Speech Analytics Market to be worth .5 billion by 2026

Speech Analytics Market to be worth $4.5 billion by 2026

ChicagoAnd January 13, 2022 /PRNewswire/ – According to a research report Speech Analytics Market by Component (Solutions and Services), Application (Risk Management and Compliance, Sentiment Analysis), Enterprise Size, Deployment Mode (Cloud, On-Premises), Vertical and Region – Global Forecast to 2026”, Published by MarketsandMarkets™, Speech Analytics Market is expected to grow from 1.8 billion US dollars In 2021 to $4.5 billion by 2026; It is expected to grow at a compound annual growth rate of 20.5% during 2021-2026.

Speech analytics is a software tool that automates the end-to-end process of providing insights from customer interactions. Extracts valuable information from multiple customer conversations; Decision makers can use this information in real time to make better decisions. Nowadays, speech analytics solutions can scrutinize unstructured call data (human voice interactions) to identify potential causes of failure and success as well as identify relationships. These solutions provide a complete analysis of speaker separation, customer dissatisfaction, root cause analysis, topic of communication, and visual context to improve customer experience.

Browse in depth the table of contentsSpeech market analytics

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During the pandemic, many companies have seen a significant increase in pressure from customers, while the number of employees available to them has decreased. Various call centers could not handle the request or were closed due to lockdown restrictions which led to long delays in customer service inquiries, significantly impacting the customer experience. As companies develop a more strategic approach that provides flexibility in operations through flexibility and scalability while simultaneously improving operational efficiencies; Hence, speech analytics rise to the fore in technology enablers. Data analytics application creators seek medical speech recognition capabilities that help them efficiently and accurately transcribe video and audio containing COVID-19 terms into text for final analytics. For example, Verint offers a free COVID-19 category and 12 additional business impact categories for speech analytics.

The speech analytics market is expected to slow in 2020 due to the global shutdown, which is affecting global manufacturing, supply chains and logistics. The manufacturing, transportation, logistics, retail and consumer goods sectors were hit hard. Availability of essential items was also affected by the lack of manpower to work in production lines, supply chains and transportation, although essential items were exempted from the shutdown. The situation is expected to come under control by early 2021. Meanwhile, the demand for speech analytics solutions and services is expected to increase due to the growing demand for call monitoring, customer experience management, agent performance management, sentiment analysis, and risk and compliance management applications. Several sectors are already planning to deploy a variety of speech analytics solutions and services to enable digital transformation initiatives, addressing mission-critical operations, process optimization, and customer relationship differentiation. Reducing operational costs, better customer experiences, improving network security and privacy capabilities, improving visibility into operations and operations, and improving real-time decision-making are the key business and operational priorities expected to drive the Speech Analytics market.

The service sector will maintain a higher CAGR during the forecast period

Based on components, the solutions segment is expected to hold a larger market share in 2021, while the services segment is expected to grow at a higher CAGR during the forecast period. The service sector plays a vital role in the speech analytics solutions functions. These services are an essential step in the deployment of technology solutions and are taken care of by the solution and service providers. Speech analytics solutions are in high demand globally due to the growing demand for enhanced customer support across key key verticals.

Customer Experience Management segment will retain the largest market size during the forecast period

Based on applications, speech analytics market is segmented into customer experience management, call monitoring and summarization, agent performance monitoring, sales and marketing management, risk and compliance management, sentiment analysis, and other applications (competitive intelligence, business process monitoring, forecasting and analytics). The Customer Experience Management segment will maintain the largest market volume in 2021. This growth is attributed to the need to identify the agents who need the most training and support, and reduce the risk of bottlenecks in the business. Business leaders can use workforce optimization strategies to automatically track trends and performance in the call center.

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Cloud segment to retain the largest market size during the forecast period

Based on the deployment mode, Speech Analytics Market is divided into on-premises and cloud. The cloud segment is expected to represent a larger market size during the forecast period. The cloud segment offers advantages, such as scalability and cost effectiveness, which are expected to be instrumental in driving the growth of end-to-end speech analytics. The Asia Pacific region is expected to witness the highest growth in the cloud segment due to the increased adoption of speech analysis solutions and services among the region’s small and medium-sized businesses.

Large corporate sector to accommodate a larger market size during the forecast period

Based on the size of the organization, the speech analytics market has been segmented into large organizations and small and medium enterprises. The large corporate segment is estimated to retain a larger market share in 2021. The growth of the segments is due to increased competition in large companies from emerging SMEs. Due to the availability of cost-effective cloud solutions, speech analysis solutions and services are expected to witness a significant growth rate among SMEs during the forecast period.

The healthcare and life sciences sector will have the highest compound annual growth rate during the forecast period

The speech analytics market has been segmented on the basis of vertical segments into BFSI, retail and e-commerce, ICT, healthcare and life sciences, government and defense, travel and hospitality, media and entertainment, and other sectors (education, transportation, logistics, and manufacturing). The healthcare and life sciences segment is expected to grow at the highest compound annual growth rate (CAGR) during the forecast period. This growth can be attributed to the increase in patient data resulting from the COVID-19 pandemic and the need to handle patient inquiries for better medical treatment.

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North America To gain the largest market share during the forecast period

in a North AmericaSpeech analysis solutions and services are highly effective in most organizations and sectors due to the growing need to handle customer inquiries and enhance user experience. Europe It is gradually moving towards integrating speech analytics into the market. APAC shows a significant rise in the adoption of speech analysis solutions and services during the forecast period, while Latin america MEA and MEA are slowly picking up on speech analytics due to its benefits to various industries for user insights

View the main players Speech market analytics. Major sellers covered Nice (USA), Micro Focus (UK), Verint (US), Avaya (US), OpenText (Canada), Google (US), Vonage (US), Geneys (US), Calabrio (US), CallMiner (US), AWS (US)Clarabridge (USA), Al Mowafi (Italia), Talkdesk (US), Alvaria (US), Castel (US), VoiceBase (US), Smart Voice (US), CallTrackingMetrics (US), Five9 (US), 3CLogic (US) , CloudTalk (US), Deepgram (US), Gnani.ai (India), watching.AI (US), SpeechTech (US), Speech-i Ltd (England), Batvoice (France), quantum (India), Speech Village (UK) and Salesken (US).

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