Voice and Speech Analytics Market size is set to grow by USD 2.56 billion from 2023-2027, growth in emotion analytics to boost the market growth, Technavio

NEW YORK, April 29, 2024 /PRNewswire/ -- The global voice and speech analytics market  size is estimated to grow by USD 2.56 billion from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of  16.35%  during the forecast period. 

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Market Driver

One big reason the worldwide voice and speech analytics market is growing is because more businesses want to understand people's feelings to improve how they work. This market is a big part of the emotion analytics market, which figures out how people feel by listening to their voices. Emotion analytics is handy for managing customers and figuring out what they really think by analyzing how they talk.

This helps businesses make smarter decisions. By using emotion analytics, businesses can see if customers feel differently than what the business wants them to feel. Analyzing voices and speech lets businesses know how customers truly feel about their products or brands, which helps them make better choices.

In crowded markets, knowing how customers feel about products or brands is super important. This is why more businesses are using emotion analytics. The healthcare industry is also using emotion analytics a lot. They use it to personalize healthcare and keep track of patients' health and emotions from far away. This growth in emotion analytics is driving the voice and speech analytics market too.

Market Challenges

• One big problem for the global voice and speech analysis market is that the tools often don't get everything right. People use their voices to show how they feel or act, which is really tricky for software to understand. Voices and speech are different depending on the situation and who's talking. So, analyzing them can be kinda tricky and not always fair.
• The tools can only handle a few basic patterns of voices and speech, so they might miss a lot. They mostly rely on guesses and some data, which makes it hard to trust what they say. This lack of accuracy makes the insights they give not very reliable. This could slow down how much the market grows in the future.

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Segment Overview 

This voice and speech analytics market report extensively covers market segmentation by

1. End-user 
   1. 1.1 Large enterprise
   2. 1.2 Small
   3. 1.3 medium enterprise
2. Component 
   1. 2.1 Solution
   2. 2.2 Services
3. Geography 
   1. 3.1 North America
   2. 3.2 Europe
   3. 3.3 APAC
   4. 3.4 South America
   5. 3.5 Middle East and Africa

1.1 Large enterprise-  During the upcoming period, big companies will see a big increase in how much they use voice and speech analysis. This is because they need to make sure their customer service is good, follow rules, and find ways to train their staff better. From 2017 to 2021, big companies spent a lot of money on this and it kept going up. They use this tech to learn important things for their business and to figure out who their customers are by looking at what people say.

• Big companies talk to customers in lots of ways, like on the phone or through messages. So, they're starting to use voice and speech analysis more because it helps them look at everything together. This helps them understand what's happening with customers. So, because of all this, the market for voice and speech analysis is expected to grow a lot during the next few years.

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Research Analysis

The Voice and Speech Analytics Market is a significant segment in the realm of call center-based companies, leveraging Speech Recognition technology, Machine Learning, and Natural Language Processing (NLP) to analyze Vocal Words from Voice Records. These analytical tools help identify Patterns, Keywords, and Customer Sentiment, catering to Agents' needs for understanding Customers' Likings, Needs, and improving Customer Satisfaction and Performance.

Speech technology plays a pivotal role in Account Recovery, addressing Non-compliance issues, and ensuring Staff Quality Assurance. Businesses benefit from these solutions by gaining insights into their Customer Support Processes, enhancing the Positive Consumer Experience, and optimizing Agent Productivity. Moreover, Voice and Speech Analytics Market offers Flexibility and Scalability, making it an essential investment for agencies dealing with Collection Efforts and addressing Low Satisfaction Rates.

Remediations and Customer experience improvements are crucial aspects of this market, saving Time and Money for businesses. In summary, the Voice and Speech Analytics Market is a vital AI/ML and NLP-driven solution for call center-based companies, enabling them to gain valuable insights from Voice Records, improve Customer Experience, and optimize Agent Productivity.

Market Research Overview

The Voice and Speech Analytics market is a significant segment in the technological industry, focusing on converting spoken language into meaningful data. Machines learn to recognize and interpret human speech through Natural Language Processing (NLP) and Automatic Speech Recognition (ASR) technologies. These technologies are crucial for various applications, including customer service, virtual assistants, and voice search.

The market is expanding rapidly due to increasing demand for personalized customer experiences and the integration of AI in business processes.  The market also includes analytics providers such as Nuance Communications, IBM, and Verint Systems.

The future of voice and speech analytics lies in the development of more sophisticated systems that can understand context, sentiment, and intent. 

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• End-user 
  • Large Enterprise
  • Small
  • Medium Enterprise
• Component 
  • Solution
  • Services
• Geography 
  • North America
  • Europe
  • APAC
  • South America
  • Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio