Speech Analytics Market to Hit $4.9 Billion Globally by 2031 with a CAGR of 11.2%

The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.

WILMINGTON, NEW CASTLE, DE, UNITED STATES, December 17, 2024 /EINPresswire.com/ -- The 𝐒𝐩𝐞𝐞𝐜𝐡 𝐀𝐧𝐚𝐥𝐲𝐭𝐢𝐜𝐬 𝐌𝐚𝐫𝐤𝐞𝐭¹ report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 (𝐆𝐞𝐭 𝐅𝐮𝐥𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐢𝐧 𝐏𝐃𝐅 - 141 𝐏𝐚𝐠𝐞𝐬) 𝐚𝐭: https://www.alliedmarketresearch.com/request-sample/A16489

Speech analytics is a tool that carries on a process to analyze phone conversations to derive meaningful information, patterns, emotions, and behavior from them. It is usually done with customer calls to analyze it. The whole process can be extended further to various customer interaction channels like social media, chats, emails, texts, etc. Businesses usually have so much data but they are not able to tap it successfully. With speech analytics, they can tap into the untapped data of phone conversations and utilize it for future insights.

The global 𝐒𝐩𝐞𝐞𝐜𝐡 𝐀𝐧𝐚𝐥𝐲𝐭𝐢𝐜𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 is analyzed across offering, enterprise size, application, industry vertical, and region. The report takes in an exhaustive analysis of the segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report. The global speech analytics market was valued at $1.7 billion in 2021 and is projected to reach $4.9 billion by 2031, growing at a CAGR of 11.2% from 2022 to 2031.

𝐁𝐮𝐲 𝐍𝐨𝐰 & 𝐆𝐞𝐭 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐨𝐧 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 : https://www.alliedmarketresearch.com/speech-analytics-market/purchase-options

By enterprise size, the large enterprises segment contributed to more than three-fourths of the global speech analytics market share² in 2021, and is projected to rule the roost by 2031. The SMEs segment, on the other hand, would display the fastest CAGR of 11.66% throughout the forecast period.

By industry vertical, the BFSI segment accounted for the highest share in 2021, generating more than one-fourth of the global speech analytics market revenue.³ The same segment would also portray the fastest CAGR of 13.45% during the forecast period. The other segments assessed through the report include IT and telecom, media and entertainment, retail and eCommerce, and government and defence.

By region, North America held the major share in 2021, garnering nearly two-fifths of the global speech analytics market revenue. Asia-Pacific, simultaneously, would showcase the fastest CAGR of 12.43% from 2022 to 2031. The other provinces analyzed in the report include Europe and LAMEA.

𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮’𝐫𝐞 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬: https://www.alliedmarketresearch.com/request-for-customization/A16489

Speech analytics solutions are used in a range of industrial applications, such as IT & Telecommunication, BFSI, Retail, Healthcare, and so on, to provide actionable insights that improve business value and persuade data-driven decision-making to enhance training techniques for individual agents. In addition, the increased usage of IoT-enabled and other advanced speech analytics will make listening for every call possible, empowering managers through the identification of business opportunities, as well as highlighting instances of well-executed calls, which boost the demand for speech analytics market, and in turn, accelerating the market growth over the forecast period. Furthermore, key players operating in the market are expected to develop voice control over IoT devices to provide end-users with increased business value. This is further expected to present lucrative opportunities for increasing the speech analytics market share.

Speech analytics extracts relevant and vital content from a recorded audio file and can automatically identify, categorize and cross-reference important information regarding what is being said or the actual substance or meaning of the speech, not just individual words. To make this possible, speech analytics makes use of several types of software applications like automatic speech recognition and audio mining tools.

𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/A16489

According to speech analytics market research, the speech analytics market was valued at $1,700 million in 2021 and is projected to reach $4,800 million by 2031. North America was the highest revenue contributor, with an impressive CAGR of 10%, due to the region’s increasing demand for enhanced customer support services. In addition, the U.S. currently dominates the regional market for North America, owing to the rapid advancements in artificial intelligence, machine learning, and internet of things (IoT) technology. On the other hand, Europe holds a significant market capture in the global speech analytics market, owing to rapid urbanization and increasing demand for voice authentication in mobile applications with the rise in data security concerns.

𝐓𝐡𝐞 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐩𝐫𝐨𝐟𝐢𝐥𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐫𝐞𝐩𝐨𝐫𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞

𝐆𝐨𝐨𝐠𝐥𝐞 𝐋𝐋𝐂, 𝐌𝐢𝐜𝐫𝐨 𝐅𝐨𝐜𝐮𝐬, 𝐋𝐢𝐯𝐞𝐏𝐞𝐫𝐬𝐨𝐧, 𝐈𝐧𝐜., 𝐀𝐦𝐚𝐳𝐨𝐧 𝐖𝐞𝐛 𝐒𝐞𝐫𝐯𝐢𝐜𝐞𝐬, 𝐈𝐧𝐜., 𝐆𝐞𝐧𝐞𝐬𝐲𝐬 𝐓𝐞𝐥𝐞𝐜𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬 𝐋𝐚𝐛𝐨𝐫𝐚𝐭𝐨𝐫𝐢𝐞𝐬, 𝐈𝐧𝐜., 𝐀𝐯𝐚𝐲𝐚 𝐈𝐧𝐜., 𝐕𝐞𝐫𝐢𝐧𝐭 𝐒𝐲𝐬𝐭𝐞𝐦 𝐈𝐧𝐜., 𝐍𝐈𝐂𝐄 𝐒𝐲𝐬𝐭𝐞𝐦𝐬 𝐋𝐭𝐝., 𝐂𝐚𝐥𝐥𝐌𝐢𝐧𝐞𝐫, 𝐆𝐧𝐚𝐧𝐢 𝐈𝐧𝐧𝐨𝐯𝐚𝐭𝐢𝐨𝐧𝐬 𝐏𝐫𝐢𝐯𝐚𝐭𝐞 𝐋𝐢𝐦𝐢𝐭𝐞𝐝.

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David Correa
Allied Market Research
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¹ https://www.alliedmarketresearch.com/speech-analytics-market-A16489
² https://www.globenewswire.com/en/news-release/2023/02/16/2609432/0/en/Speech-Analytics-Market-Is-Expected-to-Reach-4-9-Billion-by-2031-Says-AMR.html
³ https://www.alliedmarketresearch.com/press-release/speech-analytics-market.html