Speech Analytics Market Growth Rate, Developments In Major Areas, Market Size, Dynamics, Opportunities, & Forecast With Demographic Data Till 2030

In today’s competitive world, companies are finding it difficult to engage customers for the long-term. Due to many choices available to customers, it is being observed that they are no more brand loyal. Despite being provided with a better price and product quality, customers prefer buying products from competitors, if they face any service-related problems. Therefore, customer satisfaction, in terms of product-quality, pricing, and customer services, has become a major focus area for all businesses.

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Valuing $1,010.4 million in 2018, the speech analytics market is predicted to garner $2910.1 million, advancing a 19.9% CAGR in the coming years. The applications of the speech analytics software are risk & compliance management, agent performance monitoring, call monitoring, and customer experience management.

To enhance customer experience, companies are working to improve the customer retention rate and new customer acquisition process for higher product sales. One of the ways employed by business entities is the adoption of speech analytics software that helps in the monitoring and analyzing of all the attended calls.

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The software helps organizations evaluate the responses by agents as well as keep a track of changing demands of customers and gauge their level of satisfaction.Speech analytics software reviews and analyzes live customer calls and recordings to draw an analysis of overall customer experience, and help organizations in devising strategies for enhancing customer experience.

In 2018, the largest application area of this software was customer experience management. In fact, in the near future as well, it will continue being the largest application area of speech analytics software. This can be attributed to the rising need for the evaluation of the overall customer experience and further predict the customer satisfaction score to help companies improve their product and services sales.

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How Rising Business Competition Impacts Speech Analytics Market?

There is a popular saying, “The customer is always right”. Despite its literal meaning not always being true, what it actually means is that all requests, queries, and demands of customers must be tended to, if a company hopes to retain them and make consistent profit. In today’s times of intense competition, where fortunes can be made and destroyed in days, providing a satisfactory customer experience has become more important than ever. This is why an increasing number of companies are setting up customer support departments or outsourcing the task to contact centers.

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Thus, with the increasing number of contact centers, the speech analytics market is also prospering. Compared to $1,010.4 million in 2018, the sale of such software is expected to be worth $2,910.1 million in 2024, with the revenue increasing at a 19.9% CAGR during 2019–2024 (forecast period). As the term suggests, speech analytics software studies the speech on various parameters, such as volume and pitch, to determine the emotions of the speaker. Currently, among all applications of such software — call monitoring, agent performance monitoring, customer experience management, and risk and compliance management — it is mostly widely used for customer experience management.

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Speech analytics determines why the customer has called, their mood, and reactions to the products and services on offer. This helps customer support teams with pinpointing the areas where the team members need improvement, while interacting with customers, with a thorough knowledge of customers’ expectations and requirements. The better companies serve their customers, the more likely they are to retain them, which is why customer experience management has become an important focus area. As a result, even in the coming years, the use of speech analytics for this very purpose will grow the fastest.

The growing usage of this software is being mirrored by a shift of people from phonetic transcription to phonetic indexing. Compared to the former, the latter is easier, as it doesn’t require the scanning of a vast dictionary of words, which is also why it is faster than transcription. Speech analytics software working on the indexing method converts audible speech into a series of phonemes, following which it scours for just a predetermined words’ list. Therefore, with such solutions, a higher call volume can be analyzed without an increase in the number of servers.

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Speech Analytics Market Dynamics Trends, Segmentation, Key Players, Application And Forecast

The speech analytics market is witnessing growth across the globe due to the rising focus on customer satisfaction. Currently, the common notion is that customers are not loyal to brands as they have numerous options to get the product of choice. It has been observed that customers prefer paying a higher price to competitors if they offer better services. As a result, companies are investing more on improving customer services that may result in high customer retention rate and new customer acquisition. 

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The global speech analytics market share is predicted to garner $2,910.1 million by 2024, advancing at a 19.9% CAGR during the forecast period (2019–2024), growing from $1,010.4 million in 2018. Some of the key factors of the market growth are the rising number of contact centers, increasing significance of real-time speech, growing focus on customer satisfaction, and compliance to regulations. The speech analytics software reviews and analyzes live customer calls and voice recordings to present an analysis of overall customer experience, and assist organizations in constructing operational strategies aimed at enhancing customer experience. 

The players operating in the speech analytics market have huge potential for growth as the demand for speech analytics is increasing by the day from small and medium enterprises (SMEs) for expanding their product portfolios and shares. In order to offer their customers an enhanced service and also retain them, SMEs are integrating speech analytics software in their workflow. In addition to this, the deployment of speech analytics software on the cloud has improved its accessibility for SMES, as it no more requires any hardware investment. 

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Therefore, the market for speech analytics is predicted to flourish in the forecast period due to the rising need for businesses to retain customers in long run. 

The research offers market size of the global speech analytics market for the period 2014-2024.

Market Segmentation by Offering

• Solution
• Service
• Professional
• Managed

Market Segmentation by Deployment Type

• On-Premises
• Cloud

Market Segmentation by Enterprise Size

• Large Enterprise
• Small & Medium Enterprise (SME)

Market Segmentation by Application

• Customer Experience Management
• Call Monitoring
• Agent Performance Monitoring
• Risk & Compliance Management
• Others (including Quality Management and Competitive Intelligence)

Market Segmentation by Industry

• Banking, Financial Services, and Insurance (BFSI)
• Hospitality
• Information Technology (IT) & Telecom
• Healthcare
• Media & Entertainment
• Manufacturing
• Government
• Retail
• Others (including Automotive, Oil & Gas, Energy & Utilities, and Logistics)

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Speech Analytics Market to Advance at 19.9% CAGR

Speech analytics software reviews and analyzes live customer calls and recordings to draw an analysis of overall customer experience, and help organizations in devising strategies for enhancing customer experience. Valuing $1,010.4 million in 2018, the speech analytics market is predicted to garner $2910.1 million, advancing a 19.9% CAGR in the coming years. The applications of the speech analytics software are risk & compliance management, agent performance monitoring, call monitoring, and customer experience management. In 2018, the largest application area of this software was customer experience management. 

In fact, in the near future as well, it will continue being the largest application area of speech analytics software. This can be attributed to the rising need for the evaluation of the overall customer experience and further predict the customer satisfaction score to help companies improve their product and services sales.

Speech analytics software is being deployed in various industries, such as retail, government, manufacturing, media & entertainment, healthcare, information technology & telecom, hospitality, and banking, financial services, and insurance (BFSI). In 2018, the highest deployment of the software was in the BFSI industry. Financial institutions struggle to engage customers, which is resulting in the deployment of this software to gain better visibility of customers and provide them a better experience. In the coming years, the fastest growth in demand in the speech analytics market is expected to be witnessed by the retail industry. With ever-changing requirements of customers, retailers are employing the software to understand the needs of customers to serve them better and enhance their brand image and up their customer retention rate.

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The demand for speech analytics software is rising from the small and medium enterprises (SMEs) by the day. These enterprises are taking help from the software for gauging customer preferences and current trends to expand their product portfolio and services. SMEs are including the software in their workflow to retain customers and offer them an improved service. Further, the cloud-based deployment of the speech analytics software has improved the accessibility of speech analytics solutions to SMEs, as it does not require any investments for any new hardware installation. 

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