Shaping the Future of Communication: How Speech Analytics is Redefining Industries

The global speech analytics market is expected to reach USD 7.73 billion by 2030, according to a new report by Grand View Research, Inc. The market is estimated to witness a robust growth exceeding a CAGR of 15.7% from 2024 to 2030. This growth is ascribed to the increasing emphasis by organizations on improving the market intelligence capabilities along with the growing prominence of voice in the multi-channel world.

The number of contact centers is increasing, resulting in industry players to innovate speech analytics solutions, which help companies understand the changing customer requirements. The technology has been increasingly adopted in consumer electronics devices, including laptops, smartphones, and tablets, as it significantly increases the enterprise’s scope as well as improves performance. This, in turn, has resulted in elevating adoption of speech analytics solutions worldwide. In addition, upcoming technologies, such as voice print authentication, are estimated to spur growth over the coming years.

Furthermore, the rising demand for risk management solutions and cloud analytics is also anticipated to favorably impact growth over the next nine years. These solutions offer several growth opportunities as this solution helps optimize performance and enhance customer experience. However, issues pertaining to lack of awareness and rise in cost may pose a challenge to the speech analytics market growth in the near future.

Speech Analytics Market Report Highlights

The solutions components segment accounted for a revenue share of 62.8% in 2023. This dominance can be attributed to its advanced automation capabilities.
The on-premises deployment segment accounted for 60.6% of market revenue in 2023. This leading position is fueled by the long-term cost efficiency of on-premises solutions for organizations, especially those with substantial workloads or strict data privacy rules.
The large enterprises segment held a 59.8% market revenue share in 2023. This leadership is driven by the significant role speech analytics plays in enhancing customer satisfaction for large organizations.
Banking, Financial Services, and Insurance (BFSI) sector held a commanding position in the market in 2023.
The North American speech analytics market emerged as the global leader in 2023. This dominance can be attributed to the region's well-developed infrastructure, characterized by high-speed internet connectivity and robust telecommunications networks.

Speech Analytics Market Segmentation

Grand View Research has segmented the global speech analytics market on the basis of component, deployment, enterprise size, vertical, and region:

Component Outlook (Revenue, USD Million, 2018 - 2030)