San Francisco, 04 April 2024: The Report Speech Analytics Market Analysis By Type (Solution, Service), By Deployment (On-Premise, Cloud), By Enterprise Size (Small & Medium Enterprise, Large Enterprise), By End-Use (BFSI, Telecom, IT, Retail, Healthcare, Hospitality) And Segment Forecasts, 2018 - 2025

The speech analytics market is expected to reach USD 1.64 billion by 2025, according to a new report by Grand View Research, Inc. The market is estimated to witness a robust growth exceeding a CAGR of 10% over the forecast period. This growth is ascribed to the increasing emphasis by organizations on improving the market intelligence capabilities along with the growing prominence of voice in the multi-channel world.

The number of contact centers is increasing, resulting in industry players to innovate speech analytics solutions, which help companies understand the changing customer requirements. The technology has been increasingly adopted in consumer electronics devices, including laptops, smartphones, and tablets, as it significantly increases the enterprise’s scope as well as improves performance. This, in turn, has resulted in elevating adoption of speech analytics solutions worldwide. In addition, upcoming technologies, such as voice print authentication, are estimated to spur growth over the coming years.

Furthermore, the rising demand for risk management solutions and cloud analytics is also anticipated to favorably impact growth over the next nine years. These solutions offer several growth opportunities as this solution helps optimize performance and enhance customer experience. However, issues pertaining to lack of awareness and rise in cost may pose a challenge to the speech analytics market growth in the near future.

Furthermore, the rising demand for risk and compliance management across different verticals and the increasing number of contact centers have resulted in the innovation of solutions that help companies understand the changing customer requirements. This, in turn, is expected to open new avenues for the industry over the projected period.

The growth is attributed to the increasing pressure on businesses to protect their intellectual assets for improving agility and efficiency in their operations through the extensive insights mined in the Voice of Customer (VoC). For instance, the Dodd-Frank Wall Street Reform and Consumer Protection Act (July 2010) in the U.S. have put the onus on bankers to incorporate records of their mobile phone transactions.

The integration of speech technology with mobile banking is expected to enhance customer satisfaction with human-like conversations. Moreover, the increased dependency on operations, such as verification of passwords, and security questions accounts for latency.  As a result, banks are focusing on innovation to develop their mobile banking services with speech analytics ultimately bolstering the market growth.

Speech Analytics Market Report Highlights

• The service segment is anticipated to grow at a CAGR exceeding 8.0% from 2016 to 2025, which is attributed to the wide product and solution portfolio offerings by service firms operating in the market.
• The cloud-based deployment segment captured over 25.0% of the total revenue share in 2015 and is anticipated to exhibit growth of over 9.0% from 2016 to 2025, primarily ascribed to the cost benefits and improved performance offered by cloud over the on-premise solutions, along with the increasing adoption of cloud analytics in contact centers.
• Speech analytics allows organizations to work on unstructured data obtained through customer interactions to enhance customer experience and gain a competitive advantage on account of which the small & medium-sized enterprise segment is expected to gain prominence over the forecast period.
• The telecommunication segment accounted for a significant market share in 2015, capturing over 15% of the entire revenue share in the same year, which is majorly due to the integration of speech analytics into enterprise systems to enhance efficiency as well as customer experience.
• Asia Pacific is expected to emerge as the fastest growing region with a CAGR exceeding 12.0% over the forecast period, which is mainly on account of rapid industrialization, and since, organizations have become more competitive and are focusing on better customer service. 

Speech analytics enables businesses to swiftly extract all of the hidden visions from customer conversations allowing them to better understand customer wants and successfully anticipate changing customer needs in the future. The growing pressure on enterprises to secure their intellectual assets in order to improve efficiency and agility in their operations is expected to boost the demand for speech analytics.

Moreover, speech analytics allows for high-level assessments and have all the details allowing for the identification of actionable insights through high-volume discovery. After client contacts are logged and evaluated, real-time speech analytics gives the next best actionable advisory message to agents, resulting in increased operational efficiency. Owing to these advantages, speech analytics market is expected to grow substantially in the forecast period. However, the privacy of data is a concern for users of speech analytics. The audio data and corresponding text transcripts contain the voice of individuals, personal information, and sensitive data which is vulnerable to cyber-attacks.

The COVID-19 disrupted the market globally, which had a drastic impact on manufacturing, logistics and supply chains due to lockdown. There was shortage of essential items which was required for production and lack of man force for the operation process. However, by early 2021, the market started recovering. The increasing demand for customer experience management, call monitoring, sentiment analysis and agent performance management is anticipated to fuel the speech analytics market growth.

Speech Analytics Market Report Scope

Speech analytic solutions are deployed by a number of contact centers across the world in a variety of applications including compliance management, agent performance management, customer experience management, and to gain market intelligence. In 2015, the solutions segment captured a significant share and is expected to dominate the market over the forecast period. However, the segment is expected to witness maturity ascribed to the higher adoption that will result in services segment to gain traction in the next nine years.

The market offers an extensive portfolio of solutions and, therefore, services are necessary to manage these solutions and help organizations enhance their business process for sustaining in this competitive landscape. The service segment is expected to grow at a CAGR exceeding 8% over the forecast period.

List of Key Players of Speech Analytics Market

·         Nice Systems

·         Verint Systems

·         Call Miner

·         Nexidia

·         Genesys

·         Avaya Inc.