Speech Analytics to Hit $9.3 Billion by 2030

Market Research Future expects the worldwide speech analytics market to reach $9.33 billion by 2030, growing at a compound annual rate of 20.38 percent.

The report identifies Verint, Genesys, CallMiner, NICE, Avaya, HP, Calabrio, Clarabridge, and Alvaria as the main players in the speech analytics market.

The research firm noted that the increasing use of speech analytics by financial service firms to build out mobile banking applications and by healthcare providers to increase retention will ultimately support market expansion. The report also found expanding use of voice analytics software in call centers, rising demand for reporting and visualization tools throughout the retail sector, and growing demand for customer experience and engagement solutions as contributors to the market expansion.

The industry analyst firm also expects cloud-based technologies to dominate the market, which will also see the most activity from small and midsized companies dceploying the technology in their contact centers to make sense of their expanding contact center receording libraries.

The market will continue to face data privacy and security concerns, though, which might restrain the market somewhat, it said.

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