The global speech and voice analytics market is expected to reach the valuation of USD 2,909.4 million in 2024. According to the analysis, the industry is projected to grow at a CAGR of 14.7% from 2024 to 2034 with global adoption of digital solutions. The industry is foreseen to surpass USD 11,444.8 million showcasing advancements in the industry through 2034.
Speech and voice analytics have a major impact on turning unstructured voice data into useful insights, boosting customer satisfaction and making operations run smoother. By analyzing how people talk, their tone, and key words they use, companies can figure out how customers feel, spot emotions, and uncover hidden problems that might not show up in text alone.
This tech is key in call centers where it helps keep an eye on how agents are doing, ensure rules are followed, and improve training systems by spotting common hurdles and chances to improve.
Global Speech and Voice Analytics Market Assessment
| Attributes | Description |
|---|---|
| Historical Size, 2023 | USD 2,553.1 million |
| Estimated Size, 2024 | USD 2,909.4 million |
| Projected Size, 2034 | USD 11,444.8 million |
| Value-based CAGR (2024 to 2034) | 14.7% CAGR |
Speech and voice analytics have a big impact on many industries. They analyze conversations and interpret them into useful information. This helps businesses fix problems before they get worse and keep customers satisfied.
Speech and voice analytics help create more personal customer experiences. They do this by understanding the individual needs, which leads to marketing plans that hit the mark better.
They also boost security by using voice biometrics. This can identify people and spot fraud as it happens. In healthcare, voice analytics can help catch illnesses by spotting voice clues linked to certain health problems.
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This below table presents the expected CAGR for the Global speech and voice analytics market over several semi-annual periods spanning from 2023 to 2033. In the first half (H1) of the year from 2023 to 2033, the industry is predicted to surge at a CAGR of 14.5%, followed by a considerably lower growth rate of 14.1% in the second half (H2) of the same year.
| Particular | Value CAGR |
|---|---|
| H1, 2023 | 14.5% (2023 to 2033) |
| H2, 2023 | 14.1% (2023 to 2033) |
| H1, 2024 | 14.3% (2024 to 2034) |
| H2, 2024 | 14.9% (2024 to 2034) |
Moving into the subsequent period, from H1 2024 to H2 2034, the CAGR is projected to hold at 14.3% in the first half from 2024-2034 and remain considerably increase at 14.9% in the second half 2024-2034. In the first half (H1) 2024-2034 the market witnessed a decrease of 20 BPS while in the second half (H2) 2024-2034 the market witnessed an increase of 80 BPS.
High Demand of Improved Customer Experience
Various companies are utilizing speech analytics to interpret customer interactions into deeper insights. This allows them to solve issues in the better manner and develop customized solutions according to the market needs. Leading telecom companies like Verizon and AT&T are integrating the advanced voice analytics components to enhance understanding of customer sentiment over calls. This enables them to solve complaints rapidly and improve their service quality.
In the finance sector, major banks like HSBC and Bank of America are highly investing into speech analytics to improve their customer services. HSBC started using voice biometrics in their customer service in 2022. This improved security and made identification easier, which helped customers have a smoother time. Bank of America uses similar technology called Erica.
It's a virtual-assistant that uses AI and speech analytics to give personalized financial advice. This makes talking with the bank more useful and interesting for customers.
Retailers are also adopting the technology to improve their customer experiences. Walmart started leveraging the technology in 2023 to analyze customer feedback and enhance their service strategies.
Now, Walmart is able to provide personalized solutions by understanding the customer needs more precisely. This is resulting in higher customer satisfaction and increased loyalty.
The healthcare field has jumped on the voice analytics bandwagon to boost patient experience. Hospitals and telehealth providers are using this technology to check patient emotions and stress levels during visits resulting in more caring and successful treatment.
Compliance and Risk Management Issues are Pushing Businesses to Adopt Speech and Voice Analytics
Businesses in many fields are using these tools more and more to follow regulations and reduce risks associated with non-compliance, fraud and other security risks.
Take 2023, for example. Banks and other financial institutions started using voice analysis extensively to follow the new MiFID II rules in Europe. These rules state that banks must record and check all conversations with clients to ensure transparent trading. Voice analysis tools have been key to monitoring and saving these conversations, helping companies avoid huge penalties.
The HIPPA regulations in the US are impacting healthcare industry. These rules require strict protection of patient data. In 2022, hospitals and telemedicine providers stepped up their use of voice analytics. This was done to keep an eye on patient interactions and ensure their security.
Global anti-money laundering regulations are also increasing the demand of speech and voice analytics. In 2023, banks and financial institutions used these tools to spot odd patterns and conversations that might point to fraud. This hands-on approach lets organizations tackle potential risks before they turn into big legal or money problems.
These examples show how following regulations and managing risks aren't just pushing people to use speech and voice analytics - they're needed for it. As the regulations keep changing, companies will need more advanced tools to analyze data. These tools will help them deal with all the complex issues and reduce risks.
