Market Size of Asia Pacific Speech Analytics Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 22.50 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
APAC Speech Analytics Market Analysis
The Asia Pacific Speech Analytics Market is expected to reach a CAGR of 22.5% during the forecast period. The growing demand for speech analytics in various industry verticals and increased focus on improving and enhancing overall customer experience are some of the major factors driving the growth of the market.
- Risk and compliance management and investment in contact centers are some of the major factors driving the regional market growth. For instance, in August 2020, HGS Digital LLC announced a partnership with AWS Contact Center Intelligence (CCI) solutions Partner program. Such developments are expected to increase over the next two years in India, showing a positive trend in adopting cloud-based solutions.
- According to Genesys Asia-Pacific Customer Experience Transformation Readiness Index 2021, APAC stands overall at 54% on the Customer Experience Readiness Index, indicating the untapped potential for innovation and implementation opportunities in the future. This also showcases the opportunities available to speech analytics vendors in the various end-user industries such as BFSI, Healthcare, Retail and government.
- Moreover, international players are entering emerging economies in Asia-Pacific due to the increasing demand. For instance, in November 2020, Google partnered with Singapore-headquartered cloud telephony firm Knowlarity to expand its speech recognition and analytics services in India. The tech giant expects its artificial intelligence-based speech analytics platform to take off among enterprises in various sectors. This further includes hospitality, banking and financial services sectors in the country.
- The impact of the COVID-19 crisis has forced the businesses to adhere to strict requirements to ensure the ongoing safety of their employees and customers alike. The need for remote working has resulted in a sudden shift from traditional on-premises contact centers to cloud-based contact centers. This could be observed as a notable trend in the foreseeable future, as remote working could become the new normal. The scenario has resulted in several players in the market to come up with product enhancements, new product launches, investments, collaborations, free product trails, etc. On the other hand, various enterprises in the end-user industries have deployed these solutions in order to ensure business continuity. Some of the instances are as follows.
