Global Speech Analytics Market is Set to Reach USD 2,963.5 million by 2024

The global speech analytics market is expected to grow at a CAGR of 19.2% during the forecast period with its market size predicted to reach USD 2,963.5 million by 2024. Globally, speech analytics industry players are leveraging market growth through product launches, partnerships, mergers & acquisitions, and geographic expansion. For example, in August 2019, NICE Ltd. acquired Mattersight Corporation (cloud-based speech analytics software provider).

Further, in June 2019, Amazon Web Services Inc. launched an artificial intelligence (AI)-powered speech analytics for Amazon Connect that offers customer insights in real-time and enable agents to respond as per the customers need and enhance the overall customer experience.

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BFSI category held the largest share in the speech analytics market in 2018

On the basis of vertical, the global speech analytics market is divided into BFSI, hospitality, it & telecom, healthcare, media & entertainment, manufacturing, government, retail, and others. Of all, the BFSI category held the largest share in the market in 2018, owing to the increasing use of speech analytics solutions by financial institutions, in order to enhance customer satisfaction, and ensure regulatory compliances.

Based on application, the global speech analytics market is categorized into customer experience management, call monitoring, agent performance monitoring, risk & compliance management, and others. Of all, the customer experience management category held the largest share in the market in 2018, owing to the growing need to analyze overall customer experience, and then forecast customer satisfaction score, which helps firms to improve their sales strategies.

Geography Insight

Geographically, North America has accounted for the largest share in the speech analytics market, globally and is predicted to grow significantly during the forecast period. The growth of this market is attributed to the existence of a large number of speech analytics solution vendors in the U.S., increasing service industry, an increasing number of contact centers in the region.

Competitive Insight

Some of the key players operating in the global speech analytics market are Hewlett Packard Enterprise Company, Calabrio Inc., Clarabridge Inc., NICE Ltd., Verint Systems Inc., CallMiner Inc., Genesys Telecommunications Laboratories Inc., Avaya Holdings Corporation, Aspect Software Inc., Zoom International, and Castel Communications.

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