Different Languages and Accents Might Lower the Market Growth
Accents and dialects from different regions can cause mix-ups or wrong transcriptions, which has an impact on how reliable the analytics results are. A good example is the complexities faced by various voice recognition systems in processing English speakers who aren't native or have regional accents in places like India or the UK.
This problem came to light in 2023 when several voice assistants couldn't recognize or respond to commands spoken in regional British accents. This sparked a lot of criticism about whether these technologies were inclusive enough.
Companies need voice analytics tools to handle many languages and accents. However, most systems work best with American English. This means they're less accurate with other languages or ways of speaking. This problem can have a big impact on businesses in markets where people speak different languages. When speech recognition isn't accurate, it can cause mix-ups, unsatisfied customers, and even legal trouble if important instructions are misunderstood.
The issue gets worse when there's not enough for regional languages. For instance, in 2022, research showed that voice recognition systems weren't as good at handling African American Vernacular English (AAVE) and other minority dialects. This raised questions about whether these technologies are fair and inclusive.
These problems highlight the need to develop more advanced and inclusive voice analytics tools that can handle a wider range of languages and accents. Companies are trying to make their algorithms better, but as of 2024, the market still has big obstacles to overcome when it comes to language and accent differences.
Principal Consultant
The speech and voice analytics market went through notable fluctuations and technological advancements in the historical period. The industry was valued at a valuation of USD 1,515.7 million in 2019 to reach USD 2,553.1 million in 2023 with a CAGR of 13.9% from 2019 to 2023.
During pandemic, the increased use of remote systems and restrictions on physical interactions emphasized the emergence of speech and voice analytics. The vendors started providing advanced speech analytics solutions to cater several industries
Speech and voice analytics market witnessed a considerable growth during the forecasting period between 2024 and 2034. The market reached the valuation of USD 2,909.4 million in 2034 from USD 11,444.8 million in 2024 with the CAGR of 14.7%.
The focus on speech analytics is rising rapidly as retail and finance sector evolve. The demand of voice and speech analytics is highlighted in these industries and is expected to continue to rise.
Tier 1 companies in the market have global presence in the market and these companies invest highly in research and development. The companies in this bracket provide solutions across verticals. These companies include Verint Systems, Nice Ltd, Google LLC, AWS among others and hold around 35%-40% market share.
Tier 2 vendors in the global speech and voice analytics market provide their services to mid-sized companies and these companies focus on innovative solutions. The companies in the market hold decent amount of market share but lesser than tier-1 vendors. These companies are CallMiner, Avaya Inc, Genesys among others. These companies hold around 25%-30% share in the global market.
Tier 3 companies represent 30% to 40% of share of total speech and voice analytics industry. These vendors focus on the market expansion and providing customer specific solutions. The vendors in the bracket includes Nexidia, Calabrio among others.
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The below country-wise market analysis of the speech and voice analytics explains the recent developments and different government approaches in the market. The analysis also gives an idea of the country’s expected progress in the market landscape.
The data describes key highlights, growth factors, and CAGRs of these countries.
| Countries | CAGR from 2024 to 2034 |
|---|---|
| India | 17.4 % |
| China | 15.8 % |
| U.S. | 14.9 % |
| Germany | 12.2 % |
The Indian government is pushing for digital abilities through initiatives like “Digital India”. This is supporting the expanding scope of voice technologies. India has more than 22 official languages and very large chunk of non-english speakers. Thus, the demand of localized speech analytics in the country is rising. This attracts companies to develop AI models that can handle diverse linguistic abilities.
Several tech companies in India, like Uniphore and Gnani.ai, improved their speech analytics platforms in 2023 for Indian languages and dialects. This helps better communication in areas such as customer service, healthcare, and banking.
Uniphore acquired Jacada in 2021, which helped them become more advanced in AI-driven voice analytics. It allows them to offer better solutions to clients around the world while also meeting the specific needs of the Indian market.
Technology companies like Baidu, Alibaba, and Tencent are investing highly in AI-driven speech technologies. They're using a lot of training data to make speech recognition more accurate and capable. The focus on AI development in China is leading to a lot of innovation in speech recognition.
A standout example is Baidu's rollout of its improved speech recognition platform in 2022. This platform showed big steps forward in how it processes and understands natural language, while managing different Chinese dialects.
Also, as more people in China start using voice assistants and smart devices, owing to the growth of the Internet of Things (IoT), there's a bigger need for cutting-edge voice analytics.
China's healthcare industry has started to use voice analytics to spot health issues. Startups like iFlytek have come up with voice-based tools to diagnose illnesses, which got a lot of attraction in 2023. Voice analytics has also become part of public services, like projects to make cities smarter.
