Speech Analytics Market Poised for Strong Expansion Through 2032
Polaris Market Research projects the global speech analytics market to see remarkable expansion, with revenue expected to reach $11.452 billion by 2032, growing at a robust compound annual rate of 17.1 percent. It valued the market at $2.77 billion in 2023 and $3.23 billion in 2024.
This major surge reflects the growing demand for technologies that convert unstructured voice data into actionable intelligence to power customer experience, compliance, and strategic decision-making, it said, noting that it also reflects sustained momentum as organizations increasingly harness speech analytics to mine conversational data, identify trends, and enhance business outcomes.
Speech analytics technology, it said further, leverages natural language processing and machine learning to transcribe, categorize, and analyze voice interactions from calls, voicemails, contact centers, and even virtual meetings. These technologies enhance transcription accuracy, real-time sentiment detection, and predictive trend analysis and allow organizations to extract deeper insights from customer interactions, optimize service delivery, and personalize engagements with unparalleled precision, accordiong to Polaris.
One of the primary forces propelling market growth is the explosive increase in voice-based data generated by companies across digital and telephony channels. With remote work, cloud communication tools, and digital customer support scaling rapidly, businesses are accumulating large volumes of unstructured voice content that requires advanced analytics for meaningful interpretation. Speech analytics fills this gap by converting voice into strategic insights, Polaris said.
Top users of speech analytics technology include sales and marketing departments at financial services, healthcare, retail and e-commerce, IT and telecom, media and entertainment, automotive, and transportation companies, according to Polaris. Sales and marketing holds a significant revenue share, driven by the need to generate deeper customer insights, optimize lead conversion, and monitor sales performance using voice-derived analytics.
In healthcare, for example, speech analytics is becoming essential to extract insights from patient interactions, improve documentation quality, and strengthen telehealth services.
Polaris identified Aimawave, Avaya, Amazon Web Services, Calabrio, CallMiner, Genesys, Google, Invoca, NiCE, OpenText, Talkdesk, Verint, Voci Technologies, VoiceBase, and Vonage as leading providers of speech analytics solutions.