Speech Analytics Market worth $7.3 billion by 2029 - Exclusive Report by MarketsandMarkets™

CHICAGO, Feb. 28, 2024 /PRNewswire/ -- Advances in artificial intelligence (AI) and machine learning (ML), real-time analytics, multilingual and multichannel support, emotion and sentiment analysis, conversational AI integration, customer experience, compliance, integration with CRM and CX platforms, and industry-specific solutions are what will shape the Speech Analytics Market in the future. These factors will also drive innovation and value creation in customer interaction analysis and decision-making processes.

 The Speech Analytics Market is projected to grow from USD 3.3 billion in 2024 to USD 7.3 billion by 2029, at a compound annual growth rate (CAGR) of 17.5% during the forecast period, according to a new report by MarketsandMarkets™. Key driving factors include the rising demand for improving omnichannel integration capabilities, the increasing emphasis on monitoring and improving agent performance, and the growing importance of utilizing analytics for customer retention and enhanced customer satisfaction.

Browse in-depth TOC on "Speech Analytics Market"

260 - Tables
63 - Figures
300 - Pages

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Scope of the Report

Emotion detection software functionality segment to register largest market size during forecast period

Emotion detection functionality in speech analytics software plays a crucial role in understanding and analyzing the emotional aspects of customer interactions. By utilizing advanced algorithms and machine learning techniques, this feature enables organizations to identify and classify various emotions expressed by customers during conversations, such as happiness, frustration, anger, or satisfaction. Emotion detection allows supervisors and managers to assess the emotional tone of customer interactions and evaluate agent performance accordingly. By identifying instances of customer dissatisfaction or stress, organizations can provide targeted coaching and training to agents to improve communication skills and handle challenging situations more effectively.

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Services segment to witness higher CAGR during forecast period

Services are integral to the Speech Analytics Market, providing vital support and expertise to organizations embarking on the adoption journey. These services encompass consulting and advisory, implementation and deployment, training and education, support and maintenance, customization and integration, as well as data analysis and insights. Through these offerings, service providers empower organizations to effectively deploy, optimize, and derive actionable insights from speech analytics solutions, ultimately driving business growth, enhancing customer experiences, and ensuring operational excellence.

VOIP and messaging platforms to register for the highest market size during the forecast period

Speech analytics software increasingly integrates with VOIP (Voice over Internet Protocol) and messaging platforms to enhance customer interactions and glean valuable insights from communication channels. The speech analytics software deployed across VOIP and messaging platforms offers organizations a comprehensive solution for monitoring, analyzing, and optimizing customer interactions across various communication channels. This integration enables organizations to gain deeper insights into customer behavior, enhance agent performance, and deliver more personalized and effective customer experiences.

Asia Pacific to witness highest CAGR during forecast period

In the Asia Pacific region, the adoption of speech analytics solutions is steadily increasing as organizations recognize the importance of leveraging customer insights to enhance operational efficiency and drive business growth. The region is experiencing rapid economic growth, leading to increased consumer spending and a greater focus on customer service excellence. Organizations across various industries, including banking, telecom, retail, and healthcare, invest in speech analytics solutions to gain actionable insights from customer interactions and improve service delivery. Many countries in the Asia Pacific are undergoing significant digital transformation, driven by technological advancements and changing consumer preferences. As businesses digitize their operations and expand their online presence, the need for advanced analytics tools, such as speech analytics, to understand customer behavior and preferences becomes more evident.

Top Key Companies in Speech Analytics 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), Five9 (US), AWS (US), Qualtrics (US), Talkdesk (US), Alvaria (US), Castel Communications (US), VoiceBase (US), Intelligent Voice (UK), CallTrackingMetrics (US), 3CLogic (US), Sprinklr (US), Uniphore ( US), Enthu.ai (India), Deepgram (US), Gnani.ai (India), Observe.ai (US), Batvoice (France), Kwantics (India), Covin (India), Salesken (US), Tethr (US), Gong (US), and Clari (US).

Recent Developments:

• In October 2023, NICE and LiveVox announced that NICE has entered a definitive agreement to acquire LiveVox, a leading AI-driven proactive outreach provider. NICE's industry-leading platform CXone, with its advanced digital engagement capabilities, and Enlighten, the industry's only AI purpose-built for CX, combined with LiveVox's sophisticated and rich proactive outreach portfolio creates the only truly unified platform converging all interactions, voice and digital, attended, and unattended, inbound and outbound.
• In May 2023, BT and Five9, a prominent provider of the intelligent CX Platform, have announced an expansion of their partnership aimed at enriching the array of contact center services and solutions available to organizations worldwide. As part of this collaboration, BT will extend the offering of the Five9 Intelligent CX Platform to both new and existing customers as a managed service.
• In March 2023, Verint partnered with Google Cloud aimed at enhancing contact center performance. This partnership focuses on integrating Google Cloud's Contact Center AI with the Verint Customer Engagement Platform to empower organizations in improving their customer service capabilities.
• In January 2023, OpenText completed the acquisition of Micro Focus to help enterprise professionals secure their operations, gain more insight into their information, and better manage an increasingly hybrid and complex digital fabric with a new generation of tools that include Cybersecurity, Digital Operations Management, Applications Modernization & Delivery and AI & Analytics.
• In January 2023,Genesys has unveiled a new Strategic Collaboration Agreement (SCA) with AWS. This collaboration aims to assist organizations in crafting exceptional experiences by fostering deeper integration of technologies and leveraging intelligent, automated solutions.

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Speech Analytics Market Advantages:

• By analysing spoken conversations, speech analytics technologies enable businesses better understand their customers' needs and provide them with higher-quality services by providing insightful data about customer preferences, sentiment, and behaviour.
• Speech analytics gives businesses the ability to track and assess client interactions in real-time, pinpointing areas that need improvement in customer satisfaction, agent performance, and compliance adherence.
• By automatically assessing conversations for regulatory infractions, fraud identification, and adherence to compliance processes, speech analytics tools assist businesses in ensuring compliance with laws and internal policies.
• Speech analytics improves operational efficiency by automating the analysis of massive amounts of spoken data. This reduces human labour, streamlines workflow procedures, and speeds up decision-making based on actionable insights.
• Through the identification of trends, patterns, and possibilities for customer experience enhancement, speech analytics helps organisations to proactively address customer issues, preferences, and concerns, resulting in enhanced customer satisfaction and loyalty.
• By spotting and resolving any problems early on—such as consumer complaints, operational inefficiencies, and compliance violations—speech analytics helps reduce risks to the organisation.
• By pinpointing areas that require improvement based on consumer comments and preferences acquired from encounters, speech analytics insights help to improve products and services.

Report Objectives

• To define, describe, and predict the Speech Analytics Market by offering (software by functionality and deployment mode, and services), business function, channel, verticals, and region.
• To provide detailed information on major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the market growth.
• To analyze the micro markets with respect to individual growth trends, prospects, and their contribution to the total market
• To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the Speech Analytics Market
• To analyze opportunities in the market and provide details of the competitive landscape for stakeholders and market leaders.
• To forecast the market size of segments for five main regions: North America, Europe, Asia Pacific, Middle East and Africa, and Latin America
• To profile key players and comprehensively analyze their market rankings and core competencies.
• To analyze competitive developments, such as partnerships, new product launches, and mergers and acquisitions, in the Speech Analytics Market
• To analyze the impact of recession across all the regions across the Speech Analytics Market

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