Speech Analytics to Grow to $5.9 Billion by 2027
Market research firm Valuates said in a recent report that the global speech analytics market reached $ 1.8 billion in 2021 and expects it ro reach $5.9 billion by 2027, expanding at a compound annual growth rate of 21.88 percent.
The firm defines speech analytics as the automated process of extracting audio recordings or live calls and analyzing them to find relevant business insights using specialized software that can understand the spoken word of many dialects and translate it into text.
Speech analytics, the firm said, is widely used in healthcare, financial services, and insurance, which have compliance requirements regarding customer data storing and searching. Nowadays, it can be combined with customer relationship management (CRM) strategies to help businesses increase their bottom line and improve customer retention rates.
It also points out that as contact centers have become a major source for customer feedback, the volume of call recordings exceeds the contact center's ability to review and analyze them manually. This represents one of the significant factors influencing the demand for speech analytics for automatically providing insights about customer satisfaction, competitive intelligence, service issues, agent performance, and campaign effectiveness.
Additionally, due to the escalating need for risk and compliance management, organizations worldwide are adopting speech analytics to help retain existing customers, reduce the need for additional marketing, advertising, and on-boarding costs for acquiring new customers.
Moreover, speech analytics is gaining traction in the information technology (IT) and telecommunication sector to help organizations expand their consumer base and overall profits. Apart from this, several market players are providing economical, cloud-based solutions, which is anticipated to promote the adoption of speech analytics across small and medium-sized enterprises worldwide.
The report identifies Almawave, ASC Technologies, Avaya, Calabrio, CallMiner, Clarabridge (Qualtrics), GemaTech, Genesys, NICE inContact, OnviSource, OPEX Hosting, and Verint as key players in the market.