Speech Analytics Global Market Report 2022
- March 2022 •
- 250 pages •
- Report ID: 6248259 •
- Format: PDF
The global speech analytics market is expected to grow from $1.74 billion in 2021 to $2.13 billion in 2022 at a compound annual growth rate (CAGR) of 22.52%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The market is expected to reach $5.04 billion in 2026 at a CAGR of 24.05%.
The speech analytics market consists of sales of speech analytics solutions and services by entities (organizations, partnerships, and sole proprietors) that understand, analyse, and derive insights from a voice conversation by utilising AI services such as transcription, natural language processing, and speech technologies.Speech analytics is a software application that transcribes the voice calls and extracts deep insights, trends, and metrics from each one.
These insights are then used to evaluate agent performance, assess customer experience, and track the organization’s overall strengths and weaknesses on every voice interaction.
The components of speech analytics includes solutions and services.The solutions in the speech analytics market consists of the sales of speech analytics solutions by entities (organizations, partnerships, and sole proprietors) that are used for analyzing the conversation.
A speech analytics solution concentrates on words spoken during a recorded phone call.This technology organises the content of agent-customer conversations by transforming speech into text.
The deployment mode used by speech analytics includes on-premises and cloud.The speech analytics solutions and services are used in customer experience management, call monitoring and summarization, agent performance monitoring, sales and marketing management, risk and compliance management, sentiment analysis, by large enterprises and small and medium-sized enterprises (SMEs).
The industry verticals utilizing speech analytics solutions and services includes banking finance services and insurance (BFSI), IT and telecom, media and entertainment, retail and eCommerce, travel and hospitality, government and defence, healthcare and life sciences, and other verticals.
North America was the largest region in the speech analytics market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The high adoption of speech analytics by companies is significantly driving the growth of the speech analytics market.Since speech analytics help in problem identification, customer experience enhancement as well as sentiment analysis, companies across various industrial segments are adopting speech analytics rapidly.
This creates a huge scope for future development of speech analytics technology by the key companies through partnerships and strategic alliances.For instance, in September 2021, Scotiabank has partnered with Google Cloud to strengthen the bank’s cloud-first commitment and speed up its global speech, text, and data analytics strategy.
Google Cloud, as a Scotiabank trusted partner for analytics, will assist Scotiabank customers in the Americas and around the world in creating a more personalised and predictive banking experience.This partnership helps Scotiabank to offer more customized banking services by adopting speech and data analytics using Google Cloud.
Hence, the increasing adoption of speech analytics by companies is expected to propel the growth of the speech analytics market over the coming years.
Using advanced technology is a key trend gaining popularity in the speech analytics market.Major companies operating in the speech analytics sector are focused on developing new technological solutions to strengthen their position.
For instance, in April 2021, Verint has released the Verint Intelligent Virtual Assistant Professional (IVA Pro) Package, a low-code conversational artificial intelligence (AI) offering that can transform existing conversation data into automated self-service experiences quickly.The package, which is included in Verint’s market-leading Intelligent Virtual Assistant (IVA) offering, enables business professionals to quickly deploy a production-ready chatbot to deflect calls and provide customer support.
With boundless intelligence for both voice and digital, Verint IVA enables businesses to expand capabilities across the enterprise.
In January 2021, Pegasystems Inc., a software company based in the United States that specialises in reducing business complexity, has completed the acquisition of Qurious.io, a California-based provider of cloud-based real-time speech analytics solution for customer service teams powered by artificial intelligence (AI), for an undisclosed sum. This acquisition allows Pegasystems to expand its customer service and bring its intelligent speech analytics software to hundreds of the world’s most important brands.
The countries covered in the Speech Analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.