The global speech analytics market 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.
Based on offering, the speech analytics market is bifurcated into solution and service. The larger share in the market in 2018 was held by the solution category. This was attributed to the rising adoption of speech analytics solutions across all industries, to provide customers better services and also monitor performance of agents. In the forecast period, the faster growth is predicted to be witnessed by the service category due to the growing demand for integration and implementation, and consulting in the processes.
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On the basis of region, the speech analytics market is divided into Middle East & Africa, Latin America, Asia-Pacific, Europe, and North America. In 2018, the largest market share was accounted for the by the North American region. This was due to the flourishing service industry and growing number of contact centers, which can be managed by speech analytics solutions. In the forecast period, the fastest growth is projected to be witnessed by the APAC region due to the rising investments in emerging economies, such as India and China.
One of the trends in the speech analytics market is the rising preference toward phonetic indexing. This technique is faster than the transcription technique, as it can function without the need for scanning a large volume of dictionary words, therefore is easy to manage and implement. Phonetic-based speech analytics solutions convert an audio conversation into a series of phonemes, and then only store a predefined list of words. Therefore, this technique is able to gather business insights much faster and analyze higher call volumes, using the same number of servers.
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 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.
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.
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