Speech Analytics Market by Component (Solutions (Indexing & Query, Speech Engine) and Services), Application (Customer Experience Management, Competitive Intelligence), Vertical, Organization Size, Deployment Mode, and Region - Global Forecast to 2025
The global speech analytics market size to grow from USD 1.5 billion in 2020 to USD 3.8 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 20.2% during the forecast period. Speech analytics is a software tool that automates the overall process of delivering insights from customer interactions. It extracts valuable information from multiple customer conversations; decision-makers can use this real-time information to make better decisions. Nowadays, speech analytics solutions can sift through unstructured call data (human voice interactions) to identify the probable causes of failure and success, and identify relationships. These solutions provide a complete analysis on the speaker separation, customer discontent, root-cause analysis, call-topic, and visual context for enhanced customer experience. Complex data ecosystem leading to data breaches and security issues, lack of skilled workforce to articulate business opportunities, and expensive integration of speech analytics solutions with other analytics solutions are one of the major challenges in the speech analytics market. Moreover, need for integration with prevailing system, and inability to quantify Return on Investment (RoI) act as one of the key restraining factor in the market.
Among Solutions, the reporting and visualization tools segment to record the highest growth rate during the forecast period
By solution, the reporting and visualization tools segment is expected to account for a higher market share during the forecast period. This growth is expected to gain traction, as it combines desktop activity analytics with speech analytics solutions to better manage the agent’s performance and deliver enhanced customer experience. Speech analytics solutions comprise speech engines; indexing and query tools; reporting and visualization tools; workforce optimization; and others (emotion detection, root cause analysis, and quality management tools). These solutions help businesses maintain audit and compliance needs, and obtain the right insights on the right people at the right time. Most of these solutions are said to be easy to deploy, and are feature-rich to address the rigors and requirements of communication centers. The solutions help to analyze all forms of audio — VoIP, analog, and digital telephony, and offer— support for a wide range of Private Branch Exchange (PBX) platforms, extensions, and IP switches. These processes help to derive meaningful data from customer conversations. The speech engine helps recognize and understand conversations, based on which it derives outputs. The indexing, analysis, and query tools help to extract words directly from the speech or search for the words in the inbuilt vocabulary, so that emotions can be analyzed. The reporting and visualization tools help in drilling down and filtering out the overall customer conversation details. These solutions are further capable of creating a detailed analysis of the voice communication through the integration of various technologies, such as analytics, NLP, and AI, to deliver actionable insights to businesses. Most of the enterprises leverage the speech analytics solutions to understand the conversational data generated and leverage the same to achieve operational efficiencies. Speech analytics solution providers offer end-to-end solutions to cater to the industry-specific requirements of verticals such as BFSI, retail and eCommerce, IT and telecom, manufacturing, travel and hospitality, healthcare and life sciences, government, media and entertainment, and others (education, transportation and logistics, and energy and utilities).
Among services, the managed services segment to record the higher CAGR during the forecast period
The services segment in the speech analytics market has been further divided into professional services and managed services. These services play a vital role in the functioning of speech analytics solutions. Speech analytics vendors require technical support services and consulting services to quickly and smoothly deploy their solutions in the market. These services help maximize the value of enterprise investments. Service providers ensure end-to-end deployment and maintenance of speech analytics solutions and address pre- and post-deployment queries.
Among applications, the competitive intelligence segment to record the higher CAGR during the forecast period
The speech analytics market is segmented on the basis of applications into customer experience management, call monitoring, agent performance monitoring, sales and marketing management, competitive intelligence, risk and compliance management, and others (business process management, and predictive analysis). These applications have made a huge difference to the way that contact centers connect and communicate, thus improving the performance of enterprises. Speech analytics solutions can transform an organization by providing many ways of ensuring that they are delivering a consistent quality of service and a secure experience at every customer touchpoint.
Among deployment mode, the cloud deployment segment to record the higher CAGR during the forecast period
The speech analytics market by deployment mode includes the on-premises and cloud segments. Deployment refers to the setting-up of the hardware, operating systems, and applications required to manage the IT ecosystem. Speech analytics solutions can be deployed through either mode based on security, availability, and scalability. Cloud deployment offers advantages such as pay-per-use, and low installation and maintenance costs. This deployment mode is expected to show high growth in the near future.
