The global Speech Analytics Market size is projected to grow from USD 2.3 billion in 2022 to USD 5.1 billion by 2027, at a compound annual growth rate (CAGR) of 17.3% during the forecast period. The speech analytics market is expected to grow at a significant rate during the forecast period, owing to various business drivers. Some factors driving the growth of the speech analytics market are the increasing need to improve the customer journey and overall experience, the growing need to enhance and monitor agent performance, and adhere to regulatory and compliance standards.
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Contact Center software segment to register largest market size during forecast period
Speech analytics solutions comprise speech engines; indexing and query tools; reporting and visualization tools; contact center software; root cause analysis; and other solutions (emotion detection, quality assurance and monitoring, and performance management). Contact center software to hold largest market share in 2022 owing to the need to provide actionable business intelligence by deploying AI and NLP engines to customer conversations in multiple digital channels. Speech analytics benefit businesses so that they can improve the number of calls supervised and examined without a corresponding increase in quality assurance staff.
Services segment to witness higher CAGR during forecast period
The services segment has been further divided into professional 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 deploy their solutions quickly and smoothly 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. These services play a vital role in properly functioning speech analytics solutions. Speech analytics vendors require technical support services and consulting services to deploy their solutions quickly and smoothly in the market.
Some major players in the speech analytics market include NICE (US), Verint (US), Avaya (US), OpenText (Canada), Google (US), Vonage (US), Genesys (US), Calabrio (US), CallMiner (US), Almawave (Italy), AWS (US), Qualtrics (US), Talkdesk (US), Alvaria (US), Castel (US), VoiceBase (US), Intelligent Voice (UK), CallTrackingMetrics (US), Five9 (US), 3CLogic (US), CloudTalk (US), Deepgram (US), Gnani.ai (India), Observe.ai (US), SpeechTech (US), Speech-I-Ltd (UK), Batvoice (France), Kwantics (India), Speech Village (UK), Salesken (US), and Enthu.AI (India).
NICE is the leading software provider which offers a comprehensive range of customer engagement solutions, financial crime, and compliance solutions. The company also provide services such as perfect customer experience, master robotic process automation (RPA), fight financial crim,e and power public safety. The company provides solutions for real-time and cross-channel fraud prevention, anti-money laundering, brokerage compliance, and enterprise-wide case management. NICE caters its solutions to several verticals such as BFSI, healthcare, telecom, and entertainment. More than 25,000 organizations in more than 150 countries, including over 85 Fortune 100 companies, are applying NICE solutions and services for better customer experience. In the speech analytics market, the company offers call center interactive software that transforms the call center software into an innovative cloud contact center and delivers a unique agent and customer experience.
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Verint offers actionable intelligence solutions and value-added services through its two operating segments: customer engagement solutions and cyber intelligence solutions. The company offers a broad range of services, including strategic consulting, managed services, implementation services, and training and maintenance services. Its speech analytics can automatically discover themes on recorded calls to identify and group contextually related words and help users easily spot rising trends and potential issues. Verint has a global presence in more than 180 countries, including North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. The company serves about 10,000 customers across verticals, primarily in the public sector, telecommunications, financial services, and healthcare.
Genesys is a cloud customer experience and contact center solutions provider. Its product offerings in the audio communication market include Genesys Cloud, Genesys Engage, and Genesys PureConnect. These products deliver the power of the cloud and AI to help customers achieve rapid innovation, scalability, and flexibility. Genesys has offices in over 100 countries across North America, Europe, Middle East and Africa, Asia Pacific, and Latin America, and claims to cater to over 11,000 companies across the globe. Genesys Cloud CX is designed to take full advantage of modern cloud strategies and technologies. A microservices-based architecture, API-first development, open data, and AI give users rapid innovation, agility, and resilience.
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