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Speech Analytics Market Size, Industry Trends Report | 2031

Speech Analytics Market

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Segments - by Types (Solution and Service), Deployments (On-Premise and Cloud-based), Enterprise Size (Small & Medium Enterprise (SMEs) and Large Enterprise), End-Uses (Telecom, IT, BFSI, Retail, Healthcare, Hospitality, Government, and Others), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031

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Author :

Raksha Sharma

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Amulya Agarwal

Editor :

Shruti Bhat

Report Description

The Global Speech Analytics Market size was valued at USD 757.70 Million in 2022 and is expected to surpass USD 1.78 Billion by 2031, expanding at a CAGR of 10% during the forecast period, 2023 – 2031. The growth of the market is attributed to its large number of applications in the BFSI and IT & telecom industry.

Speech analytics is the process of examining recorded calls to collect customer information to improve future interaction and communication. The process is majorly used by customer contact centers to collect information buried in client interactions with the organization.

Market Trends, Drivers, Restraints, and Opportunities:

Rising demand for risk and compliance management across different sectors and growing number of contact centers resulted in the innovation of software that assists organizations to understand changing consumer preferences.
Rising pressure on businesses to guard their intellectual assets for enhancing efficiency and agility in their operations through wide insights mined in the voice of the customer drives the market.
Increasing adoption of analytical solutions in corporates and agencies has fueled the market.
Complex application system and high cost of investments are hampering the market growth.

Scope of Speech Analytics Market Report

The report on the speech analytics market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes	Details
Report Title	Speech Analytics Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Base Year	2022
Historic Data	2016–2021
Forecast Period	2023–2031
Segmentation	Types (Solution and Service), Deployments (On-Premise and Cloud-based), Enterprise Size (Small & Medium Enterprise (SMEs) and Large Enterprise), End-Uses (Telecom, IT, BFSI, Retail, Healthcare, Hospitality, Government, and Others), and Regions
Regional Scope	Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Report Coverage	Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report	Verint Systems, Avaya Inc., Genesys, Nice Systems, Nexidia, and Call Miner

Speech Analytics Market Segment Insights

The solution segment held a major market share of the total revenue in 2018

Based on types, the global speech analytics market is bifurcated into solution and service. Speech analytic solution is opted by several contact centers worldwide for applications in agent performance, compliance management, customer experience management, and market intelligence. The solution segment is expected to expand at a robust CAGR during the forecast period.

The service segment is expected to expand at a substantial CAGR of 8% during the forecast period. The market provides a wide range of solutions. Services are essential to manage these solutions and help organizations improve their business process to maintain their position in this competitive landscape.

The on-premise segment held a major market share of around 50% of the total revenue in 2018

On the basis of deployments, the global speech analytics market is fragmented as on-premise and cloud-based. The on-premise segment is anticipated to expand at a high CAGR during the forecast period. The on-premise segment offers efficient control over the data and system. However, this deployment method requires trained staff for support & maintenance and is costly. Hence, the on-premise segment growth is expected to be slow as compared to the cloud segment.

The cloud-based segment is projected to expand at a rapid pace during the forecast period. Accessibility of cloud deployment for speech analytics solutions has increased the demand across several verticals such as IT, telecom, media & entertainment, and BFSI.

The SMEs segment held a key market share of more than 40% of the total revenue in 2018

In terms of enterprise size, the global speech analytics market is bifurcated into small & medium enterprise (SMEs) and large enterprise. The SMEs segment is estimated to expand at a considerable CAGR of 8% during the forecast period. This is attributed to high adoption of speech analytics solutions in security systems as well as in enhancing customer experience.

Small and medium-sized businesses are primarily dependent on web-enabled applications and services to run their business. Moreover, rising demand for cloud analytics in SMEs is driving the market.

The telecom segment held a major market share of more than 20% of the total share in 2018

Based on end-uses, the global speech analytics market is segregated as telecom, IT, BFSI, retail, healthcare, hospitality, government, and others. The telecom segment is expected to expand at a substantial CAGR during the forecast period. In the telecom sector, speech analytics helps to gain a hold over infrastructure and easily resolves issues, thereby increasing productivity, saving time & money, and decreasing stress.

The IT industry is expected to increase the demand for speech analytics, due to increasing adoption of speech tools in BPOs. Moreover, introduction of technologically advanced tools to improve customer experience is projected to boost the market.

The market in North America held more than 20% share of the total revenue in 2018

On the basis of regions, the global speech analytics market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in North America is estimated to expand at a robust CAGR during the forecast period. Growth of the market is attributed to presence of major players in the region, mainly in the US.

