| Breakup by Type | Solution, Service |
| Breakup by Deployment | On-Premise, Cloud |
| Breakup by Enterprise Size | Small and Medium Enterprises, Large Enterprises |
| Breakup by End User | BFSI, Telecommunication, IT, Retail, Healthcare, Government, Hospitality, Others |
| Breakup by Region | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Market Dynamics | SWOT, Porter's Five Forces, Key Indicators for Price and Demand |
| Competitive Landscape | Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications |
| Companies Covered | ASC Technologies, Avaya, Calabrio, CallMiner, Clarabridge, Genesys, Others |
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*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.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Speech Analytics Market Analysis
8.1 Key Industry Highlights
8.2 Global Speech Analytics Historical Market (2018-2023)
8.3 Global Speech Analytics Market Forecast (2024-2032)
8.4 Global Speech Analytics Market by Type
8.4.1 Solution
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Service
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.5 Global Speech Analytics Market by Deployment
8.5.1 On-Premise
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Cloud
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.6 Global Speech Analytics Market by Enterprise Size
8.6.1 Small and Medium Enterprises
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Large Enterprises
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.7 Global Speech Analytics Market by End User
8.7.1 BFSI
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Telecommunication
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 IT
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Retail
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Healthcare
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
8.7.6 Government
8.7.6.1 Historical Trend (2018-2023)
8.7.6.2 Forecast Trend (2024-2032)
8.7.7 Hospitality
8.7.7.1 Historical Trend (2018-2023)
8.7.7.2 Forecast Trend (2024-2032)
8.7.8 Others
8.8 Global Speech Analytics Market by Region
8.8.1 North America
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 Europe
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.8.3 Asia Pacific
8.8.3.1 Historical Trend (2018-2023)
8.8.3.2 Forecast Trend (2024-2032)
8.8.4 Latin America
8.8.4.1 Historical Trend (2018-2023)
8.8.4.2 Forecast Trend (2024-2032)
8.8.5 Middle East and Africa
8.8.5.1 Historical Trend (2018-2023)
8.8.5.2 Forecast Trend (2024-2032)
9 North America Speech Analytics Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Speech Analytics Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Speech Analytics Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Speech Analytics Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Speech Analytics Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 ASC Technologies
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Avaya
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Calabrio
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 CallMiner
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Clarabridge
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Genesys
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Speech Analytics Market: Key Industry Highlights, 2018 and 2032
2. Global Speech Analytics Historical Market: Breakup by Type (USD Billion), 2018-2023
3. Global Speech Analytics Market Forecast: Breakup by Type (USD Billion), 2024-2032
4. Global Speech Analytics Historical Market: Breakup by Deployment (USD Billion), 2018-2023
5. Global Speech Analytics Market Forecast: Breakup by Deployment (USD Billion), 2024-2032
6. Global Speech Analytics Historical Market: Breakup by Enterprise Size (USD Billion), 2018-2023
7. Global Speech Analytics Market Forecast: Breakup by Enterprise Size (USD Billion), 2024-2032
8. Global Speech Analytics Historical Market: Breakup by End Use (USD Billion), 2018-2023
9. Global Speech Analytics Market Forecast: Breakup by End Use (USD Billion), 2024-2032
10. Global Speech Analytics Historical Market: Breakup by Region (USD Billion), 2018-2023
11. Global Speech Analytics Market Forecast: Breakup by Region (USD Billion), 2024-2032
12. North America Speech Analytics Historical Market: Breakup by Country (USD Billion), 2018-2023
13. North America Speech Analytics Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Europe Speech Analytics Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Europe Speech Analytics Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Asia Pacific Speech Analytics Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Asia Pacific Speech Analytics Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Latin America Speech Analytics Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Latin America Speech Analytics Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Middle East and Africa Speech Analytics Historical Market: Breakup by Country (USD Billion), 2018-2023
21. Middle East and Africa Speech Analytics Market Forecast: Breakup by Country (USD Billion), 2024-2032
22. Global Speech Analytics Market Structure
Key Questions Answered in the Report
The market attained a value of approximately USD 1.36 billion in 2023.
The market is projected to grow at a CAGR of 10.2% in the forecast period of 2024-2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 3.24 billion by 2032.
The market is being driven by the rising adoption of speech analytics to enhance customer experience based on feedback, increasing use by various industries, and surging demand for call monitoring.
The key trends of the market include the implementation of speech analytics integrated with artificial intelligence (AI) and the increasing demand for speech analytics in the telecom industry.
The major regional markets for speech analytics are North America, Latin America, the Asia Pacific, Europe, and the Middle East and Africa.
The leading types of speech analytics in the market are solution and service.
The dominant deployments of speech analytics are on-premise and cloud.
Small and medium enterprises and large enterprises are the major enterprise sizes of speech analytics.
BFSI, telecommunication, IT, retail, healthcare, government, and hospitality, among others, are the significant end users of speech analytics.
The key players in the global speech analytics market are ASC Technologies, Avaya, Calabrio, CallMiner, Clarabridge, and Genesys, among others.
Analyst Review
The global speech analytics market attained a value of about USD 1.36 billion in 2023, driven by the increasing use of speech analytics to enhance consumer experience in various industries. Aided by the deployment of speech analytics in retail management, the market is expected to grow at a CAGR of 10.2% in the forecast period of 2024-2032 to reach USD 3.24 billion by 2032.
EMR’s meticulous research methodology delves deep into the market covering the macro and micro aspects of the industry. On the basis of type, the market is segmented into solution and service. Based on deployment, the market is fragmented into on-premise and cloud. By enterprise size, the market is divided into small and medium enterprises and large enterprises. On the basis of end user, the market is categorised into BFSI, telecommunication, IT, retail, healthcare, government and, hospitality, among others. The major regional markets for speech analytics are North America, Latin America, the Asia Pacific, Europe, and the Middle East and Africa. The key players in the industry are ASC Technologies, Avaya, Calabrio, CallMiner, Clarabridge, and Genesys, among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus providing their customers with market insights that are accurate, actionable and help them remain ahead of their competition.
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