The speech analytics marke is expected to reach$1.64 billion by 2025, growing at a compound annual rate of more than 10 percent, according to Grand View Research. This growth is ascribed to the increasing emphasis by organizations on improving market intelligence capabilities, the growing prominence of voice in the multichannel world, and an increase in the number of contact centers around the world.
In addition, the research firm has found that speech analytics technology has been adapted to be housed in consumer electronics devices, including laptops, smartphones, and tablets, increasing system performance and enterprise adoption. In addition, technologies like voice print authentication are expected to spur further growth.
Furthermore, the rising demand for risk management solutions and cloud analytics is also anticipated to favorably impact growth over the next nine years. At the same time, however, a lack of awareness and rise in cost could pose a challenge to speech analytics market growth in the near future.
Other findings from the report include the following:
- The service segment is anticipated to grow at a CAGR exceeding 8 percent through 2025.
- The cloud-based deployment segment captured more than 25 percent of the total revenue share in 2015 and is anticipated to grow by more than 9 percent per year through 2025, primarily ascribed to the cost benefits and improved performance offered by cloud over the on-premise solutions.
- The telecommunication segment accounted for a significant market share in 2015, capturing more than 15 percent of the entire revenue share in the same year.
- Asia Pacific is expected to emerge as the fastest growing region, with a CAGR exceeding 12 percent during the forecast period, mainly due to rapid industrialization in the region.