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.
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 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.
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.
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 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.
Key segments that contributed to the derivation of the speech analytics market analysis are component, deployment type, and industry vertical.
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.
The regional trends and factors influencing the Speech Analytics Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Speech Analytics Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2024 | US$ 2.67 Billion |
| Market Size by 2031 | US$ 6.86 Billion |
| Global CAGR (2025 - 2031) | 14.5 % |
| Historical Data | 2021-2023 |
| Forecast period | 2025-2031 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Speech Analytics Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Speech Analytics Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
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:
The “Speech Analytics Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering the following areas:
The market is expected to register a CAGR of 14.5% during 2023–2031.
The global speech analytics market is expected to reach US$ 6.86 billion by 2031.
The growing use of AI and ML to play a significant role in the global cryocoolers market in the coming years.
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.
Increased demand from the BPO sector is the major factors that propel the global speech analytics market.
North America dominated the speech analytics market in 2023.