Speech Analytics Poised for Robust Growth

Market research firm Market Digits expects the worldwide speech analytics market to grow from a current level of $2.9 billion to 3.4 billion by 2030, growing at a compound annual rate of 16.8 percent.

The firm credits the expanding use of mobile financial applications as well as the increasing adoption in retail and e-commerce sectors for propelling the market forward. Meanwhile, advancements in artificial intelligence and natural language processing are set to provide actionable insights and thus thrust the market into a new era of user experience and customer relationship management, it concluded.

From finance to healthcare, businesses are leveraging speech analytics tools to refine customer service, detect early signs of customer dissatisfaction, and augment their market intelligence capabilities. Consequently, organizations are enjoying improved operational efficiencies and the fostering of a more loyal customer base, the analyst firm concluded in the report.

Among the leading companies identified in the report were NICE, Verint, Avaya, OpenText, Google, Vonage, Genesys, Calabrio, CallMiner, Almawave, Amazon Web Services, Qualtrics, Talkdesk, Alvaria, and Castel.

"These key players are integral in driving innovation, as they continually enhance their offerings in speech analytics with advanced AI-backed tools. Amid rising concerns about data privacy and security, these organizations strive to introduce more robust solutions to safeguard sensitive information and, in turn, instill confidence in their user base," Market Digits concluded.