Global Speech Analytics Market Expected to Grow to Over $2,175.8 million by 2022

The global speech analytics market size is expected to grow from USD 941.1 million in 2017 to USD 2,175.8 million by 2022, at a Compound Annual Growth Rate (CAGR) of 18.2% during the forecast period, according to a new report. Increasing focus on higher customer satisfaction is one of the key factors fueling the growth of this market. 

Cloud-based speech analytics solutions and rising need to predict are expected to evolve the speech analytics. As a result, it will provide growth opportunities for the market. However, integrating with the existing system with the right approach is a major restraining factor for the growth of speech analytics market. 

Indexing, analysis, and query tools are expected to hold the largest market size during the forecast period. Indexing starts with the analysis of the subject and various target words in a speech. This process involves the extraction of words directly from the speech or searches the words from the in-built vocabulary. The software derives the findings from speech engine to index them for further analysis and ad-hoc searching. This is where the tools import data from other telephony and servicing solutions. 

Phonetic indexing converts the agent-customer conversation into a string of phonemes and identifies a predefined list of words or else conducts a free text search. Without the indexing process, the speech engine software scans for every document, which would take considerable time. Therefore, companies utilize this solution to minimize the time involved. 

The query engine helps end users in defining their queries and presenting the required output from the solution. The search tool conducts ad-hoc searches on processed audio files for nested filtering 

The speech analytics market growth in Asia Pacific (APAC) region is gaining momentum and is expected to grow at the highest rate in the coming years. Rising awareness can be attributed to continuous increase in companies' focus on improving their customer service to drive competitive differentiation and revenue growth. 

Also, to enhance business productivity supplemented by speech analytics solutions and services has made APAC a highly potential market. In addition, major economies in APAC, such as India, Singapore, Malaysia, Japan, South Korea, and Australia are adopting the cloud technology.