The latest report by IMARC Group, titled “Speech Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024-2032,” offers a comprehensive analysis of the speech analytics market report. The report also includes competitor and regional analysis, along with a breakdown of segments within the industry.
The global speech analytics market size reached US$ 2.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 12.6 Billion by 2032, exhibiting a growth rate (CAGR) of 18.5% during 2024-2032.
Speech Analytics Market Trends:
The global market is primarily driven by the increasing demand for customer experience management solutions. Moreover, the integration of advanced technologies such as artificial intelligence and machine learning in speech analytics tools significantly propels market growth by providing more accurate and insightful analysis. Additionally, the rising need for risk management and fraud detection across various sectors propels the adoption of speech analytics.
Furthermore, regulatory compliance requirements, especially in highly regulated industries such as finance and healthcare, drive organizations to implement speech analytics solutions. Besides, the growing volume of unstructured data generated from customer interactions necessitates efficient data management and analysis, further driving market demand. Moreover, the changing trend towards remote working and virtual customer service environments has increased the reliance on speech analytics to monitor and improve performance.
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Speech Analytics Market Scope and Growth Analysis:
The scope of the market is expanding due to the increasing application of speech analytics across various industry verticals, including retail, healthcare, BFSI, and telecommunications. As per market analysis, the adoption of cloud-based solutions is another significant factor contributing to market growth, offering scalability and flexibility to businesses of all sizes. Furthermore, the growing emphasis on customer-centric strategies and personalized customer experiences necessitates the deployment of advanced speech analytics tools.
The integration of speech analytics with customer relationship management (CRM) and other enterprise systems enhances the overall utility and effectiveness of these tools, thus driving market expansion. Moreover, advancements in natural language processing (NLP) and voice recognition technologies are enabling more accurate and efficient speech analytics solutions, broadening their applicability. Additionally, the increasing volume of voice data generated from various digital platforms and contact centers provides a vast resource for analysis, fostering market growth. The ongoing innovation and development in artificial intelligence (AI) and machine learning (ML) further enhance the capabilities of speech analytics, ensuring continuous market expansion.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- Almawave S.p.A.
- ASC Technologies AG
- Avaya
- Calabrio, Inc.
- CallMiner
- Clarabridge
- GemaTech
- Genesys
- inContact (NICE Systems)
- OnviSource Inc.
- OPEX Hosting
- Verint System Inc
Speech Analytics Market Segmentation:
Our report has categorized the market based on region, type, deployment, enterprise size and end use.
Breakup by Type:
- Solution
- Service
Breakup by Deployment:
- On-premises
- Cloud-based
Breakup by Enterprise Size:
- Small and Medium Enterprises
- Large Enterprises
Breakup by End Use:
- BFSI
- IT and Telecommunication
- Retail
- Healthcare
- Government
- Hospitality
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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