Global Speech Analytics Market Ascends at a Noteworthy CAGR of 21.11%

Introduction

Speech analytics aims to improve communication and future interactions by meticulously analyzing important recorded phone calls to collect valuable customer data. Multiple contact centers use the speech analytics market to extract or derive meaningful information from a large number of client-business interactions. It is simple to identify advanced technology, such as cost drivers, the strengths and weaknesses of new processes and products, upcoming trend analysis, and assistance in comprehending how the core market perceives the various types of offerings. The advanced need for customer relationship management, the rise in various levels of competition among the numerous existing players in the speech analytics market, upcoming product development, and several stringent management practices are the primary factors driving the expansion of the speech analytics market. The speech analytics industry is all about risk management, and the rising demand for compliance in advance is also a significant factor in the rate of compliance in advance. With significant expertise and in-depth knowledge of third-party resources for the initial implementation of such cutting-edge solutions, the demand for Speech Analytics continues to increase. Increasing customer interaction via multiple channels, such as voice, social media, and surveys, is crucial to the growth of the speech analytics market.

Market Dynamics

The growing demand for voice authentication in mobile banking applications is a driver.

By integrating speech technology with phone banking, banks can facilitate natural, human-like conversations and satisfying customer interactions. Through innovation, banks intend to improve their mobile banking services. Previously, they relied on cumbersome and nonintuitive authentication methods, such as password verification, One-Time Passwords (OTPs), and security questions. However, the situation is now changing. Banks now recognize the importance of integrating voice recognition technology into mobile applications to enhance security and user experience. To improve the customer experience, financial service providers have already begun offering voice authentication services to their users, receiving positive feedback. United Services Automobile Association (USAA), Barclays Bank, and ING Bank are examples.

Use of AI- and ML-based technologies

Innovative technologies such as artificial intelligence (AI) and machine learning (ML) offer automated real-time insights. Speech analytics tools powered by artificial intelligence can automatically record the entire customer-agent interaction and reveal hidden opportunities and insights, resulting in improved outcomes. Speech analytics provides high-level perspectives and detail-level drill-down, enabling the identification of actionable insights through high-volume discovery. After recording and analyzing customer interactions, real-time speech analytics provides agents with the next-best actionable guidance message, thereby enhancing operational effectiveness. Additional benefits of speech analytics include accurate performance metrics, identifying call patterns and trends, and emerging new revenue streams. Finance, hospitality, healthcare, and retail are among the many industries where real-time speech analytics is gaining popularity. Utilizing technologies such as AI and ML will be advantageous for speech analytics market participants. VoiceBase, a well-known provider of speech analytics, provides supervisors and agents in call centers with AI-powered speech analytics solutions.

Regional Analysis of the Global Speech Analytics Market

The market is segmented by region into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. Due to the abundance of local vendors, North America held the largest share of the global market, particularly in the United States. However, the region is expected to experience sluggish growth over the forecast period due to increased technological adoption and subsequent maturation. Asia-Pacific is anticipated to experience the fastest growth over the forecast period. In addition, the Asia-Pacific contact center outsourcing market has recently experienced accelerated growth, compelling industry participants to provide businesses with innovative solutions.

Key Highlights:

• The global speech analytics market size was valued at USD 2.98 billion in 2024 and is projected to reach from USD 3.61 billion in 2025 to USD 16.73 billion by 2033, growing at a CAGR of 21.11% during the forecast period (2025-2033).
• The Global Speech Analytics Market is segmented by Solution, deployment, enterprise size, end-use, and region. Based on the Solution, the market is bifurcated into solutions and services. Over the forecast period, the solutions segment will dominate the market.
• By deployment, the market is classified into On-premise and Cloud. The largest segment was on-site employment.
• Based on enterprise size, the market is divided into Small & Medium Enterprises (SMEs) and Large Enterprises. The segment is anticipated to grow at a significant CAGR over the forecast period. SMEs accounted for the most significant portion of the total share.
• By end-user, the market I segmented into BFSI, Telecommunication, IT, Retail, Healthcare, Government, Hospitality, and Others. Over the forecast period, the telecom sector is anticipated to experience rapid growth.

Competitive Players

1. NICE (US)
2. Micro Focus (UK)
3. Verint (US)
4. Avaya (US)
5. OpenText (Canada)
6. Google (US)
7. Vonage (US)
8. Genesys (US)
9. Calabrio (US)
10. CallMiner (US)
11. AWS (US)
12. Clarabridge (US)
13. Almawave (Italy)
14. Talkdesk (US)
15. Alvaria (US)
16. Castel (US)
17. VoiceBase (US)
18. Intelligent Voice (US)
19. CallTrackingMetrics (US)
20. Five9 (US)
21. 3CLogic (US)
22. CloudTalk (US)
23. Deepgram (US)
24. Gnani.ai (India)
25. Observe.AI (US)
26. SpeechTech (US)
27. Speech-i Ltd (England)
28. Batvoice (France)
29. Kwantics (India)
30. Speech Village (UK)
31. Salesken (US).

Recent Developments

• In December 2021, Google Cloud announced the strategic partnership with Scotiabank to deepen the bank's cloud-first commitment and accelerate the global data and analytics strategy. Google Cloud will help create a more personal and predictive banking experience for Scotiabank customers in the Americas and globally.    
• In December 2021, Micro Focus Vertica launched its new Vertica 11 Analytics Platform. The product includes significant feature enhancements to deliver unified analytics and machine learning across multi-cloud and multi-regional deployments and touts self-service container workflows. Vertica 11 also enables customers to unify their data silos and choose from broad deployment options.

Segmentation

1. By Type
   1. Solution
   2. Service
2. By Deployment
   1. On-premise
   2. Cloud
3. By Enterprise Size
   1. Small &Medium Enterprises (SMEs)
   2. Large Enterprises
4. By End-Use
   1. BFSI
   2. Telecommunication
   3. IT
   4. Retail
   5. Healthcare
   6. Government
   7. Hospitality
   8. Others