Speech Analytics Market

Need for Insightful Data and Achieve Improved CX to Influence Speech Analytics Market    

The Speech Analytics Market is valued at USD 3.9  Bn in 2026 and is projected to reach USD 8.5  Bn,  growing at a CAGR of 12% by 2033.Historically, businesses were facing limitations with respect to accessing data volumes regarding marketplace and customer. Likewise, executives in call centers had access to limited volume of manually transcribed and audited phone calls. However, with pervasive technological innovations and dawn of new tech such as artificial intelligence and NLP (Natural Language Processing), there was a positive disruption across businesses as they can enhance their current output at limited costs and less time. With advent of analytics, companies are able to gain more visibility into their current business lines and draw necessary insights to make informed decisions. Likewise, with speech analytics, companies are now able to enhance their business operations and transform intelligence platforms with automated insights and call transcriptions.

In today’s competitive business scenario, delivering higher customer satisfaction is being considered as a crucial strategy for growth and stability of organizations, which can be achieved by adopting speech analytics solutions.  Speech analytics allows companies to unlock new doors by providing key insights from customer conversations and feedback, in turn helping them to gain better understanding about customer needs. Moreover, speech analytics also gauges the intent in customer conversations by analyzing various parameters such as pause duration, speech volume and voice tone among others. According to Oracle, 9 off 10 consumers switch brands, primary reason being poor CX (customer experience), whereas 86% of these are willing to pay high charges to gain better and enhanced customer service. That said, with speech analytics companies can identify source of attrition and in turn offer improved services and increase customer experience and journey.

Telecommunications a Lucrative Industry - Speech Analytics to Transform Contact Centers to Profit Centers

Telecom industry is expected to showcase higher lucrativeness with respect to adoption of speech analytics. Due to flow of massive volume of data, it becomes tedious to manually evaluate recorded calls with higher accuracy. However, with speech analytics, massive amount of call recording can be analyzed and evaluated with higher precision in less time and low cost. Other benefits of speech analytics such as fraud reductions, service improvement, customer satisfaction, risk minimization and increased margins have translated in achieving better CX, customer acquisition and retention. Moreover, with emergence of cloud technology, cloud based speech analytics are being adopted by call centers of telecom companies to gain real time insights on customer journeys and deduce customer patterns, behavior and trends. With speech analytics adoption, in-depth data processing has resulted in contact and call centers transform into profit centers.

Speech analytics, also referred to as “conversation intelligence” continues to witness a steady growth pace as companies incline towards finding and adopting solutions that facilitate significant growth at lower costs and quick ROIs. Speech analytics, apart from extracting and organizing data, also provides opportunity to companies to improve in all aspects, from sales and marketing to client/customer support.

Competitive Landscape

Companies involved in the speech analytics market are

• Semtech Corporation (LoRa/LoRaWAN)
• Cisco Systems, Inc.
• Huawei Technologies Co., Ltd.
• Nokia Corporation
• Ericsson
• SIGFOX (now part of Lacuna Space ecosystem)
• Telefónica
• Orange S.A.
• Vodafone Group
• Deutsche Telekom
• Actility
• Thingstream
• MultiTech Systems, Inc.
• Kerlink
• Link Lab

 Global Speech Analytics Market Segmentation

Component:

• Platform
• Service

Deployment Model:

• Cloud
• On-premise

Application:

• Smart Gas and Water Metering
• Asset Tracking
• Smart Buildings
• Smart Parking
• Precision Agriculture
• Smart Waste Management
• Livestock Monitoring
• Others

End-Use:

• Utilities
• Healthcare
• Agriculture
• Logistics and Transportation
• Manufacturing
• Consumer Electronics
• Government and Public Sector
• Others

Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa