Speech Analytics to Be Worth $4.5 Billion by 2026
MarketsandMarkets projects the worldwide speech analytics market to grow from $1.8 billion in 2021 to $4.5 billion by 2026 at a compound annual rate of 20.5 percent.
Speech analytics, it said, automates the delivery of insights from customer interactions, extracting valuable information from multiple customer conversations, sifting through unstructured call data to identify the probable causes of failure and success as well as identify relationships. These solutions provide a complete analysis of speaker separation, customer discontent, root-cause analysis, call-topic, and visual context for enhanced customer experience.
The speech analytics market, it said further, includes solutions for customer experience management, call monitoring and summarization, agent performance monitoring, sales and marketing management, risk and compliance management, sentiment analysis, competitive intelligence, business process monitoring, and predictive analysis. Of those, the customer experience management segment holds the largest market share, driven by the need for identifying agents who need training and support and reducing business bottlenecks in business.
The reduction in operational costs, better customer experiences, improved network security and privacy capabilities, enhanced visibility into processes and operations, and improved real-time decision-making are the key business and operational priorities expected to drive the speech analytics market, MarketsandMarkets added.
The report noted that cloud deployments account for a larger market share, due in large part to benefits such as scalability and cost-effectiveness.
Based on organization size, larger companies held a larger market share in 2021, but the availability of cost-effective cloud solutions are expected to boost adoption among small and midsized firms, MarketsandMarkets predicts.
Among verticals, MarketsandMarkets expects the healthcare and life sciences vertical to grow at the highest CAGR during the forecast period due to increasing patient data resulting from the COVID-19 pandemic and the need to handle patient queries for better medical treatment.
Key players offering speech analytics solutions include NICE, Micro Focus, Verint, Avaya, OpenText, Google, Vonage, Geneys, Calabrio, CallMiner, Amazon Web Services (AWS), Clarabridge, Almawave, Talkdesk, Alvaria, Castel, VoiceBase, Intelligent Voice, CallTrackingMetrics, Five9, 3CLogic, CloudTalk, Deepgram, Gnani.ai, Observe. AI, SpeechTech, Speech-i, Batvoice, Kwantics, Speech Village, and Salesken, the report notes.