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

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.

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Speech Analytics Market: Strategic Insights

Speech Analytics Market

• Market Size 2023
  US$ 2.33 Billion
• Market Size 2031
  US$ 6.86 Billion

Market Dynamics

GROWTH DRIVERS

• Increased Demand from the BPO Sector

FUTURE TRENDS

• The growing use of AI and ML

OPPORTUNITIES

• Integration of Speech Analytics with Generative AI

Regional Overview

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

Market Segmentation

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

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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 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