Speech Analytics Market Overview

The Speech Analytics Market is witnessing a rapid evolution driven by technological advancements and shifting consumer demands. As businesses navigate this dynamic landscape, our overview acts as a valuable resource to make informed decisions and capitalize on emerging opportunities.

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Market Growth Estimate:

Speech Analytics Market was valued at US$ 2.30 Bn in 2022 and is expected to reached at US$ 8.84 Bn in 2029. Speech Analytics Market size is expected to grow at a CAGR of 21.2% through the forecast period.

Speech Analytics Market Report Scope and Research Methodology

Our comprehensive Speech Analytics market report provides a detailed estimation of market sizes and segments, incorporating qualitative and quantitative aspects. Through an analysis of drivers, challenges, and investment opportunities, stakeholders gain valuable insights. We delve into major companies' competitiveness, products, and regional markets, utilizing primary and secondary research to facilitate higher growth in the Speech Analytics market.

Market Dynamics for Speech Analytics:

Market Drivers:

The Business Process Outsourcing (BPO) industry's growing demand for speech analytics solutions, the growing importance of real-time speech analytics, and the emphasis on improving customer satisfaction are some of the reasons that will propel the expansion of the speech analytics market. Speech technology, which is incorporated into phone banking, enables banks to facilitate gratifying customer engagements and natural, human-like discussions.

Market Restraints:

Restrictive factors affecting the market's growth throughout the forecast period include integration with current systems, choosing the best method, and the hard-to-quantify Return on Investment (RoI). Concerns about security and privacy of data are other factors impeding the growth of the speech analytics market. These devices have the ability to listen in on private talks, so there's always a chance that manufacturers, websites, and hackers might follow the data.

Speech Analytics Market Segmentation

by Component

1. Solutions
1.1 Speech Engine
1.2 Indexing and Query Tools
1.3 Reporting and Visualization Tools
1.4 Quality Management
1.5 Root Cause Analysis
1.6 Other Solutions (Emotion Detection and Workforce Optimization)
2. Services
2.1 Professional Services
2.1.1 Training and Consulting
2.1.2 System integration and implementation
2.1.3 Support and Maintenance
2.2 Managed Services

The solutions segment is predicted to grow with the biggest market share in 2022 based on component. Over the course of the projection period, the customer experience management application category is anticipated to have a greater market share. It enables businesses to leverage current customer data to spot patterns and trends, create retention plans, and lower customer attrition. The requirement to examine customer call recordings in order to determine customer intent and conduct behaviour analysis is responsible for various factors, including the indexing and query tools segment's large market share.

by Application

1. Customer Experience Management
2. Call monitoring and summarization
3. Agent performance monitoring
4. Sales and marketing management
5. Risk and compliance management
6. Sentiment analysis
7. Other Applications

The Customer Experience Management segment is anticipated to have the highest compound annual growth rate (CAGR) over the projected period, based on applications. Contact centres now connect and communicate much more effectively thanks to these apps, which has improved business performance. Speech analytics solutions have the power to completely change a business by giving them several techniques to guarantee that every client interaction is secure and of consistently high quality. The speech engine provides inputs by identifying and comprehending conversations.

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Speech Analytics Market Key Players

1. Verint Systems
2. Avaya
3. Calabrio
4. CallMiner
5. Clarabridge
6. Almawave
7. Voci Technologies
8. Zoom International
9. NICE Systems
10. Genesys
11. HPE
12. Tatwa Technologies
13. Uniphore Software Systems
14. Micro Focus
15. Avaya
16. Google
17. AWS
18. Vonage
19. OpenText
20. Calabrio
21. Eleveo
22. Almawave

Speech Analytics Market Regional Insights

Our report offers a comprehensive analysis, covering all factors, market size, growth rate, and import-export activities across different regions. Through regional analysis, we examine the current status of the Speech Analytics market in various countries.

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Key questions answered in the Speech Analytics Market are:

• What is Speech Analytics?
• What was the Speech Analytics market size in 2022?
• What is the growth rate of the Speech Analytics Market?
• Which are the factors expected to drive the Speech Analytics market growth?
• What are the different segments of the Speech Analytics Market?
• What growth strategies are the players considering to increase their presence in Speech Analytics?
• What are the upcoming industry applications and trends for the Speech Analytics Market?
• What major challenges could the Speech Analytics Market face in the future?
• What segments are covered in the Speech Analytics Market?
• Who are the leading companies and what are their portfolios in Speech Analytics Market?
• What segments are covered in the Speech Analytics Market?
• Who are the key players in the Speech Analytics market?

Key Offerings:

• Past Market Size and Competitive Landscape
• Past Pricing and price curve by region
• Market Size, Share, Size & Forecast by different segment | 2023−2029
• Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
• Market Segmentation – A detailed analysis by segment with their sub-segments and Region
• Competitive Landscape – Profiles of selected key players by region from a strategic perspective
  • Competitive landscape – Market Leaders, Market Followers, Regional player
  • Competitive benchmarking of key players by region
• PESTLE Analysis
• PORTER’s analysis
• Value chain and supply chain analysis
• Legal Aspects of Business by Region
• Lucrative business opportunities with SWOT analysis
• Recommendations

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