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Voice and Speech Analytics Market by End-user and Geography - Forecast and Analysis 2021-2025

  • Published: Jan 2022
  • Pages: 120
  • SKU: IRTNTR71921
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The predicted growth for the voice and speech analytics market share from 2021 to 2026 is USD 1.73 billion at a progressing CAGR of 15.96%.

This voice and speech analytics market forecast report extensively covers segmentations by:

  • End-user - Large enterprise and small and medium enterprise
  • Geography - North America, Europe, APAC, South America, and MEA

The voice and speech analytics market report offers information on several market vendors, including audEERING GmbH, Avaya Holdings Corp., Calabrio Inc., Clarabridge Inc., Invoca Inc., NICE Ltd., Talkdesk Inc., ThoughtSpot Inc., Uniphore Software Systems Pvt. Ltd., and Verint Systems Inc. among others. Furthermore, our analysts have provided valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches for the coming years.

What will the Voice and Speech Analytics Market Size be During the Forecast Period?

Voice and Speech Analytics Market Size

Download the Free Report Sample to Unlock the Voice and Speech Analytics Market Size for the Forecast Period and Other Important Statistics

 

Voice and Speech Analytics Market: Key Drivers, Trends, and Challenges

The growth in emotion analytics is notably driving the voice and speech analytics market growth, although factors such as accuracy of voice and speech analytics may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the voice and speech analytics industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Voice And Speech Analytics Market Driver

One of the key factors driving the global voice and speech analytics market growth is the growth in emotion analytics across the world to improve business productivity and profitability. By using emotion analytics, businesses and enterprises can analyze if there is a disconnect between the emotions that brands want to create and the actual experience of their customers. Along with factors such as facial expressions, customers use voice and speech to express their views about products or brands. Through voice and speech analytics, customers' true feelings can be analyzed, which will help end-users, i.e., businesses and enterprises, to understand the true effect of products or brands on customers. The healthcare industry is a key adopter of emotion analytics. This is estimated to drive the global voice and speech analytics market during the forecast period.

Key Voice And Speech Analytics Market Trend

One of the key voice and speech analytics market trends fueling market growth is the growing use of AI integrated with voice and speech analytics. Through AI-based categorization of voice and speech data, words, acoustics, and sentiments can be analyzed automatically and efficiently as well as hidden opinions and emotions can be derived. In addition, with the advent of big data, the volume and variety of data are increasing at a tremendous rate. For instance, any voice and speech analytics solution would need to analyze every word of a conversation between customers and vendors to discover patterns and keywords to understand customer preferences. An AI integrated analytics platform will optimize the pattern recognition process based on words, language, and tone of voice within a huge volume of voice and speech data. Hence, AI integrated with voice and speech analytics is considered a positive trend, which will be influencing the global voice and speech analytics market during the forecast period.

Key Voice And Speech Analytics Market Challenge

One of the key challenges to the global voice and speech analytics market growth is the accuracy of voice and speech analytics provided by voice and speech analytics solutions. Voice and speech are considered very complex subjects to understand, especially for a software solution as they are situational and subjective. The accuracy of voice and speech analytics solutions in understanding the entire range and complexity of voice and speech data is a key concern for players in the market. A voice and speech analytics solution cannot predict all possible voice and speech patterns in the solution for comprehensive analysis. They are only loaded with a few modules of universally recognized voice and speech patterns for analysis, with most of the analysis based on scientific assumptions and extrapolation of data which questions the accuracy of the analytics insight. Such factors may hamper the growth of the market during the forecast period.

This voice and speech analytics market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the global voice and speech analytics market as a part of the global information technology spending market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the voice and speech analytics market during the forecast period.

Who are the Major Voice and Speech Analytics Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

  • audEERING GmbH
  • Avaya Holdings Corp.
  • Calabrio Inc.
  • Clarabridge Inc.
  • Invoca Inc.
  • NICE Ltd.
  • Talkdesk Inc.
  • ThoughtSpot Inc. 
  • Uniphore Software Systems Pvt. Ltd.
  • Verint Systems Inc.

This statistical study of the voice and speech analytics market encompasses successful business strategies deployed by the key vendors. The voice and speech analytics market is fragmented and the vendors are deploying growth strategies such as technical innovation for extensive product development to compete in the market.

Product Insights and News

  • Calabrio Inc. - The company offers Calabrio Analytics that reveals the voice of the customer insights.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The voice and speech analytics market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Voice and Speech Analytics Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the voice and speech analytics market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the global information technology spending market includes the following core components:

  • Inputs
  • Operations
  • Marketing and sales
  • Service
  • Support activities
  • Innovation

The report has further elucidated on other innovative approaches being followed by service providers to ensure a sustainable market presence.

Which are the Key Regions for Voice and Speech Analytics Market?

Voice and Speech Analytics Market Market segmentation by region

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39% of the market's growth will originate from North America during the forecast period. The US is the key market for voice and speech analytics in North America. Market growth in this region will be faster than the growth of the market in Europe, South America, and MEA.

The increase in demand for analytics solutions across industries for making customer-centric decisions will facilitate the voice and speech analytics market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

In 2021, the outbreak of COVID-19 positively impacted the voice and speech analytics market. This is attributed to the rising adoption of analytics software and tools through a combination of internally recorded data, social media, and external syndicated data to create a cutting-edge solution to better understand their customer requirements and reduce churn. However, the market is witnessing challenges in the deployment of voice-based communications as factors such as background noise, unusual speech patterns, and others make it hard for an AI to translate voices into text. Thus, vendors such as CallCabine are developing software to eliminate such issues and deal with critical conditions such as the COVID-19 pandemic. Such innovations in voice and speech analytics will drive the growth of the regional market during the forecast period.

