Global Speech Analytics Market
Dublin, Sept. 06, 2022 (GLOBE NEWSWIRE) -- The "Global Speech Analytics Market by Component (Solutions, Services), Application (Risk & Compliance Management, Sentiment Analysis), Organization Size, Deployment Mode (Cloud, On-premises), Vertical, and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global Speech Analytics market is anticipated to grow from USD 1.8 billion in 2021 to USD 4.5 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 20.5% during the forecast period. Various factors such as the growing demand for monitoring and improving agent performance and the increasing demand for voice authentication in mobile banking applications during COVID-19. The use of AI and ML-based technologies to facilitate real-time actionable customer insights and the rise in the need to predict customer intent are expected to drive the growth of Speech Analytics market.
The demand for speech analytics solutions and services is expected to increase due to the rising demand for call monitoring, customer experience management, agent performance management, sentiment analysis, and risk and compliance management applications.
Several verticals are already planning to deploy a diverse array of speech analytics solutions and services to enable digital transformation initiatives, which address mission-critical processes, improve operations, and differentiate customer relationships. The reduction in operational costs, better customer experiences, improved network security and privacy capabilities, enhanced visibility into processes and operations, and improved real-time decision-making are the key business and operational priorities expected to drive the speech analytics market.
The services segment is projected to grow at a higher CAGR during the forecast period
The global speech analytics market, by component, has been segmented into solutions and services. The services segment is projected to grow at a higher CAGR during the forecast period. The services segment plays a vital role in the functionality of speech analytics solutions. These services are an integral step in deploying technology solutions and are taken care of by solution and service providers. The demand for speech analytics solutions increases globally due to the rising demand for enhanced customer support across major key verticals.
The customer experience management segment will hold the largest market size during the forecast period
The speech analytics market is segmented by applications into customer experience management, call monitoring and summarization, agent performance monitoring, sales and marketing management, risk and compliance management, sentiment analysis, and other applications (competitive intelligence, business process management, and predictive analysis).