According to the report by Expert Market Research (EMR), the North America speech analytics market size reached a value of USD 2.76 billion in 2023. Aided by the increasing adoption of speech analytics solutions across various sectors, including finance, healthcare, retail, and telecommunications, the market is projected to further grow at a CAGR of 16.8% between 2024 and 2032 to reach a value of USD 11.33 billion by 2032.
Speech analytics technology utilises AI and machine learning algorithms to analyse voice data from customer interactions, providing insights into customer sentiment, compliance, and agent performance. This enables organisations to optimise customer service, enhance product offerings, and streamline operational efficiencies.
The proliferation of contact centres and the emphasis on customer satisfaction as a cornerstone for business success are primary drivers of the North America speech analytics market demand. Companies are leveraging speech analytics to gain a deeper understanding of customer needs, preferences, and pain points, thereby tailoring their services to meet and exceed customer expectations.
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Furthermore, the surge in remote work and digital interactions in the wake of the pandemic has amplified the need for robust digital communication tools, including speech analytics. The technology’s ability to provide real-time feedback and actionable insights has proven invaluable for businesses aiming to maintain and improve service quality in a virtual environment.
According to the North America speech analytics market analysis, technological innovations play a pivotal role in the evolution of speech analytics. The integration of advanced AI and natural language processing (NLP) technologies has significantly enhanced the accuracy and depth of insights derived from speech data. These advancements have expanded the applications of speech analytics beyond customer service, into areas such as fraud detection, risk management, and employee training.
The adoption of cloud-based speech analytics solutions is also a key trend, offering scalability, flexibility, and cost-effectiveness. Cloud technology facilitates the analysis of large volumes of data in real-time, enabling businesses to swiftly adapt to market changes and customer needs.
The United States of America holds a significant portion of the North America speech analytics market share, owing to its strong technological infrastructure and the presence of leading industry players. Canada and Mexico are also showing significant growth, driven by the increasing adoption of customer experience management solutions across sectors.
North America Speech Analytics Market Segmentation
The market can be divided based on type, deployment mode, enterprise size, end-user, and country.
Market Breakup by Type
- Solution
- Services
Market Breakup by Deployment Mode
- On-Premises
- Cloud
Market Breakup by Enterprise Size
- Large Enterprises
- Small and Medium Enterprises
Market Breakup by End-User
- BFSI
- Healthcare
- Government
- Retail
- Telecommunications
- Others
Market Breakup by Country
- United States of America
- Canada
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Competitive Landscape of North America Speech Analytics Market
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the North America speech analytics market. Some of the major players explored in the report by Expert Market Research are as follows:
- Open Text Corporation
- Nice Ltd.
- Verint System Inc.
- Avaya LLC
- Castel Communications
- Talkdesk, Inc.
- Qualtrics LLC
- LivePerson, Inc. (VoiceBase, Inc.)
- Genesys Cloud Services, Inc.
- CallMiner Inc.
- Others
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