The global speech analytics market was valued at US$ 1.6 billion in 2020 and is forecast to reach US$ 9 billion by 2030. The market is expected to grow at a compound annual growth rate (CAGR) of more than 20% during the forecast period from 2021-2030.
Factors Influencing
The global speech analytics market is forecast to grow due to the beneficial applications of speech analytics systems in several business sectors. Businesses use speech analytics to improve customer experience and recognize their needs. Speech analytics is also helpful in assessing customer aims by examining the tone, pauses, and volume of speech.
According to an Oracle study, 9 out of 10 customers change their preferences because of a poor experience. Thus, speech analytics help them figure out the method to amendments by understanding the root of the issue. Such advantages are forecast to boost the growth of the global speech analytics market during the forecast period.
Lack of advancements anticipates slowing down the growth of the global speech analytics market. Contact centers utilize a variety of prominent technology systems such as agent desktop, CRM, Interactive Voice Response (IVR), and social media monitoring tools. The disconnected systems and the necessity to log in to multiple speech analytics applications would cause delays. Thus, it would slow down the demand for speech analytics solutions.
Apart from that, the growing demand for understanding consumer behaviors would boost the growth of the global speech analytics market during the forecast period. Speech analytics replaces the traditional methods of relying on phrases, keywords, and phonetics. It maintains better accuracy by acquiring insights from calls. Thus, it would boost the adoption of speech analytics, especially in the BPO industry.
COVID-19 Impact Analysis
The sudden spread of COVID-19 infection slightly slowed down the growth of the global speech analytics market. The decline in market growth is attributed to the sudden disruption of trade activities. However, as businesses have started adopting online ways to contact the customer, the global speech analytics market would recover during the analysis period.
Geography Insight
Geographically, North America would show the maximum participation in the growth of the global speech analytics market during the analysis period. The presence of prominent players in the United States would accelerate the growth of the region. Apart from that, Asia-Pacific is forecast to raise significant contributions because of rising IT investments in China, India, and other developing countries.
Competitors in the Market
Market Segmentation
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