Voice and Speech Analytics to Grow by $1.73 Billion Through 2025

Research firm Technavio expects the voice and speech analytics market to grow by $1.73 billion from 2020 to 2025, progressing at a compound annual growth rate of 15.96 percent. Of that growth, 39 percent of it will come from North America alone.

Factors such as growth in emotion analytics and demand from the growing outsourcing sector will be crucial in driving the growth of the market. However, accuracy concerns will continue to restrict the market growth, according to the research.

Technavio also reports that the voice and speech analytics market is fragmented and vendors are focusing on technical innovation for extensive product development to compete in the market. It identified audEERING, Avaya, Calabrio, Clarabridge, Invoca, NICE, Talkdesk, ThoughtSpot, Uniphore Software Systems, and Verint as leading vendors of the technology.