Speech Analytics Market Overview
Speech analytics is the process of extracting insights from recorded or live speech data. This data can be used to improve customer service, identify fraud, and make better business decisions.
The speech analytics market share is growing rapidly due to the increasing adoption of digital channels by businesses, the growing need to improve customer experience, and the rising demand for fraud detection solutions.
The global speech analytics market size is projected to reach USD 9.5 billion by 2032, growing at a CAGR of 20.38% from 2023 to 2032.
Key Companies in the Speech Analytics Market
Some of the key players in the speech analytics industry include:
- Altitude Software
These companies offer a wide range of speech analytics solutions, including software, hardware, and services.
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The speech analytics market is segmented by deployment, organization size, application, industry vertical, and region.
By deployment, the market is segmented into on-premises and cloud-based. The cloud-based segment is expected to grow at a faster rate during the forecast period due to the increasing adoption of cloud computing solutions by businesses.
By organization size, the market is segmented into small and medium-sized enterprises (SMEs) and large enterprises. The large enterprises segment is expected to account for a larger share of the market during the forecast period due to the increasing adoption of speech analytics solutions by these enterprises to improve customer service and reduce fraud.
By application, the market is segmented into customer experience management, call monitoring and summarization, agent performance monitoring, sales and marketing management, and others. The customer experience management segment is expected to be the largest segment during the forecast period due to the increasing focus of businesses on improving customer experience.
By industry vertical, the market is segmented into BFSI, IT and telecom, healthcare, retail and e-commerce, government and defense, and others. The BFSI segment is expected to be the largest segment during the forecast period due to the increasing need to combat fraud and improve customer service in this industry.
By region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America is expected to be the largest market during the forecast period due to the early adoption of speech analytics solutions in this region.
Top Impacting Factors
The following are the top impacting factors of the speech analytics market:
- Increasing adoption of digital channels by businesses
- Growing need to improve customer experience
- Rising demand for fraud detection solutions
- Technological advancements in speech analytics
- Increasing regulatory compliance requirements
The key strategies adopted by the players in the speech analytics market include:
- Acquisitions and mergers
- Partnerships and collaborations
- Product innovation
- Expansion into new markets
- Launch of new products and services
The North American market is expected to be the largest market for speech analytics during the forecast period due to the early adoption of speech analytics solutions in this region. The European market is also expected to grow at a significant rate during the forecast period due to the increasing focus on improving customer experience in this region.
The Asia Pacific market is expected to grow at the fastest rate during the forecast period due to the growing adoption of digital channels by businesses and the increasing demand for fraud detection solutions in this region.
Industry Latest News
- In June 2023, IBM announced the acquisition of Experlogix, a provider of speech analytics solutions. This acquisition will help IBM to strengthen its position in the speech analytics market.
- In May 2023, Microsoft announced the launch of its new speech analytics solution, Microsoft Azure Speech Services. This solution will help businesses to extract insights from speech data to improve customer experience and reduce fraud.
- In April 2023, NICE announced the launch of its new speech analytics solution, NICE CXone Speech Analytics. This solution will help businesses to improve customer service and reduce churn.
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