Enjoy complimentary customisation on priority with our Enterprise License!
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 market's expansion hinges on several factors, including the increasing demand for emotion analytics, growth in the business process outsourcing (BPO) sector, and the adoption of speech analytics for financial trading. This market comprises software solutions that extract valuable insights into human emotions and opinions. These solutions collect, measure, and categorize voice and speech data from various sources, such as audio files and calls. The demand for these solutions is driven by their ability to provide valuable insights for businesses, enabling them to understand customer sentiments, improve service quality, and make data-driven decisions. As the use of emotion and speech analytics becomes more prevalent across industries, the market is expected to witness significant growth.
To learn more about this report, View Report Sample
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. The market is driven by the need for Intelligent systems to address Customer concerns and process their Requests efficiently. Artificial Intelligence (AI) and text analysis are used to identify Sentiments, root causes, and Positive or Negative sentiment scores.
Get a glance at the market contribution of various segments View Free PDF Sample
The large enterprise segment was valued at USD 763.06 million in 2017. Predictive insights from unstructured data enable Sales effectiveness, customer churn reduction, and improved Call center performance. Conversational automation companies offer real-time analysis for future interactions while ensuring Privacy concerns and Data security. Cost-effective solutions, such as Cloud-based or On-premise deployments, are crucial for large organizations dealing with vast IT infrastructure, data collection, and file sharing. Deep analytics provide valuable Customer preferences and Competitor insights, while Compliance monitoring and Agent performance monitoring are essential for risk management. Contact center professionals benefit from these solutions, but must consider the Price and availability of Internal resources for deployment analysis. Hence, such factors are expected to drive the segment which in turn will drive the market during the forecast period.
For more insights on the market share of various regions Download PDF Sample now!
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. The North American market is driven by the increasing demand for intelligent systems to analyze customer concerns, requests, and sentiments using artificial intelligence (AI). The US, as a key country in the region, holds a significant share of the market. Voice and speech analytics are utilized in emotion analytics to identify human emotions and predict future interactions. AI technology enables the extraction of predictive insights from unstructured data, such as call center recordings. Customer preferences, sales effectiveness, and agent performance are crucial factors influencing the market. Positive and negative sentiment scores are essential metrics for businesses to manage customer churn and improve call center operations. Text analysis and conversational automation companies offer cloud-based and on-premise solutions to address privacy concerns and data security. Cost is a significant factor in the adoption of voice and speech analytics solutions. LiveVox survey reveals that contact center professionals prefer cloud-based solutions due to their ease of deployment and lower IT infrastructure costs. Hence, such factors are expected to drive the market in the region during the forecast period.
The market offers solutions tailored to customer needs and preferences, enhancing performance and satisfaction. A Game Changer in Contact Centers and Customer Support The market is witnessing significant growth due to the increasing adoption of speech recognition, machine learning, and natural language processing (NLP) technologies in call center-based companies. These advanced technologies enable the extraction of valuable insights from voice records, helping businesses improve customer sentiment, agent productivity, and collection efforts. Speech analytical solutions employ AI/ML and NLP to identify patterns, keywords, and customer needs from vocal words. These insights enable contact centers to address low satisfaction rates, non-compliance, and staff quality assurance issues effectively. Moreover, these solutions offer flexibility and scalability, making them an essential tool for businesses aiming to provide a positive consumer experience and account recovery. The use of voice and speech analytics leads to remediations that cater to customers' needs and preferences, enhancing the overall customer experience. Additionally, these solutions save time and money by automating repetitive tasks and providing real-time analytics, making them an indispensable part of customer support processes.
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 the market 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 is the growing use of AI integrated with voice and speech analytics. This integration enhances the analysis of unstructured voice and speech data by automatically categorizing words, acoustics, and sentiments. It enables the derivation of hidden opinions and emotions, thereby improving the efficiency of Customer Experience Management (CEM) in enterprises. AI-based analysis is particularly beneficial for large enterprises and SMEs in the customer service sector, as it provides a holistic approach to understanding call drivers and root reasons. Enterprise type analysis is crucial for digital customer experience improvement. Security measures and sensitive data protection are essential considerations in implementing voice and speech analytics solutions. Startek and other leading companies are leveraging AI to offer advanced voice and speech analytics services. Therefore these factors are expected to drive the market during the forecast period.
Lack of accuracy in voice and speech analytics is one of the key challenges hindering the market. 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 during the forecast period.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2023 to 2027, as well as historical data from 2017 to 2021 for the following segments.
Voice and Speech Analytics refer to technologies that enable the conversion of spoken language into text or data for further analysis. This market is witnessing significant growth due to the increasing adoption of artificial intelligence (AI) and machine learning (ML) technologies. The integration of voice and speech analytics in various industries, such as healthcare, finance, and customer service, is driving market growth. Moreover, the advancement in natural language processing (NLP) and text-to-speech (TTS) technologies is further fueling the market expansion. The use of voice and speech analytics in marketing and advertising is also gaining traction, as it provides valuable insights into consumer behavior and preferences. The market is expected to grow at a steady pace in the coming years, with the increasing demand for personalized customer experiences and the rising trend of hands-free technology. The ability of voice and speech analytics to improve operational efficiency and enhance productivity is also a significant factor contributing to its market growth. In conclusion, the market is poised for significant growth due to the increasing adoption of AI and ML technologies, the integration of voice and speech analytics in various industries, and the rising trend of hands-free technology. The market is expected to witness steady growth in the coming years, driven by the need for personalized customer experiences and the desire to enhance operational efficiency.
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 companies, Market Positioning of companies, 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 market forecast period. |
Customization purview |
If our market growth and market forecasting report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Component
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.