Speech Analytics to Be Worth $14.1 Billion by 2029
Meticulous Research expects the global speech analytics market to reach $14.1 billion by 2029, expanding at a compound annual growth rate (CAGR) of 20.1 percent.
Speech analytics, also called interaction analytics, leverages artificial intelligence to understand, process, and analyze human speech, the firm said, pointing to such benefits as improving agent experience, identifying customer needs and interests, reducing customer effort, ensuring quality assurance, enhancing agent coaching, and driving customer satisfaction.
The company reported a surge in demand for speech analytics to improve contact center operations, enhance fraud detection, and to enhance patient safety and support staff and patient workflows during the COVID-19 pandemic.
Among the many use cases, Meticulous' report segments the market into customer experience management, call monitoring and summarization, sales and marketing management, risk and compliance management, sentiment analysis, fraud detection and security, and other applications. Of those, it said the sales and marketing management segment accounted for the largest share of the global speech analytics market due to the rising demand for quality insights to identify trends to build profitable campaigns, spot competitive challenges, and discover up-sell and cross-sell opportunities.
According to the research firm, in 2022, the IT and telecommunication segment accounted for the largest share of the global speech analytics market. However, the business process outsourcing segment is expected to register the highest CAGR during the forecast period due to growing demand to resolve simpler customer queries using AI-based chatbots, increasing need to monitor customer calls and derive actionable insights, and increasing demand to monitor agent performance and assess call quality.
Some of the key players in the global speech analytics market are NICE, Verint, CallMiner, Genesys, Avaya, Audio Analytic, Calabrio, Batvoice Technologies, Qualtrics, Dialpad, WinterLight Labs, The Plum Group, Aural Analytics, Amazon, Uniphore, Intelligent Voice, Kwantics, Gnani Innovations, and SAS Institute, according to the report.
Market Research Future expects the worldwide market for speech analytics software to grow by more than 20 percent per year through 2030.