Speech Analytics Market Outlook
According to the report by Expert Market Research (EMR), the global speech analytics market size is projected to grow at a CAGR of 10.2% between 2024 and 2032. Aided by the escalating adoption of customer experience management solutions and advanced analytical tools in diverse industries, the market is expected to grow significantly by 2032.
Speech analytics, a technology that analyses call recordings to gather customer information to improve communication and future interaction, is increasingly becoming a cornerstone in customer relationship management (CRM). This technology enables businesses to extract valuable insights from customer conversations, helping them enhance service quality, compliance, and customer loyalty.
The burgeoning speech analytics market growth is chiefly propelled by the growing emphasis on enhancing customer experience and the need for real-time analytics. In the era of customer-centric business models, understanding customer preferences, behaviours, and feedback is crucial. Speech analytics plays a pivotal role in this regard by providing actionable insights into customer interactions, enabling companies to refine their strategies and services accordingly.
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Moreover, the increasing integration of artificial intelligence (AI) and machine learning (ML) technologies in speech analytics solutions has influenced the speech analytics market outlook. These advanced technologies have significantly improved the accuracy and efficiency of speech analytics tools, making them capable of performing more sophisticated analyses, such as sentiment analysis and emotion detection. As a result, businesses can now gain a deeper understanding of their customers’ needs and sentiments, leading to more personalised and effective customer engagements.
The trend towards omnichannel communication strategies is also a key driver of the speech analytics market demand. In the current digital age, customers interact with businesses across multiple channels, including calls, emails, social media, and chat services. Speech analytics tools are increasingly being designed to aggregate and analyse data from these diverse channels, providing a comprehensive view of customer interactions and experiences.
Another factor contributing to the speech analytics market growth is the rising demand for cloud-based speech analytics solutions. With businesses moving towards cloud computing for its scalability, flexibility, and cost-effectiveness, cloud-based speech analytics solutions have gained significant popularity. These solutions offer the advantage of easy deployment, lower upfront costs, and seamless integration with existing systems, making them an attractive option for businesses of all sizes.
Speech Analytics Market Segmentation
The market can be divided based on type, deployment, enterprise size, end user, and region.
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Market Breakup by Type
- Solution
- Service
Market Breakup by Deployment
- On-Premise
- Cloud
Market Breakup by Enterprise Size
- Small and Medium Enterprises
- Large Enterprises
Market Breakup by End User
- BFSI
- Telecommunication
- IT
- Retail
- Healthcare
- Government
- Hospitality
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
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 global speech analytics market. Some of the major players explored in the report by Expert Market Research are as follows:
- ASC Technologies
- Avaya
- Calabrio
- CallMiner
- Clarabridge
- Genesys
- Others
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