Speech Analytics Market Analysis Report - Size, Share & Forecast 2030

Coverage: Speech Analytics Market covers analysis By Component (Solution, Services); Deployment Type (On-Premise, Cloud); Industry Vertical (BFSI, Media and Entertainment, IT and Telecommunication, Healthcare and Life Science, Retail and E-commerce, Others)

Publication Month : Mar 2024

  • Report Code : TIPTE100000186
  • Category : Technology, Media and Telecommunications
  • Status : Upcoming
  • No. of Pages : 150
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[Research Report] The speech analytics market size is expected to grow from US$ 2.13 billion in 2022 to US$ 6.09 billion by 2030; it is estimated to grow at a CAGR of 14.0% from 2022 to 2030.

Analyst Perspective:

The speech analytics market has witnessed significant growth in recent years, driven by technological advancements, increased demand for speech authentication solutions for mobile financial applications and increased utilization in the retail and e-commerce industry. Furthermore, the increasing number of contact centers is also driving the market growth. The growing technological developments such as artificial intelligence (AI) and machine learning (ML) are emerging as lucrative growth opportunities for market growth.

Market Overview:

Speech analytics refers to the process of analyzing voice recordings or live customer calls to contact centers with the help of speech recognition software to find useful information and provide quality assurance. Solutions help to identify words and analyze audio patterns to detect emotions and stress in a speaker's voice. These technologies are widely used during customer interactions in call centers to identify information such as the reason for the call, the products mentioned and the caller's mood. It enable businesses to take action on less usable information from customer service calls and gain insights about customers.

The majority of the contact centers adopt these solutions primarily for cost-saving purposes. While cost reduction is the initial factor for higher adoption, it offer many more benefits, adding significant value in business process optimization, quality improvement, customer satisfaction improvement, litigation avoidance, and revenue augmentation. In today’s data-driven world, speech analytics solutions are extremely important across a range of businesses.

Strategic Insights

Market Driver:

Increased Demand from the BPO Sector to Drive Growth of the Market

The BPO sector is witnessing increased adoption of technology solutions, including BPO speech analytics, to help contact center agents understand their customers better. Speech analytics in the BPO sector helps users understand human speech and is ideal for use in AI-based chatbots. For queries that are too complicated and complex for chatbots to understand and handle, it can transfer the customer to live agent assistance using Robotic Process Automation (RPA). It helps to identify the customer’s real intent in real time and offer suitable alerts to the agent. Real-time speech analytics solutions in BPO can monitor 100% of the customer calls, derive actionable insights, raise red flags in areas of concern, assist during the agent QA process and more. It help to alleviate longstanding BPO pain points, streamline manual burdensome processes and help BPOs adhere to the business and customer metrics.

Speech analytics software in BPO also assists in training BPO agents with domain knowledge, analyzing call disposition across multiple tags and increasing first-call resolution. BPO speech analytics tools also continuously monitor agent’s performance and send the correct feedback to supervisors in real-time while adhering to regulatory compliance in the BPO industry. Moreover, some of the benefits offered for customer support call centers are:

  • Understand the customers and their problems better
  • Improves the quality of support provided using customer data
  • Learn about customer's real intent and anticipate their needs
  • Streamline BPO processes and reduce the cost of running a call center
  • Provide better onboarding and training for call center agents
  • Uncover insights and discover new business opportunities
  • Get a better sense of the issues with the products offered.

It helps to determine customer sentiments, emotions, and implied needs. With speech analytics, brands can improve customer service and customer satisfaction, plug customer service loopholes and course-correct detrimental actions. Thus, increased demand from the BPO sector drives the growth of the market.