The rise of remote work is accelerating the use of voice analytics in call centers and virtual meetings. As per FMI analysis, more than 85% companies will be implementing voice analytics by 2027 in technology sector. Businesses are leveraging these tools to ensure compliance at the same time, monitoring the employees also.
Technology giants such as Google and Microsoft are also incorporating advanced voice analytics features into their platforms.
This is also supporting the market growth of voice and speech analytics. The rapid expansion and adopting in the country showcases the leadership of US in the market.
The below section provides the category wise insights in the market with recent developments and future projections.
| Segment | Solutions (Component) |
|---|---|
| Value Share (2024) | 63.8% |
A large number of call centers across the world use speech analytics systems for a range of purposes such as agent performance management and compliance management, to take over market intelligence, and customer experience management.
The market is likely to become mature as against services segment, due to the increased use. The market provides a diverse array of solutions; consequently, services are required to handle these solutions and assist firms in improving their business processes in order to thrive in this competitive terrain.
According to a survey conducted by Indian Institute of Technology in 2023, more than 70% of call centers are actively using speech and voice analytics.
| Segment | Cloud-based (Deployment) |
|---|---|
| Value Share (2024) | 52.9% |
The advent of cloud deployment options for speech analytics systems has increased demand across several industries including BFSI, IT, telecom, and media & entertainment. Cloud-based solutions are being offered by new companies to provide cost-effective solutions to SMEs. As per MIT Technology, cloud investments account for more than 56% of all investments in technology businesses.
It provides enterprises with operational efficiencies and real-time implementation simplicity as compared to on-premises deployment. It also has various advantages, including lower operational expenses, a simpler implementation procedure, and more flexibility in terms of linked resources.
The speech and voice analytics market is becoming more competitive with the increase in the use of technology among various industries. Companies are focusing on AI development, real-time insights delivery and multi-language support integration to establish themselves.
Rapid advancements in natural language processing (NLP) and ML is driving innovation as competitors provide more accurate and nuanced analysis of voice data.
Vendors are also differentiating themselves in the form of industry-specific solutions. These vendors are offering more and more customized solutions in order to meet the unique demands of healthcare, finance and customer service industries.
Recent Market Developments
The industry includes is segregated into Solutions and Services.
The segment is divided into cloud and on premise.
Small Offices (1–9 employees), Small Enterprises (10–99 employees), Medium-sized Enterprise (100–499 employees), Large Enterprises (500–999 employees) and Very Large Enterprises (1,000+ employees) are segmented in this category.
BFSI, IT & Telecom, Media & Entertainment, Healthcare and Life Sciences, Retail and E-commerce, Travel and Hospitality, Government and Defense and Others are segmented in this category.
A regional analysis has been carried out in key countries of North America, Latin America, East Asia, South Asia & Pacific Western Europe, Eastern Europe and Middle East and Africa (MEA).
The global industry is set to reach USD 2,909.4 million in 2024.
Demand is predicted to rise at 14.7 % CAGR.
Global sales are estimated to total USD 11,444.8 million by 2034.
South Asia & Pacific is set to offer lucrative opportunities rising with a CAGR of 16.8%.
Google LLC, Amazon Web Services (AWS), Genesys Telecommunications, Avaya Inc, Micro Focus International PLC among others.
1. Executive Summary 2. Industry Introduction, including Taxonomy and Market Definition 3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments 4. Pricing Analysis, By Component 5. Global Market Demand Analysis 2019 to 2023 and Forecast 2024 to 2034, including Historical Analysis and Future Projections 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Component 6.1. Solutions 6.2. Services 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Deployment 7.1. Cloud-based 7.2. On-Premise 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Enterprise Size 8.1. Small Offices (1-9 employees) 8.2. Small Enterprises (10-99 employees) 8.3. Medium-sized Enterprise (100-499 employees) 8.4. Large Enterprises (500-999 employees) 8.5. Very Large Enterprises (1,000+ employees) 9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Vertical 9.1. BFSI 9.2. IT & Telecom 9.3. Media & Entertainment 9.4. Healthcare and Life Sciences 9.5. Retail and E-commerce 9.6. Travel and Hospitality 9.7. Government and Defense 9.8. Others 10. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region 10.1. North America 10.2. Latin America 10.3. East Asia 10.4. South Asia & Pacific 10.5. Western Europe 10.6. Eastern Europe 10.7. Middle East and Africa 11. North America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 12. Latin America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 13. East Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 14. South Asia & Pacific Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 15. Western Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 16. Eastern Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 17. Middle East and Africa Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 18. Sales Forecast 2024 to 2034 By Component, Deployment, Enterprise Size, Industry for 30 Countries 19. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard 20. Company Profile 20.1. Micro Focus International PLC 20.2. Google LLC 20.3. Amazon Web Services (AWS) 20.4. Genesys Telecommunications 20.5. Avaya Inc 20.6. Verint System Inc 20.7. CallMiner 20.8. Nexidia 20.9. Nice Systems 20.10. Calabrio
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