Speech Analytics Market to Be Worth $5.1 Billion by 2027

Research firm MarketsandMarkets valued the worldwide speech analytics market at $2.3 billion in 2022 and expects it to reach $5.1 billion by 2027, growing at a compound annual rate of 17.3 percent.

Some factors driving the growth of the speech analytics market are the increasing need to improve the customer journey and overall experience, enhance and monitor agent performance, and adhere to regulatory and compliance standards.

MarketsandMarkets defines speech analytics as solutions that include speech engines; indexing and query tools; reporting and visualization tools; contact center software; root cause analysis; and other solutions, like emotion detection, quality assurance and monitoring, and performance management). Among them, it says contact center software holds the largest market share as companies work to gain actionable business intelligence by deploying artificial intelligence and natural language processing engines to customer conversations in multiple digital channels.

Speech analytics, it added, benefit businesses by increasing the number of calls that can be examined without a corresponding increase in quality assurance staff.

Large companies with more than 1,000 employees also hold the largest share of the market, according to MarketsandMarkets, which noted that these firms have the in-depth infrastructure, support teams, and large budgets to implement audio communication solutions.

MarketsandMarkets identified NICE, Verint, Avaya, OpenText, Google, Vonage, and Genesys as the key players in the speech analytics market.