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The voice and speech analytics market size is estimated to grow by USD 2.56 billion at a CAGR of 16.35% between 2022 and 2027. The growth of the market depends on several factors, including growth in emotion analytics, demand from the growing business process outsourcing (BPO) sector, and the adoption of speech analytics for financial trading. The market is a collection of software solutions that provide meaningful insights into human feelings and opinions by collecting, measuring, and categorizing voice and speech data from sources such as audio files and calls.
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The market offers solutions tailored to customer needs and preferences, enhancing performance and satisfaction. Agencies benefit from flexible and scalable speech technology, aiding collection efforts and ensuring positive consumer experiences. Analytical tools powered by AI/ML, NLP, and speech recognition uncover patterns in vocal words and text, addressing customer concerns and requests. This intelligent system identifies root causes of issues, providing insights through sentiment analysis and predictive analytics. Market players like Verint, NICE, and OpenText cater to businesses' needs, optimizing customer support processes and driving sales effectiveness. With a focus on improvement and revenue generation, speech analytics revolutionizes customer experience in call center-based companies.
The expanding business process outsourcing (BPO) sector emerges as a pivotal driver in the market's growth trajectory. Globally, the BPO sector witnesses substantial expansion as major enterprises increasingly outsource services, allowing them to focus on core business operations. Consequently, the market experiences growth since analyzing customer calls becomes imperative for BPOs to enhance customer service. Voice and speech analytics offer a significant advantage by providing deeper insights into customer sentiments and needs, thereby enhancing consumer experiences. This factor is poised to propel market growth significantly throughout the forecast period, addressing the evolving demands of call center-based companies and facilitating enhanced customer support processes.
A key factor shaping the market growth is the proliferation of predictive analytics in voice and speech analytics. The advent of predictive analytics in voice and speech recognition and analysis is one of the key trends in the market. One of the main features of predictive analytics is that it enables end-users with predictive reports on the voice and speech data analyzed, which enables the improvement of business processes and thereby offers optimal customer experience, especially in call centers.
In addition, predictive analytics is used to predict the accurate future behaviour of customers based on their response to the call. Hence this key trend of integration of predictive analytics with voice and speech analytics has led major vendors to offer predictive analytics. Therefore the implementation of predictive analysis in voice and speech recognition has several applications across industries which is expected to drive the market growth during the forecast period.
Lack of accuracy in voice and speech analytics is one of the key challenges hindering the market growth. As voice and speech are considered very complex subjects to understand and the analysis of voice and speech can be subjective and biased, there is a growing concern regarding the accuracy of these solutions across industries.
One of the main limitations of voice and speech analytics solutions is that they cannot predict all possible voice and speech patterns in the solution for comprehensive analysis as they are only installed with a few modules of universally recognized voice and speech patterns for analysis. Hence this concern about the accuracy of voice and speech analysis is expected to hinder the market growth during the forecast period.
This market growth analysis report extensively covers market segmentation by end-user (large enterprise, small, and medium enterprise), component (solution and services), and geography (North America, Europe, APAC, South America, and Middle East and Africa) and geography.
The market share growth by the large enterprise segment will be significant during the forecast period. Factors such as the rise in demand for automated quality assurance processes increased compliance with regulations, and call quality assurance to identify training opportunities for customer service agents are expected to drive the growth of this segment.
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The large enterprise segment was valued at USD 763.06 million in 2017 and continued to grow until 2021. Some of the main applications of voice and speech analytics across large enterprises include deriving insights for strategic decision-making and enabling enterprises to achieve identify and categorize customers via analysis of transcript data. As large enterprises deal with various channels such as chats, voice mail, voice calls, and voice messages to communicate with their customers, there is an increasing adoption of voice and speech analytics solutions as they can be used to analyze communication data across platforms, thereby providing a comprehensive analysis of the content, regardless of the platforms used for communication. Thus, voice and speech analytics offer companies with an enterprise-ready framework for analyzing all their data content with respect to customer interaction. Hence, such factors are expected to drive the growth of this segment which in turn will drive the growth of the market growth during the forecast period.
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North America is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. One of the major factors driving the market growth in North America is the increasing demand for analytics solutions across industries in this region for making customer-centric decisions. There is a wide application of voice and speech analytics in emotion analytics to understand human emotions by analyzing voice and speech. The US is considered as one of the prominent regions with a significant market share for voice and speech analytics. Factors such as high technological advancements, increasing deployment of voice and speech recognition software in wearables, and the high number of call centers are driving growth in the region. Hence, such factors are expected to drive the market growth in the region during the forecast period.
The market presents a comprehensive overview, leveraging machine learning and natural language processing to analyze vocal words and text. It delves into keywords, customer sentiments, needs, and preferences, offering analytical tools to decode voice records from contact centers. Tailored for call center-based companies, it boosts customer satisfaction, agent productivity, and sales effectiveness. Market players like OpenText and SESTEK provide solutions for customer support processes, compliance monitoring, and predictive insights. However, challenges persist, including privacy concerns, data security, and deployment complexities. With a focus on real-time analysis and future interactions, the market caters to diverse sectors, from SMEs to enterprise-level organizations, driving efficiency and enhancing customer experience through deep analytics and actionable insights.
The market research and growth report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Voice And Speech Analytics Market Scope |
|
Market Report Coverage |
Details |
Page number |
157 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 16.35% |
Market growth 2023-2027 |
USD 2.56 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
15.53 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 41% |
Key countries |
US, China, India, UK, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Avaya Inc., Calabrio Inc., CallMiner Inc., Castel Communications LLC, Dialpad Inc., Enghouse Systems Ltd., Invoca Inc., Liveperson Inc., Marchex Inc, NICE Ltd., Qualtrics LLC, Sabio Ltd. Co., Talkdesk Inc., ThoughtSpot Inc., Uniphore Technologies Inc., Verint Systems Inc., Voci Technologies Inc., VoiceSense Ltd, audEERING GmbH, and Genesys Telecommunications Laboratories Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
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