What are the Revenue-generating End-user Segments in the Voice and Speech Analytics Market?

Voice and Speech Analytics Market Segmentation

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The voice and speech analytics market share growth by the large enterprise segment will be significant during the forecast period. The significant increase in demand for advanced solutions such as voice and speech analytics solutions in large enterprises owing to 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, will drive the segment growth in the coming years.

This report provides an accurate prediction of the contribution of all the segments to the growth of the voice and speech analytics market size and actionable market insights on post COVID-19 impact on each segment.

Voice and Speech Analytics Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 15.96%

Market growth 2021-2025

$ 1.73 billion

Market structure

Fragmented

YoY growth (%)

15.17

Regional analysis

North America, Europe, APAC, South America, and MEA

Performing market contribution

North America at 39%

Key consumer countries

US, UK, Germany, China, and India

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

audEERING GmbH, Avaya Holdings Corp., Calabrio Inc., Clarabridge Inc., Invoca Inc., NICE Ltd., Talkdesk Inc., ThoughtSpot Inc., Uniphore Software Systems Pvt. Ltd., and Verint Systems 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, Market condition analysis for the forecast period

Customization purview

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What are the Key Data Covered in this Voice and Speech Analytics Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive voice and speech analytics market growth during the next five years
  • Precise estimation of the voice and speech analytics market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the voice and speech analytics industry across North America, Europe, APAC, South America, and MEA
  • A thorough analysis of the market's competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of voice and speech analytics market vendors

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Executive Summary

    Market Landscape

    • Market ecosystem
    • Value chain analysis

    Market Sizing

    • Market definition
    • Market segment analysis
    • Market size 2020
    • Market outlook: Forecast for 2020 - 2025

    Five Forces Analysis

    • Bargaining power of buyers
    • Bargaining power of suppliers
    • Threat of new entrants
    • Threat of substitutes
    • Threat of rivalry
    • Market condition

    Market Segmentation by End-user

    • Market segments
    • Comparison by End-user
    • Large enterprise - Market size and forecast 2020-2025
    • Small and medium enterprise - Market size and forecast 2020-2025
    • Market opportunity by End-user

    Customer landscape

      Geographic Landscape

      • Geographic segmentation
      • Geographic comparison
      • North America - Market size and forecast 2020-2025
      • Europe - Market size and forecast 2020-2025
      • APAC - Market size and forecast 2020-2025
      • South America - Market size and forecast 2020-2025
      • MEA - Market size and forecast 2020-2025
      • Key leading countries
      • Market opportunity by geography
      • Market drivers
      • Market challenges
      • Market trends

      Vendor Landscape

      • Landscape disruption

      Vendor Analysis

      • Vendors covered
      • Market positioning of vendors
      • audEERING GmbH
      • Avaya Holdings Corp.
      • Calabrio Inc.
      • Clarabridge Inc.
      • Invoca Inc.
      • NICE Ltd.
      • Talkdesk Inc.
      • ThoughtSpot Inc. 
      • Uniphore Software Systems Pvt. Ltd.
      • Verint Systems Inc.

      Appendix

      • Scope of the report
      • Currency conversion rates for US$
      • Research methodology
      • List of abbreviations

      Research Framework

      Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

      TechnavioINFORMATION SOURCES

      Primary sources

      • Manufacturers and suppliers
      • Channel partners
      • Industry experts
      • Strategic decision makers

      Secondary sources

      • Industry journals and periodicals
      • Government data
      • Financial reports of key industry players
      • Historical data
      • Press releases
      Technavio

      TechnavioDATA ANALYSIS

      Data Synthesis

      • Collation of data
      • Estimation of key figures
      • Analysis of derived insights

      Data Validation

      • Triangulation with data models
      • Reference against proprietary databases
      • Corroboration with industry experts
      Technavio

      TechnavioREPORT WRITING

      Qualitative

      • Market drivers
      • Market challenges
      • Market trends
      • Five forces analysis

      Quantitative

      • Market size and forecast
      • Market segmentation
      • Geographical insights
      • Competitive landscape
      Interested in this report?
      Get your sample now!
      Voice and Speech Analytics market growth will increase by $1731.79 million during 2020-2025.
      The voice and speech analytics market is expected to grow at a CAGR of 15.96% during 2020-2025.
      Technavio has segmented the voice and speech analytics market by end user (Large enterprise and Small and medium enterprise) and geographic (North America, Europe, APAC, South America, and MEA).
      audEERING GmbH, Avaya Holdings Corp., Calabrio Inc., Clarabridge Inc., Invoca Inc., NICE Ltd., Talkdesk Inc., ThoughtSpot Inc. , Uniphore Software Systems Pvt. Ltd., Verint Systems Inc. are a few of the key vendors in the voice and speech analytics market.
      North America will register the highest growth rate of 38.95% among the other regions. Therefore, the voice and speech analytics market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
      The key factors driving the voice and speech analytics market growth are:
      • Growth in emotion analytics
      The voice and speech analytics market vendors should focus on grabbing business opportunities from the large enterprise segment as it accounted for the largest market share in the base year.
      • What are the key global market and the regional market share?
      • What are the revenue-generating key market segments?
      • What are the key factors driving and challenging this market’s growth?
      • Who are the key market vendors and their growth strategies?
      • What are the latest trends influencing the growth of this market?
      • What are the variables influencing the market growth in the primary regions?
      • What are the factors influencing the growth of the parent market?
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      • Details on the market shares of various regions
      • Five-force market analysis

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