Speech Analytics Market (2022-2029)

The growth of the global speech analytics market is driven by factors such as the surge in demand for speech analytics to improve contact center operations, the emergence of speech analytics to enhance fraud detection, and the rising demand for speech-based biometric systems during the COVID-19 pandemic. The increasing demand for speech analytics in the healthcare sector and the growing demand for cloud-based speech analytics solutions to bolster customer retention are expected to offer significant growth opportunities for the speech analytics market. Besides, limited use cases of real-time speech analytics pose a serious challenge to the growth of the speech analytics market.

The COVID-19 pandemic adversely impacted the global economy. Nationwide lockdowns and social distancing norms were imposed across several countries, negatively affecting multiple industries, including the speech analytics industry. Uncertainty regarding the lockdowns made it difficult for the key market players to anticipate the recovery of the speech analytics market. Numerous speech analytics providers were under immense pressure across various fronts due to the COVID-19 pandemic. Several economies are shifting their focus from responding to the pandemic to economic recovery; hence, various growth opportunities are expected to emerge for the players operating in the speech analytics market due to a surge in demand for voice-enabled real-time speech analytics solutions.

Many hospitals are experiencing changes in the call volume of patient financial services and operational complexity since the COVID-19 pandemic. These calls often require a coordinated and consistent response. With the emergence of speech analytics solutions, customers need faster and more informative help through voice-enabled platforms. Hospitals are served with various real-time speech analytics solutions to serve customers effectively in this dynamic environment. Thus, the demand for speech analytics solutions improved during the COVID -19 pandemic.

Speech analytics is a technology that analyzes telephone calls between customers and call center agents, providing intelligence to organizations that can improve customer experience and drive operational efficiency. Call centers are leveraging speech analytics solutions for notable benefits such as improved customer experience, improved quality assurance metrics, real-time insights, identifying opportunities for upselling, reduced risk of non-compliance, and helping supervisors to avoid micromanagement in their operations.

In the past few years, the growing emphasis of cloud-based call center platform providers to launch voice analytics solutions for improved agent performance and increased efficiency of contact center operations is promoting the growth of the speech analytics market. For instance, in 2021 , TCN Inc. (U.S.) launched its Voice Analytics, a set of advanced tools for search and discovery combined with automated call transcription and reduction. This new set of tools initially provides a free 60-day trial, including a highly flexible search engine for quick and easy finding and retrieving calls through free-form combinations of keywords, phrases, acoustic measures and call metadata. Furthermore, efforts by prominent speech analytics players for product enhancement and an accurate understanding of complex contact center conversations promote the growth of the speech analytics market. For instance, in 2021, Verint Systems Inc. (U.S.) introduced a new market-leading AI innovation to further expand their real-time agent assist capabilities. Through these enhancements, a new Verint Da Vinci transcription engine, built on advanced deep neural network (DNN) models, provides best-in-class transcription and comprehension accuracy and discernment of customer intent and sentiment. This helps ensure an accurate understanding of complex call center conversations.