Global Speech Analytics Markets, 2022-2023 & 2027 - Emerging Opportunities in the Growing Need for Cloud-Based Speech Analytics Solutions to Bolster Customer Retention

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Feb 10, 2023, 21:20 ET

DUBLIN, Feb. 10, 2023 /PRNewswire/ -- The "Speech Analytics Market Report 2023 - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The speech analytics market is projected to grow from USD 2.3 billion in 2022 to USD 5.1 billion by 2027, at a compound annual growth rate (CAGR) of 17.3%

The new edition of the report provides updated financial information in the context of the speech analytics market till 2021-2022 for each listed company in graphical representation.

The new research study includes the updated market developments of profiled players, including those from 2020 to 2022. The new study includes quantitative data for historical years (2017-2021), base year (2021), and forecast years (2022-2027). The new study also includes quantitative data from adjacent markets.

The speech analytics market is expected to grow at a significant rate during the forecast period, owing to various business drivers. Some factors driving the growth of the speech analytics market are the need to improve the customer journey and overall experience, the growing need to enhance and monitor agent performance, and the rising need to leverage analytics for customer retention and better customer satisfaction.

Speech analytics allows organizations to identify actionable data and gain insights from voice calls. The speech analytics solutions can carry out a broad range of customer interactions by combining recorded and omnichannel data to better understand customer needs. Speech analytics benefits organizations to evaluate the calls in an end-to-end manner and guides agents to mitigate risks by leveraging analytical tools to improve customer engagement processes.

On-premises to register for larger market size during forecast period

The speech analytics market, by deployment mode, includes on-premises and cloud. Speech analytics solutions can be deployed through either mode based on security, availability, and scalability. On-premises deployment mode to hold a larger market share in 2022 owing to the need to install software on a variety of in-house servers and on a private cloud with enhanced security.

The cloud deployment mode segment is expected to gain traction in coming years as it eliminates the capital and maintenance costs of an organization. Cloud solutions offer several advantages including lower operational cost, high flexibility, and scalability over its complement.

SMEs to register higher CAGR during the forecast period

An SME is defined as a business entity with less than 1,000 employees. Speech analytics providers are expected to penetrate the SME market by understanding such organizations' key requirements and objectives and educating them on the benefits of solutions.

The major challenges in SMEs adopting speech analytics solutions include skepticism about security and privacy, low confidence in the reliability of speech analytics solutions and services, and lack of awareness about IT and cloud vendors. However, adopting new technologies tailored to unified communication environments has helped companies identify the broad risk areas under various functional units.

SMEs have shown tremendous growth and interest in getting an analytics platform to reap the desired outcome. Most SMEs view speech analytics solutions and services more as a strategic initiative and an opportunity to increase business revenue while reinforcing security and operational resiliency.

Asia Pacific to witness highest CAGR during the forecast period

Asia Pacific region continues to focus on enhancing customer services to boost market competitiveness and revenue growth.

The tremendous increase in business deals and transactions, including mergers and acquisitions, joint ventures, and fundraising, across all industry verticals in the Asia Pacific region would enable to drive the growth of the market. The rapid expansion of domestic enterprises and the development of infrastructure are some of the important factors expected to drive the growth of the speech analytics market in Asia Pacific.

In Asia Pacific, SMEs and large corporations are starting to proactively employ Al and analytics-based solutions as they have become more aware of governmental rules and compliances. The adoption of communication monitoring technologies by different verticals, such as BFSI, travel and hospitality, and retail, is expected to contribute to the high growth of the speech analytics market in the region.

Premium Insights

Increasing Need to Improve Customer Journey and Overall Experience to Drive Market Growth
Market to Witness Decline in Y-O-Y Growth in 2022
Sentiment Analysis Segment to Grow at Highest CAGR
Solutions Segment and Bfsi Segment to Hold Largest Market Shares in 2022
North America to Hold Largest Market Share in 2022

Market Dynamics

Drivers

Need to Improve Customer Journey and Overall Experience
Growing Need to Enhance and Monitor Agent Performance
Adherence to Regulatory and Compliance Standards
Rising Need to Leverage Analytics for Customer Retention and Better Customer Satisfaction

Restraints

Need to Integrate with Prevailing System
Inability to Quantify Roi

Opportunities

Need to Predict Customer Intent and Behavior
Use of Ai Ml Technologies to Facilitate Real-Time Actionable Customer Insights
Growing Need for Cloud-Based Speech Analytics Solutions to Bolster Customer Retention

Challenges

Complex Data Ecosystem Led to Data Breaches and Security Issues
Lack of Skilled Workforce to Articulate Business Opportunities
Integration of Speech Analytics Solutions with Other Analytics Solutions

Speech Analytics: Evolution

Ecosystem

Case Study Analysis

Case Study 1: Speech Analytics Meets Sales Excellence with Ttec and Nexidia
Case Study 2: Banco Bmg Listens for Warnings with Nexidia Analytics
Case Study 3: Startek Elevates Customer Experience with Verint Speech Analytics
Case Study 4: Denizbank Employs Quality Approach to Drive Improved Outcomes in Real Time
Case Study 5: Coachhub Selects Cloudtalk to Streamline Service Process at All Levels
Case Study 6: Axialhealthcare Selects Amazon Connect to Meet Its Contact Center Application Need
Case Study 7: Vitalityhealth Selects Callminer Speech Analytics Solutions to Help Assess Its Business Needs
Case Study 8: Gant Travel Chooses Callminer to Provide Insights on Customizing Automated Reports for Stakeholders
Case Study 9: Fintech Company Uses Voice Assistants to Automate Collection Calls
Case Study 10: Deepgram Creates Increased Insights for Calltrackingmetrics Customers
Case Study 11: Nasa Uses Deepgram to Power Next Generation of Space Tech

Features/Functionalities of Speech Analytics

Emotion Detection
Speech-To-Text Recognition
Phonetic Indexing
Talk Over Analytics

Regulatory Implications

General Data Protection Regulation
Health Insurance Portability and Accountability Act
Market Abuse Regulation
Revision of Markets in Financial Instruments Directive
European Banking Regulations
California Consumer Privacy Act
Office of Communications
Polich Civil Code
Federal Communications Commission

Technology Analysis

Speech Analytics and Artificial Intelligence (Ai)
Speech Analytics and Machine Learning (Ml)
Speech Analytics and Natural Language Processing (Nlp)
Speech Analytics and Internet of Things (Iot)
Speech Analytics and Automatic Speech Recognition (Asr)

Company Profiles

Key Players

Nice
Verint
Avaya
Opentext
Google
Vonage
Genesys
Calabrio
Callminer
Almawave
Aws
Qualtrics
Talkdesk
Alvaria
Castel
Voicebase
Intelligent Voice
Callertrackingmetrics
Five9
3Clogic

Startup/Sme Profiles

Cloudtalk
Deepgram
Gnani.Ai
Observe.Ai
Speechtech
Speech-I Ltd
Batvoice
Kwantics
Speech Village
Salesken

For more information about this report visit https://www.researchandmarkets.com/r/1tbo4g-analytics?w=5

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