The global speech analytics market is expected to grow from $1.74 billion in 2021 to $2.13 billion in 2022 at a compound annual growth rate (CAGR) of 22.52%. The market is expected to reach $5.04 billion in 2026 at a CAGR of 24.05%.
The components of speech analytics includes solutions and services. The solutions in the speech analytics market consists of the sales of speech analytics solutions by entities (organizations, partnerships, and sole proprietors) that are used for analyzing the conversation. A speech analytics solution concentrates on words spoken during a recorded phone call. This technology organises the content of agent-customer conversations by transforming speech into text.
The deployment mode used by speech analytics includes on-premises and cloud. The speech analytics solutions and services are used in customer experience management, call monitoring and summarization, agent performance monitoring, sales and marketing management, risk and compliance management, sentiment analysis, by large enterprises and small and medium-sized enterprises (SMEs). The industry verticals utilizing speech analytics solutions and services includes banking finance services and insurance (BFSI), IT and telecom, media and entertainment, retail and eCommerce, travel and hospitality, government and defence, healthcare and life sciences, and other verticals.
North America was the largest region in the speech analytics market in 2021. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The high adoption of speech analytics by companies is significantly driving the growth of the speech analytics market. Since speech analytics help in problem identification, customer experience enhancement as well as sentiment analysis, companies across various industrial segments are adopting speech analytics rapidly.
This creates a huge scope for future development of speech analytics technology by the key companies through partnerships and strategic alliances. For instance, in September 2021, Scotiabank has partnered with Google Cloud to strengthen the bank's cloud-first commitment and speed up its global speech, text, and data analytics strategy.
Google Cloud, as a Scotiabank trusted partner for analytics, will assist Scotiabank customers in the Americas and around the world in creating a more personalised and predictive banking experience. This partnership helps Scotiabank to offer more customized banking services by adopting speech and data analytics using Google Cloud. Hence, the increasing adoption of speech analytics by companies is expected to propel the growth of the speech analytics market over the coming years.
Scope
Markets Covered: 1) By Components: Solutions; Services 2) By Deployment Mode: Cloud; On-premises 3) By Organization Size: Large enterprises; Small and Medium-Sized Enterprises (SMEs) 4) By Applications: Customer Experience Management; Call Monitoring and Summarization; Agent Performance Monitoring; Sales and Marketing Management; Risk and Compliance Management; Sentiment Analysis 5) By Vertical: Banking Finance Services and Insurance (BFSI); IT and Telecom; Media and Entertainment; Retail and eCommerce; Travel and Hospitality; Government and Defence; Healthcare and life sciences; Other Verticals
Key Topics Covered:
1. Executive Summary
2. Speech Analytics Market Characteristics
3. Speech Analytics Market Trends And Strategies
4. Impact Of COVID-19 On Speech Analytics
5. Speech Analytics Market Size And Growth
6. Speech Analytics Market Segmentation
7. Speech Analytics Market Regional And Country Analysis
8. Asia-Pacific Speech Analytics Market
9. China Speech Analytics Market
10. India Speech Analytics Market
11. Japan Speech Analytics Market
12. Australia Speech Analytics Market
13. Indonesia Speech Analytics Market
14. South Korea Speech Analytics Market
15. Western Europe Speech Analytics Market
16. UK Speech Analytics Market
17. Germany Speech Analytics Market
18. France Speech Analytics Market
19. Eastern Europe Speech Analytics Market
20. Russia Speech Analytics Market
21. North America Speech Analytics Market
22. USA Speech Analytics Market
23. South America Speech Analytics Market
24. Brazil Speech Analytics Market
25. Middle East Speech Analytics Market
26. Africa Speech Analytics Market
27. Speech Analytics Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Speech Analytics Market
29. Speech Analytics Market Future Outlook and Potential Analysis