Market Report Segmentation and Scope:

The " Speech Analytics Market" is segmented based on component, deployment, industry, and geography. Based on components, the market is segmented into solutions and services. Based on deployment, the market is segmented into on-premises and cloud. Based on industry, the market is segmented into BFSI, media and entertainment, IT and telecommunication, healthcare and life science, retail and e-commerce, and others. The market, based on geography, is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

Speech Analytics Market Segmental Analysis:

Based on deployment, the speech analytics market is segmented into on-premises and cloud. The cloud segment in the speech analytics market is expected to grow with the highest CAGR in the forecast period owing to its cost benefits provided over the on-premise solution. The cloud-based solution requires no hardware or software to install on a company’s network, and little to no involvement is needed from the IT departments, including maintenance time. A cloud-based solution is also much more flexible when compared to an on-premise solution and can be deployed within a week. Furthermore, cloud-based speech analytics provides several benefits in various areas, such as transcription accuracy, innovation, scalability, security, cost saving and others.

Speech Analytics Market Segmental Analysis:Regional Analysis:

The North American speech analytics market was valued at US$ XX billion in 2022 and is projected to reach US$ XX billion by 2030; it is expected to grow at a CAGR of XX% during the forecast period. North America holds one of the largest global speech analytics market shares. High technology adoption trends in various industries in the North American region have fueled the growth of the speech analytics market. Factors such as increased adoption of digital marketing and high technological spending by government agencies are expected to drive the North American speech analytics market growth. Moreover, a strong emphasis on research and development in the developed economies of the US and Canada is forcing the North American players to bring technologically advanced solutions into the market. In addition, the US has a large number of speech analytics market players who have been increasingly focusing on developing innovative solutions. Some of the key players in the speech analytics market are NICE; Verint System Inc.; Avaya Inc.; and Genesys Telecommunications, among others. All these factors contribute to the region’s growth of the market.  

Key Player Analysis:

The speech analytics market analysis consists of players such as NICE; Verint System Inc.; Avaya Inc.; Genesys Telecommunications;  Callminer Inc.; Raytheon BBN Technologies; OpenText Corp; Calabrio Inc.; VoiceBase Inc.; Amazon Web Services, Inc. are among the key speech analytics market players profiled in the report.

Recent Developments: 

Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the market. A few recent key market developments are listed below: 

  • In February 2023, Airtel and Nvidia announced a partnership to deploy AI-powered speech analytics solutions for customer services. Under this partnership, Airtel leveraged the NVIDIANeMo conversational AI toolkit and Nvidia Triton Inference Server, a multi-framework inference serving software supported in the Nvidia AI Enterprise software suite, in order to develop the technology that enables automated speech recognition.
  • In May 2023, Canary Speech announced a partnership with Microsoft to apply AI technology to expand their machine-learning speech models for healthcare. Under this partnership, Canary will be a Microsoft Cloud for Healthcare co-sell partner and employ Microsoft's AI to accelerate speech analysis technology to reduce healthcare costs, address mental health challenges and scale remote patient monitoring solutions.
  • In November 2022, Verint announced that Startek leverages the Verint Speech Analytics solution to derive insights from the company’s more than 500 million annual customer interactions. Deploying Verint Speech Analytics has enabled Startek to move away from call sampling to a more holistic approach comprised of identifying call drivers and root causes through advanced speech analytics, transcribing more than 80% of recorded calls to analyze emerging trends, identify areas of opportunity, and pinpoint customer concerns.
  • In June 2022, Aural Analytics, Inc. entered into a partnership with Koneksa to strengthen their platform and research capabilities using Aural Analytics’ technology, Speech Vitals. This partnership strengthened Aural Analytics’s reach across the research ecosystem and advanced its mission to develop clinical-grade speech analytics.
  • In January 2021, Pegasystems announced the acquisition of Qurious.io, a cloud-based real-time speech analytics. This acquisition helped Pegasystems to add capabilities to their software portfolio.
  • In December 2020, RingCentral announced the acquisition of AI speech analytics startup DeepAffects to bring AI speech analytics to its unified communications and contact center.

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Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Component, Deployment Type, Industry Vertical

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

This text is related
to country scope.

The List of Companies

1. Almawave
2. Avaya Inc
3. Calabrio
4. CallMiner
5. Genesys
6. Marchex, Inc.
7. NICE Systems
8. Verint Systems Inc.
9. VoiceBase, Inc.
10. ZOOM International

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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