Speech Analytics Market to Be Worth $7.3 Billion by 2029

Research firm MarketsandMarkets projects the worldwide speech analytics market to grow from $3.3 billion today to $7.3 billion by 2029 at a compound annual rate of 17.5 percent. It valued the market at $2.7 million last year.

Key factors driving the growth include an increasing emphasis on monitoring and improving agent performance, customer retention, and customer satisfaction, the firm said in a new report.

Advances in artificial intelligence, real-time capabilities, multilingual and multichannel support, emotion and sentiment analysis, conversational AI integration, customer experience, compliance, integration with CRM and CX platforms, and industry-specific solutions will shape the speech analytics market in the future and drive innovation and value creation, it said further.

MarketsandMarkets identified the following as some of the advantages that businesses gain by using speech analytics:

• Speech analytics enables businesses to better understand customers' needs, preferences, sentiments, and behavior and provide them with higher-quality services.
• Speech analytics enables businesses to track and assess client interactions in real time, pinpointing areas that need improvement in customer satisfaction, agent performance, and compliance adherence.
• Speech analytics assists businesses in ensuring compliance with laws and internal policies.
• Speech analytics improves operational efficiency, reduces human labor, streamlines workflow procedures, and speeds up decision-making based on actionable insights.
• Speech analytics helps organizations proactively address customer issues, resulting in enhanced customer satisfaction and loyalty.
• Speech analytics helps reduce risks to the organization.
• Speech analytics helps improve products and services.

Major players in the speech analytics market include NICE, Verint, Avaya, OpenText, Google, Vonage, Genesys, Calabrio, CallMiner, Almawave, Five9, Amazon Web Services, Qualtrics, Talkdesk, Alvaria, Castel Communications, VoiceBase, Intelligent Voice, CallTrackingMetrics, 3CLogic, Sprinklr, Uniphore, Enthu.ai, Deepgram, Gnani.ai, Observe.ai, Batvoice, Kwantics, Covin, Salesken, Tethr, Gong, and Clari, according to the report.