The market in Asia Pacific is expected to expand at a CAGR of over 7% during the forecast period.

Segments

The global speech analytics market has been segmented on the basis of

Types

Solution
Service

Deployments

On-Premise
Cloud-based

Enterprise Size

Small & Medium Enterprise (SMEs)
Large Enterprise

End-Uses

Telecom
IT
BFSI
Retail
Healthcare
Hospitality
Government
Others

Regions

Asia Pacific
North America
Latin America
Europe
Middle East & Africa

Key Players

Verint Systems
Avaya Inc.
Genesys
Nice Systems
Nexidia
Call Miner

Competitive Landscape

Key players in the global speech analytics market include Verint Systems, Avaya Inc., Genesys, Nice Systems, Nexidia, and Call Miner. Major players in the market are investing majorly in R&D to improve technological capability and accuracy of their products. The players are focusing on strategic alliances to gain a competitive advantage in the market.

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Speech Analytics Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Speech Analytics Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Speech Analytics Market - Supply Chain
  4.5. Global Speech Analytics Market Forecast
     4.5.1. Speech Analytics Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Speech Analytics Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Speech Analytics Market Absolute $ Opportunity
5. Global Speech Analytics Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. Speech Analytics Market Size and Volume Forecast by Types
     5.3.1. Solution
     5.3.2. Service
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Speech Analytics Market Analysis and Forecast by End Users
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by End Users
     6.2.2. Y-o-Y Growth Projections by End Users
  6.3. Speech Analytics Market Size and Volume Forecast by End Users
     6.3.1. Telecom
     6.3.2. IT
     6.3.3. BFSI
     6.3.4. Retail
     6.3.5. Healthcare
     6.3.6. Hospitality
     6.3.7. Government
     6.3.8. Others
  6.4. Absolute $ Opportunity Assessment by End Users
  6.5. Market Attractiveness/Growth Potential Analysis by End Users
7. Global Speech Analytics Market Analysis and Forecast by Region
  7.1. Market Trends
  7.2. Introduction
     7.2.1. Basis Point Share (BPS) Analysis by Region
     7.2.2. Y-o-Y Growth Projections by Region
  7.3. Speech Analytics Market Size and Volume Forecast by Region
     7.3.1. North America
     7.3.2. Latin America
     7.3.3. Europe
     7.3.4. Asia Pacific
     7.3.5. Middle East and Africa (MEA)
  7.4. Absolute $ Opportunity Assessment by Region
  7.5. Market Attractiveness/Growth Potential Analysis by Region
  7.6. Global Speech Analytics Demand Share Forecast, 2019-2026
8. North America Speech Analytics Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
  8.2. North America Speech Analytics Market Size and Volume Forecast by Country
     8.2.1. U.S.
     8.2.2. Canada
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. North America Speech Analytics Market Size and Volume Forecast by Types
     8.4.1. Solution
     8.4.2. Service
  8.5. Basis Point Share (BPS) Analysis by Types
  8.6. Y-o-Y Growth Projections by Types
  8.7. North America Speech Analytics Market Size and Volume Forecast by End Users
     8.7.1. Telecom
     8.7.2. IT
     8.7.3. BFSI
     8.7.4. Retail
     8.7.5. Healthcare
     8.7.6. Hospitality
     8.7.7. Government
     8.7.8. Others
  8.8. Basis Point Share (BPS) Analysis by End Users
  8.9. Y-o-Y Growth Projections by End Users
  8.10. Market Attractiveness/Growth Potential Analysis
     8.10.1. By Country
     8.10.2. By Product Type
     8.10.3. By Application
  8.11. North America Speech Analytics Demand Share Forecast, 2019-2026
9. Latin America Speech Analytics Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Latin America Average Pricing Analysis
  9.2. Latin America Speech Analytics Market Size and Volume Forecast by Country
      9.2.1. Brazil
      9.2.2. Mexico
      9.2.3. Rest of Latin America
   9.3. Absolute $ Opportunity Assessment by Country
  9.4. Latin America Speech Analytics Market Size and Volume Forecast by Types
     9.4.1. Solution
     9.4.2. Service
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. Latin America Speech Analytics Market Size and Volume Forecast by End Users
     9.7.1. Telecom
     9.7.2. IT
     9.7.3. BFSI