Among organization size, the SME’s segment to record the higher CAGR during the forecast period
Based on organization size, the speech analytics market has been segmented into large enterprises and SMEs. Currently, the market share of large enterprises is higher; however, the market for SMEs is expected to increase at a higher CAGR during the forecast period.
The organization size is identified on the basis of the number of employees, as per the following global standards:
SMEs: Less than 1,000 employees
Large Enterprises: More than 1,000 employees
Both types of organizations are focusing on adopting speech analytics solutions and services to analyze audio and voice data more quickly and efficiently to make well-informed, proactive decisions that maximize revenue. Hence, the demand for speech analytics solutions and services is increasing, irrespective of organization size. The deployment of speech analytics solutions varies according to the needs of different end users. For SMEs, the speech analytics market is expected to show tremendous growth during the forecast period, while the speech analytics solutions and services for large enterprises are expected to show a stable growth rate during the forecast period
Among verticals, the healthcare and life sciences vertical to record the higher CAGR during the forecast period
The speech analytics market has been segmented on the basis of verticals into BFSI, retail and eCommerce, IT and telecom, travel and hospitality, healthcare and life sciences, government, transportation and logistics, media and entertainment, energy and utilities, and others (education, manufacturing, and transportation and logistics). This chapter features the usage of speech analytics solutions in each sector, and their respective benefits. Regulated firms can no longer avoid deploying audio search technology and are building-up their surveillance capacity or making use of outsourced monitoring solutions. Speech analytics helps enterprises with the early detection of errors and risks, improving protocol adherence, targeting quality assurance, expediting investigations, faster search and discovery of calls related to the incident, and getting insights from categorized calls. Vendors in the speech analytics market need to understand the end user's requirements within a particular industry and accordingly customize their solution offerings and services to make their virtual assistance more flexible, scalable, and manageable
Among regions, North America to hold the largest market size during the forecast period
North America is expected to hold the largest market size in the global speech analytics market during the forecast period. The key factor favoring the growth of the speech analytics market in North America is the increasing demand for enhanced customer support services to strengthen customer retention initiatives. Europe is expected to be in second position in terms of market size and market share during the forecast period. The growing demand to reduce enterprise workloads related to internal and external communication monitoring is boosting the adoption of speech analytics solutions in Europe. APAC is expected to record the fastest growth rate during the forecast period. The speech analytics market is expected to witness considerable developments and adoption of solutions across APAC during the forecast period. The increasing number of players across different regions is further expected to drive the speech analytics market.
Breakdown of primaries
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the speech analytics market.
By Company: Tier I: 34%, Tier II: 43%, and Tier III: 23%
By Designation: C-Level Executives: 50%, Directors: 30%, & Other level: 20%
By Region: North America: 30%, APAC: 25%, Europe: 30%, Latin America: 10%, Middle East and Africa: 5%
The report includes the study of key players offering speech analytics solutions and services. It profiles major vendors in the global speech analytics market. The major vendors in the global cloud analytics market include NICE (Israel), Verint (US), Micro Focus (UK), Avaya (US), Genesys (US), Google (US), AWS (US), Vonage (US), OpenText (Canada), Calabrio (US), CallMiner (US), Clarabridge (US), Eleveo (US), Voci Technologies (US), Almawave (Italy), Marchex (US), Enghouse Interactive (US), Castel (US), Aspect (US), Sabio (UK), Business Systems (England), Talkdesk (US), VoiceBase (US), Tech Mahindra (India), Invoca (US), Tethr (US), Cognito (US), Intelligent Voice (UK), Kwantics (India), Batvoice AI (France), Speech Village (UK), Speech-i Ltd (UK), SpeechTech (US), Gnani.ai (India), Observe.AI (US), and Deepgram (US).
The speech analytics market is segmented by component, application, deployment mode, organization size, vertical, and region. A detailed analysis of the key industry players has been undertaken to provide insights into their business overviews; services; key strategies; new service launches; partnerships, agreements, and collaborations; business expansions; and competitive landscape associated with the global speech analytics market.
Key Benefits of Buying the Report
The report would help the market leaders/new entrants in the following ways:
• It comprehensively segments the speech analytics market and provides the closest approximations of the revenue numbers for the overall market and its subsegments across regions.
• It would help stakeholders understand the pulse of the market and provide information on the key market drivers, restraints, challenges, and opportunities.
• It would help stakeholders understand their competitors better and gain more insights to enhance their positions in the market. The competitive landscape section includes a competitor ecosystem, new service developments, partnerships, and acquisitions.
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