Speech Analytics Market Is Expected To Create A Revenue Pocket Of USD 9.33 Billion by 2030 - Report by Market Research Future (MRFR)
Use of Speech Technology in Mobile Banking to Boost Speech Analytics Market Growth
New York, US, Jan. 23, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Speech Analytics Market Analysis by Type, By Deployment Type, By End-User, By Organization Size - Forecast 2030” valuation is poised to reach USD 9.33 Billion by 2030, registering a 20.38% CAGR throughout the forecast period (2022–2030).
Speech Analytics Market Analysis
Eminent market players profiled in the global speech analytics market report include:
Verint Systems Inc. (U.S.)
Genesys Telecommunication Laboratories, Inc. (U.S.)
Callminer Inc. (U.S.)
NICE Systems Ltd. (Israel)
Avaya, Inc. (U.S.)
HP Enterprise (U.S.)
Calabrio Inc. (US)
Calabridge Inc. (U.S.)
Aspect Software Inc. (U.S.)
Callminer Inc. (U.S.).
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Speech Analytics Market Report Scope:
The revenue forecast in 2030
USD 9.33 Billion
CAGR of 20.38% from 2022 to 2030
Value (USD Billion)
Key Market Driver
The concept of speech analytics will lead us to enable companies to select and recognize the root cause of consumer attrition and essentially provide improved various products and services which is based on consumer experiences.
Use of Speech Technology in Mobile Banking to Boost Market Growth
With human-like dialogues, the integration of voice technology with mobile banking is anticipated to increase client happiness. Additionally, latency is explained by the increased reliance on actions like password verification and security questions. Because of this, banks are putting an emphasis on innovation to create mobile banking services using speech analytics, which will ultimately support market expansion.
Growing Demand in Healthcare to offer Robust Opportunities
The growing need for cloud-based speech analytics solutions to increase client retention and the demand for speech analytics in the healthcare industry will offer robust opportunities for the market in the forecast period.
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Restraints and Challenges
Data Privacy Issues to act as Market Restraint
Data privacy issues, security concerns, and restricted use cases of real-time speech analytics may act as market restraints over the forecast period.
The speech analytics market is bifurcated based on type, deployment, end user, and organization size.
By type, solutions will lead the market over the forecast period. This segment's significant market share may be ascribed to the expanding use of voice analytics software in call centers, the rising demand for reporting and visualization tools throughout the retail sector, and the growing demand for customer experience and engagement solutions.
By deployment type, cloud will domineer the market over the forecast period. The significant market share of this market segment is attributed to the growing demand for highly sophisticated cloud-based speech analytics software, the growing demand for cloud-based communication solutions, the growing need to store and analyze data through cloud platforms, and the growing advantages offered by such software.
By end user, IT will spearhead the market over the forecast period. The large market share of this market segment is attributed to the growing demand for speech analytics solutions by telecom companies to gather more actionable information in less time, the growing demand to boost customer retention by cultivating and maintaining customer relationships, and the rising popularity of solutions to implement protocols to take advantage of cross-selling and upselling opportunities in the IT industry.
By organization size, SMEs will spearhead the market over the forecast period. The significant market share of this market category is primarily attributable to the increased demand for automated customer interaction management in call centre operations, call recording technology proliferation, and enhanced operational efficiency in small customer service environments.
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As a result of the lockdowns implemented during the second and third quarters of 2020, the COVID-19 pandemic generated a number of difficulties for the speech analytics market. The pandemic reduced the end user industries' financial resources, which reduced the demand for speech analytics products and services. Major businesses, including contact centers, BFSI, retail, healthcare, and life sciences, began to recover from the economic blow caused by the pandemic in 2021, though. Due to delayed and postponed purchases for speech analytics products, the COVID-19 pandemic had a small influence on the market for speech analytics, but it began to recover quickly from the last quarter of 2020. Social isolation was the new norm, and these limitations had a long-lasting impact on a number of fields, including the creation, dissemination, and application of speech analytics market technologies. To stop the transmission of infection, many businesses around the world cut back on employee engagement and contact while adhering to strict government regulations.
During the COVID-19 pandemic, a number of top speech analytics providers made use of a robust portfolio of speech analytics solutions and improved their product capabilities, ultimately fostering the expansion of the speech analytics industry. In 2022, for instance, NICE Ltd. (Israel) introduced the NICE NTR-X solution for compliance recording capture for communications made possible by Zoom, including Zoom Phone and Zoom meetings, a feature-rich cloud phone solution.
North America to Lead Speech Analytics Market
Because more cloud-based services are being used by production systems and distribution channels, North America is anticipated to be the market with the largest profit contribution. The significant market share of this region is attributed to the growing use of emotion analysis solutions in customer experience management, the expansion of e-commerce platforms, the growing emphasis on customer satisfaction, the rising demand for speech analytics software to manage inbound, outbound, and blended calls, e-mails, web inquiries, and chats, the rising demand for customer self-service interactions, and the growing popularity for healthcare fraud analytics and detection.
APAC to Spearhead Speech Analytics Market
Due to increased investment by major players like Rackspace business, JoyentCloud, and VMware limited in modernizing cloud-based services globally, countries in the Asia Pacific region are expected to experience rapid growth in the web-scale IT industry. Additionally, major developing nations have seen an increase in demand for various software-based services. For instance, it is anticipated that India and China would drive expansion in a number of web-scale IT businesses across the Asia-Pacific. Due to rising technology spending in nations like Australia, China, and India, rising demand for affordable analytical software and services among small and medium-sized enterprises (SMEs), and rising usage and awareness of speech and voice recognition technology in the automotive sector, the Asia-Pacific region is anticipated to experience the highest CAGR during the forecast period.
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October 2022- To improve client experience and give its employees the tools they need to adapt to hybrid working, mortgage lender Florius has made investments in contact centre as a service technology. The business has made an investment in the automated quality management features of the Avaya OneCloud service, integrated with Florius business applications, to equip remote workers with technological resources to improve the caliber of all customer interactions through sophisticated, real-time speech analytics.
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