Speech Analytics Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

Speech Analytics Market Analysis

The speech analytics market is poised to grow at a CAGR of 22.14% over the forecast period. Speech analytics solutions can convert call recordings to actionable data and then translate the data into valuable insights that are effective across the enterprise. These solutions are primarily utilized to handle a broad range of customer interactions. Enterprises globally have incorporated speech analytics through a combination of internally recorded data and externally syndicated data to generate a cutting-edge solution to understand customer requirements and comprehensively reduce churn.

• One of the critical components of speech analytics solutions is transforming audio data into text. Text is much easier to share and search than audio to prove regulatory compliance, conduct an audit, or enable the discovery process in the event of litigation. The data is available for anyone who needs it in an easily found format within the organization. In January 2022, Meta AI released data2vec, a high-performance self-supervised algorithm that applies to multiple modalities, including separate applications onto speech, text, and images. It was identified to have outperformed industry-standard single-purpose algorithms for computer vision and speech. Moreover, data2vec does not rely on contrastive learning or reconstruction of input examples since it is trained by forecasting the model representations of the complete input data given a partial view of the input, thus, making it highly versatile and easily applicable.
• Moreover, the market is witnessing efforts from vendors toward product innovation and various partnerships to provide businesses with better solutions. For example, Cogito has developed a real-time conversation-analysis tool based on behavioral science and deep learning. The company’s AI listens to conversations for both content and tone. Cogito claims that it may detect mimicking, change in volume, pitch, etc., to gain real-time insight into how customers are exactly feeling and how all company calls are going. It also provides real-time suggestions to customer service representatives to improve the call and evaluate performance. One of the first extensive tests of Cogito’s system was done at the insurance company Humana during a six-month trial which involved a total of 200 agents’ calls, thereby making use of the system resulted in a 28% improvement in net promoter scores, a 6% improvement in resolution of the issues, and fewer callers asking to speak to a manager. Cogito claims that its system reduces callbacks by 10% and increases customer satisfaction by 28%.
• The rapid explosion of demand for speech-to-analysis software and platforms has heralded the growth of several startups in the field, including a few companies that recorded nearly 10x growth. For instance, SuccessKPI, a quality monitoring and speech analytics tools provider, recorded a 200% increase in demand for their platform due to the growing digitization of operations in North America and their expansion into Latin America, Europe, and Asia-Pacific. SuccessKPI is well integrated with popular CCaaS solutions, including Genesys Cloud, Amazon Connect, UJet, and Talkdesk, and features speech and text analytics, monitoring capabilities, and a business intelligence framework within a data lakehouse architecture. The growth invited a USD 33 Million investment from Banneker Partners in January 2022 to enable the rapid expansion of customer success, product, partner, marketing, and sales teams globally.
• However, the market studied is witnessing challenges in deploying voice-based communications. It is more challenging for a computer system to deal with voice interactions than chat on a purely technical level. Background noise, unusual speech patterns, different accents, and poor pronunciation make it hard for an AI to translate voices into text.
• During the COVID-19 outbreak, the potential end-user industries were adopting cutting-edge technology-enabled speech analytics solutions, further boosting market growth. While call centers have long been a great frontier of workplace automation, the pandemic accelerated the overall process. This is further anticipated to modify the product offerings and combine them with virtual agents to boost and enhance the speech analytics results during the forecast period. Also, AI and machine learning have massively upscaled the speed at which companies may segment conversations into relevant categories through speech analytics to understand what’s happening in a conversation.

Speech Analytics Industry Segmentation

Speech analytical tools and solutions can help users obtain insights and make crucial business choices by offering a more thorough and quick analysis of voice data with context and relevance across various channels. Speech solutions may transform call records into usable data, which can subsequently be transformed into insightful information that is compelling across the company.

The Speech Analytics Market is segmented by Deployment (On-Premise, On-Demand), Size of Organization (Small and Medium Enterprises, Large Enterprises), End-user Vertical (BFSI, Telecommunications, Healthcare, Retail, Government, Travel, and Hospitality), and Geography.

Report scope can be customized per your requirements. Click here.

Speech Analytics Market Trends

This section covers the major market trends shaping the Speech Analytics Market according to our research experts:

Telecommunications Sector is Expected to Occupy Significant Market Share

To understand key trends, Download Sample Report