What are the Historical Developments and Current Growth Metrics of the Voice And Speech Analytics Market?
The voice and speech analytics market has seen considerable growth due to a variety of factors.
• The market size for voice and speech analytics has experienced swift growth in the past few years. The expected growth is from $2.54 billion in 2024 to $3.04 billion in 2025, recording a compound annual growth rate (CAGR) of 19.9%.
The substantial growth in the historical period is attributed to the rapid acceptance of conversational AI, the expansion of solutions tailored for specific industries, integration with sophisticated analytics platforms, AI guided personalization, and focus on emotional as well as sentiment analysis.
What Does Future Hold for The Voice And Speech Analytics Market By 2029?
The voice and speech analytics market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for voice and speech analytics is predicted to experience a significant surge over the coming years, growing to a substantial $5.7 billion by 2029 with a compound annual growth rate (CAGR) of 17.0%.
The forecasted growth can be attributed to factors such as the rising adoption of cloud computing, an increasing focus for companies on improving customer experiences, a shift towards multichannel communications, a stronger emphasis on fraud prevention and security, and the expanded availability of big data. Expected trends within the forecast period encompass multi-channel analytics, real-time sentiment analysis, emotion recognition technology, a focus on compliance and ethical AI, and the use of predictive analytics for customer behavior analysis.
What Are The Primary Growth Drivers In The Voice And Speech Analytics Market?
The rise of video content marketing is predicted to stimulate the expansion of the voice and speech analytics market. Video content marketing, which involves the strategic creation and use of videos to promote, advertise, or convey marketing messages to a particular audience, utilizes voice and speech analytics for insights-driven decision making, audience comprehension, and the refinement of video content to boost interaction and effect. As an example, a survey by Wyzowl, a UK-based video marketing firm and software enterprise, showed that the uptake of video content marketing by companies grew to 91% in February 2023. This represented a climb from the 86% usage rate reported in 2022. Consequently, the growing need for video content marketing is anticipated to fuel the expansion of the voice and speech analytics market.
What Is The Segmentation Of The Global Voice And Speech Analytics Market?
The voice and speech analytics market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Deployment Mode: On-Premises, Cloud
3) By Organization Size: Large Enterprises, Small And Medium-Sized Enterprises (SMEs)
4) By Application: Customer Experience Management, Call Monitoring And Summarization, Agent Performance Monitoring, Sales And marketing Management, Risk And Compliance Management, Sentiment Analysis, Other Applications
Subsegments:
1) By Solutions: Cloud-Based Solutions, On-premises Solutions, Speech Recognition Software, Natural Language Processing (NLP) Tools
2) By Services: Consulting Services, Implementation Services, Support And Maintenance Services, Training And Education Services
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How Are New Trends Impacting The Size Of The Voice And Speech Analytics Market?
The voice and speech analytics sector is seeing key companies concentrating on strategic alliances to innovate technologically superior products. A strategic alliance represents a structured pact between two or more entities (organizations, individuals, institutions) in order to collaboratively work towards common objectives which benefits all parties involved. For example, in February 2023, collaboration took place between Bharti Airtel Limited, a telecommunications services company based in India, and Nvidia Corporation, a technology firm based in the United States, aiming to introduce an AI-based speech analytics solution. Airtel developed this bespoke voice application using Nvidia's NvidiaNeMo conversational AI toolkit and the Triton Inference Server multi-framework inference-serving software. Airtel's strategy involves combining its deep learning-based automated speech recognition (ASR) models with Nvidia's progressive software for accurate language analysis and pragmatic modifications to its operations. This method is anticipated to deliver outcomes at 30% of the typical computation expense. The new speech analytics technology also promotes environmental sustainability by having a diminished carbon footprint and lower greenhouse gas (GHG) emissions.
Who Are the Key Players In The Voice And Speech Analytics Market?
Major companies operating in the voice and speech analytics market report are:
• Google LLC
• Amazon Web Services Inc.
• Hewlett Packard Enterprise Development LP
• Micro Focus International PLC
• Avaya Inc.
• NICE Systems Ltd.
• Genesys Telecommunications Laboratories Inc.
• Qualtrics
• Vonage
• AlmavivA S.p.A.
• Verint System Inc.
• Five9 Inc.
• Enghouse Interactive Inc.
• Talkdesk Inc.
• ThoughtSpot Inc.
• Uniphore
• Calabrio Inc.
• CallMiner
• Marchex Inc.
• Sabio Group
• Clarabridge
• Nexidia Inc.
• CallTrackingMetrics
• Castel Communications LLC
• VoiceBase Inc.
• 3CLogic Inc.
• Beyond Verbal
• Voci Technologies Inc.
• RankMiner
• Zoom Speech Analytics
What Are The Regional Insights Into The Voice And Speech Analytics Market?
North America was the largest region in the voice and speech analytics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the voice and speech analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
