The new report by Expert Market Research titled, ‘Global Speech Analytics Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global speech analytics market, assessing the market based on its segments like type, deployment, enterprise size, end-user, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 10.2%
The demand for speech analytics is being driven by the lack of citizenry to record and decipher a mess of customer concerns. Speech analytics tools help organisations automatically and intelligently evaluate unstructured data acquired from customer interactions to reinforce customer experience, therefore adding to the market growth. Moreover, thanks to the growing requirement for risk and compliance management, organisations are increasingly adopting speech analytics for consumer management to retain their customers and attract new ones, thus, bolstering the market growth.
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Speech analytics saves costs and time, propelling the market growth, thus, eliminating the need to conduct elaborate surveys, Cloud-based real-time speech analytics are being rapidly deployed by enterprises to assist in quick and effective decision-making, thereby further invigorating the expansion of the speech analytics industry.
Moreover, speech analytics substantially contributes to decision and policy-making strategies because the software enables organisations to automatically monitor recent and historical conversations, hence, catalysing the market growth. With more companies providing affordable on-premise and cloud based services, the market is predicted to rise in small and medium enterprises.
Industry Definition and Major Segments
Speech analytics may be a software that evaluates voice calls and derives deep insights from the conversation, which helps business owners to make a customer-friendly environment. The software can spot keywords that aid in policy-shaping and is being increasingly deployed by several small and large-scale industries.
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Based on type, the market can be broadly divided into:
Based on deployment, the market can be broadly divided into:
• On-Premise
• Cloud
The market can be broadly divided based on its enterprise size into:
• Small and Medium Enterprises
• Large Enterprises
The speech analytics market can be broadly divided based on its end user segments into:
• BFSI
• Telecommunication
• IT
• Retail
• Healthcare
• Government
• Hospitality
On the Basis of region, the market can be divided into:
• North America
• Europe
• The Asia Pacific
• Latin America
• Middle East and Africa
Market Trends
The increased implementation of speech analytics within the hospitality sector is anticipated to spice up the market growth within the coming years. Speech analytics allows callers to convert into potential customers, boosting the hospitality sector. The AI-powered speech analytic tools enable an evaluated study of customer interaction by highlighting crucial words or phrases, aiding in deciding and policy-shaping, thus, augmenting the industry growth.
The travel industry can use speech analytics to supply a personalised customer experience, as the development of advanced interaction tools has resulted in the expansion of the worldwide travel sector. The deployment of speech analytics within the retail sector is anticipated to substantially increase the market growth.
The speech analytics software enables retailers to capture customer data during a speedy and effective manner, thereby aiding in improved customer experience, quality of services, and store operations, which is predicted to surge its demand. Additionally, the rising deployment of speed analytics by multi-branded retailers enables them to forward the recorded customer interactions to the precise brand and is projected to support the market growth within the upcoming years.
Key Market Players
The major players in the market are ASC Technologies, Avaya, Calabrio, CallMiner, Clarabridge, Genesys and Others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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