Market Size of North America Speech Analytics Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 13.20 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Speech Analytics Market Analysis
The speech analytics market in North America is expected to register a CAGR of 13.2% over the next five years. Various factors, such as increased digital marketing and technological spending by government agencies, drive north America's speech analytics market.
- Enterprises across the region have incorporated speech analytics through internally recorded data, social media, and external syndicated data to create a cutting-edge solution to understand customer requirements better and reduce churn.
- Natural language processing (NLP) is a well-known artificial intelligence feature implemented universally, through consumer digital assistants and chat-bots, along with commercial applications in the field of textual analysis, voice sense (speech analysis), sentimental analysis, and change impact analysis.
- In recent times, with the increased adoption of digital technologies across various business applications, customers expect a quick response to queries, seamless self-service options, and 24/7 availability of businesses' communication channels. With speech analytics applications, businesses are using spoken interactions to finetune business processes to meet customer expectations.
- However, the market studied is witnessing challenges in deployment for voice-based communications. On a purely technical level, it is more challenging for a computer system to deal with voice interactions than chat. Unusual speech patterns, different accents, deployment complexity, operational support, and poor pronunciation make it hard for businesses to adopt voice technology.
- The onset of COVID-19 brought several technological revolutions in a short time. The need for speech analytics has increased with the adoption of contactless services across various industries. During the pandemic, there has been a severe surge in the number of calls, and the average call duration, which averages between 3-6 minutes, increased to 10+ minutes at the call centers in the country. With such an increase in the need for contactless services, the adoption of speech analytics has increased during the COVID-19 pandemic.
