According to Future Market Insights’ estimate of the Speech and Voice Analytics Market, 2021 saw a global sales value of US$ 1.8 billion. In 2022, the market is anticipated to expand by 22.3%. Solutions, which are anticipated to generate the most revenue among components between 2022 and 2032, will expand at a CAGR of almost 20.9%.
According to the bank, average contact times have fallen by 15%, and customer concerns regarding security have dropped by 90%. In February 2019, HSBC became the first bank to use speech recognition for banking customers. It has accomplished a crucial step in the development of biometric banking.
In addition, the Korean bank IBK uses a speech recognition-based biometric speech identification system that enables customer care centers to verify IDs in under 15 seconds. Speech analytics will likely become more necessary as a result of these developments.
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Key Takeaways from the Market Study
- The global Speech and Voice Analytics Market is expected to reach a market size of US$ 2.2 Bn by 2022.
- In terms of Components, the Solutions segment is expected to have the highest CAGR rate of 20.9% during the forecast period.
- In terms of Deployment Mode, the Cloud segment is expected to have the highest CAGR rate of 19.9% during the forecast period.
- United States is likely to remain the most dominant market with an absolute dollar growth opportunity of US$ 4.5 Bn during 2022 – 2032.
- The market in the U.S. is set to experience the highest CAGR of 21.6% during the forecast period.
“During the projected period, the rise of Solutions in terms of the component can become a key driver in raising the Speech and Voice Analytics Market revenue.” comments a Future Market Insights analyst.
Competitive Landscape
- The Speech and Voice Analytics Market is highly concentrated, with only a few competitors accounting for the vast majority of the market share. The established firms are attempting to obtain supremacy in this sector. These firms are increasing their profits and market shares through smart joint projects. Some development in the Speech and Voice Analytics Market include:
- In August 2021, Avaya, a leading company in solutions to improve and enhance communications and collaboration, declared the acquisition of CTIntegrations, a U.S.-based specialist contact center system integration, and software development firm. CTIntegrations also announced to expansion of Avaya’s digital capabilities for its large contact center client base and enhanced the Avaya OneCloud AI-powered experience platform.
- In December 2021, Genesys Telecommunications, a provider of customer experience management, announced that it has completed the takeover of Pointillist and Exceed.ai. Exceed.ai, renowned for its established intelligence lead activation and discussion processor, and Pointillist, known for its award-winning experience management platform, will fast-track how organizations communicate with consumers across the sales, marketing, and service lifecycle.
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Market Segments Covered in Speech and Voice Analytics Market Analysis
By Component:
- Solutions
- Speech Engine
- Indexing and Query Tools
- Reporting and Visualization Tools
- Quality Management
- Root Cause Analysis
- Other Solutions
- Services
- Professional Services
- Managed Services
By Application:
- Customer Experience Management
- Call Monitoring and Summarization
- Agent Performance Monitoring
- Sales and Marketing Management
- Risk and Compliance Management
- Sentiment Analysis
- Other Applications
By Deployment Mode:
- On-premises
- Cloud
By Organization Size:
- Large enterprises
- Small and Medium-sized Enterprises (SMEs)
By Vertical:
- Banking Finance Services and Insurance (BFSI)
- IT and Telecom
- Media and Entertainment
- Healthcare and Life Sciences
- Retail and E-Commerce
- Travel and Hospitality
- Government and Defence
- Other Verticals
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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