Speech Analytics Market to Be Worth $3.8 Billion by 2025
Industry market research firm MarketsandMarkets has projected the global speech analytics market size to grow from $1.5 billion today to $3.8 billion by 2025, at a compound annual growth rate of 20.2 percent.
In its report, the firm said the major factors driving the growth of the speech analytics market are increasing need to improve customer journey and overall experience, growing demand to monitor and improve agent performance, and adherence to regulatory and compliance standards. Furthermore, the rising need to predict customer intent and monitor agent behavior, the use of artificial intelligence to facilitate real-time actionable customer insights, and growing need for cloud-based technologies are expected to provide opportunities for the industry.
Speech analytics solutions comprise speech engines; indexing and query tools; reporting and visualization tools; workforce optimization; and others (emotion detection, root cause analysis, and quality management tools) and help analyze all forms of audio, including VoIP, analog, and digital telephony, and wide range of private branch exchange (PBX) platforms, extensions, and IP switches.
Under the solutions segment, the firm expects reporting and visualization tools to grow the highest. These solutions combine desktop activity analytics with speech analytics to better manage agent performance.
Speech engines help recognize and understand conversations. Indexing, analysis, and query tools help extract words directly from the speech or search for words in native vocabularies so emotions can be analyzed. The reporting and visualization tools help drill down and filter out overall customer conversation details.
Most companies leverage their speech analytics solutions to understand the conversational data generated and leverage the same to achieve operational efficiencies. Speech analytics solution providers offer end-to-end solutions that cater to industry-specific requirements in finance, retail, ecommerce, IT and telecom, energy and utilities, travel and hospitality, healthcare and life sciences, government, media and entertainment, education, transportation and logistics, and manufacturing.
Broken down by application, the competitive intelligence segment is expected to record the higher CAGR. The speech analytics market is segmented into customer experience management, call monitoring, agent performance monitoring, sales, competitive intelligence, risk and compliance management, business process management, and predictive analysis. These applications have made a huge difference in the way contact centers connect and communicate, ensuring that they are delivering a consistent quality of service and a secure experience at every customer touchpoint.
North America is expected to hold the largest market size, followed closely by Europe, while the Asia-Pacific region is expected to record the fastest growth.
Industry vendors identified in the report include NICE, Verint Systems, MicroFocus, Avaya, Genesys, Google, Amazon Web Services, Vonage, OpenText, Calabrio, CallMiner, Clarabridge, Eleveo, Voci Technologies, Almawave, Marchex, Enghouse INteractive, Castel, Aspect, Sabio, Business Systems, Talkdesk, VoiceBase, Tech Mahindra, Invoca, Tethr, Cognito, Intelligent Voice, Kwantics, Batvoice AI, Speech Village, Speech-I, SpeechTech, Gnani.ai, Observe.AI, and Deepgram.