     9.7.4. Retail
     9.7.5. Healthcare
     9.7.6. Hospitality
     9.7.7. Government
     9.7.8. Others
  9.8. Basis Point Share (BPS) Analysis by End Users
  9.9. Y-o-Y Growth Projections by End Users
  9.10. Market Attractiveness/Growth Potential Analysis
     9.10.1. By Country
     9.10.2. By Product Type
     9.10.3. By Application
  9.11. Latin America Speech Analytics Demand Share Forecast, 2019-2026
10. Europe Speech Analytics Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Europe Average Pricing Analysis
  10.2. Europe Speech Analytics Market Size and Volume Forecast by Country
     10.2.1. Germany
     10.2.2. France
     10.2.3. Italy
     10.2.4. U.K.
     10.2.5. Spain
     10.2.6. Russia
     10.2.7. Rest of Europe
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Europe Speech Analytics Market Size and Volume Forecast by Types
     10.4.1. Solution
     10.4.2. Service
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Europe Speech Analytics Market Size and Volume Forecast by End Users
     10.7.1. Telecom
     10.7.2. IT
     10.7.3. BFSI
     10.7.4. Retail
     10.7.5. Healthcare
     10.7.6. Hospitality
     10.7.7. Government
     10.7.8. Others
  10.8. Basis Point Share (BPS) Analysis by End Users
  10.9. Y-o-Y Growth Projections by End Users
  10.10. Market Attractiveness/Growth Potential Analysis
     10.10.1. By Country
     10.10.2. By Product Type
     10.10.3. By Application
  10.11. Europe Speech Analytics Demand Share Forecast, 2019-2026
11. Asia Pacific Speech Analytics Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Asia Pacific Average Pricing Analysis
  11.2. Asia Pacific Speech Analytics Market Size and Volume Forecast by Country
     11.2.1. China
     11.2.2. Japan
     11.2.3. South Korea
     11.2.4. India
     11.2.5. Australia
     11.2.6. Rest of Asia Pacific (APAC)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Asia Pacific Speech Analytics Market Size and Volume Forecast by Types
     11.4.1. Solution
     11.4.2. Service
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Asia Pacific Speech Analytics Market Size and Volume Forecast by End Users
     11.7.1. Telecom
     11.7.2. IT
     11.7.3. BFSI
     11.7.4. Retail
     11.7.5. Healthcare
     11.7.6. Hospitality
     11.7.7. Government
     11.7.8. Others
  11.8. Basis Point Share (BPS) Analysis by End Users
  11.9. Y-o-Y Growth Projections by End Users
  11.10. Market Attractiveness/Growth Potential Analysis
     11.10.1. By Country
     11.10.2. By Product Type
     11.10.3. By Application
  11.11. Asia Pacific Speech Analytics Demand Share Forecast, 2019-2026
12. Middle East & Africa Speech Analytics Market Analysis and Forecast
  12.1. Introduction
     12.1.1. Basis Point Share (BPS) Analysis by Country
     12.1.2. Y-o-Y Growth Projections by Country
     12.1.3. Middle East & Africa Average Pricing Analysis
  12.2. Middle East & Africa Speech Analytics Market Size and Volume Forecast by Country
     12.2.1. Saudi Arabia
     12.2.2. South Africa
     12.2.3. UAE
     12.2.4. Rest of Middle East & Africa (MEA)
  12.3. Absolute $ Opportunity Assessment by Country
  12.4. Middle East & Africa Speech Analytics Market Size and Volume Forecast by Types
     12.4.1. Solution
     12.4.2. Service
  12.5. Basis Point Share (BPS) Analysis by Types
  12.6. Y-o-Y Growth Projections by Types
  12.7. Middle East & Africa Speech Analytics Market Size and Volume Forecast by End Users
     12.7.1. Telecom
     12.7.2. IT
     12.7.3. BFSI
     12.7.4. Retail
     12.7.5. Healthcare
     12.7.6. Hospitality
     12.7.7. Government
     12.7.8. Others
  12.8. Basis Point Share (BPS) Analysis by End Users
  12.9. Y-o-Y Growth Projections by End Users
  12.10. Market Attractiveness/Growth Potential Analysis
     12.10.1. By Country
     12.10.2. By Product Type
     12.10.3. By Application
  12.11. Middle East & Africa Speech Analytics Demand Share Forecast, 2019-2026
13. Competition Landscape
  13.1. Global Speech Analytics Market: Market Share Analysis
  13.2. Speech Analytics Distributors and Customers
  13.3. Speech Analytics Market: Competitive Dashboard
  13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     13.4.1. Verint Systems
     13.4.2. Avaya Inc.
     13.4.3. Genesys
     13.4.4. Nice Systems
     13.4.5. Nexidia
     13.4.6. Call Miner

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