Research Reports
Future Growth of Speech Analytics Market: Ken Research
Published by Ken Research
Posted on October 5, 2021
4 min readLast updated: January 31, 2026
Global Banking & Finance Review®
Company
Published by Ken Research
Posted on October 5, 2021
4 min readLast updated: January 31, 2026
The Speech Analytics Market is growing due to increased demand for customer engagement and market intelligence, driven by the BPO industry.
Speech analytics tools support users distinguish insights, feelings, and meanings in conversation, which delivers the companies with countless strategic advantages for their businesses specifically their customer engagement centers. The approach of analyzing documented calls is speech analytics. Speech analytics focuses to gather knowledge from customers to boost contact and potential engagement. Contact center speech analytics can be utilized to mine documented customer experiences to surface the information demanded for efficacious cost management and customer service strategies to be well-known. This technology can recognize cost drivers, appraise patterns, and identify procedures and goods for strengths and weaknesses, and supports to understand how contributions are viewed by the customer. Consumer contact centers primarily utilize the approach to retrieve knowledge hidden in consumer encounters with an organization.
According to the report analysis, ‘Speech Analytics Market: By Component (Solution and Services); By Organization Size (Large Enterprises, and Small and Medium-sized Enterprises (SMEs)); By Deployment (On-premise and Cloud); By Vertical (BFSI, Telecommunications, Healthcare, Retail, Government, Travel and Hospitality and Others); and Region – Analysis of Market Size, Share & Trends for 2014 – 2019 and Forecasts to 2030’ states that the advanced economic situation, coupled with the increasing BPO industry, is projected to be a foremost factor propelling the global requirement for speech analytics. The implementation by agencies and companies of analytical solutions has augmented the steadily over time. This is due to the grown reliance on market intelligence by businesses to obtain a competitive advantage. It is therefore projected that aspects such as risk and enforcement management, the requirement for higher business operational efficiency, and the augment in the number of call centres in underdeveloped countries will drive the requirement during the forecast duration.
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In addition, some of the aspects propelling the Speech Analytics market are high growth in the number of customer engagement centers, the increasing emphasis on taking a competitive advantage through the market intelligence, and growing enforcement and risk management requirements. Some of the aspects that could slow down the implementation of speech analytics solutions and services amongst different industry verticals and domains are overpriced solutions and low awareness of the probable benefits of this technology amongst businesses. Cloud-based technologies and services for real-time speech analytics are predicted to generate the great opportunities for dissimilar market players functioning in this market.
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Not only has this, the increasing requirement for customer relationship management (CRM), technological innovation, the requirement for more detailed risk management solutions, and competition amongst the companies are the foremost drivers for the growth of the market for speech analytics by growing the number of call centers. Besides, speech analytics technology allows several companies to appraise industry patterns and possibilities, unproductive amounts of calls, and high-cost drivers. This technology also supports many businesses to function on unorganized knowledge gained from customer contact and enhanced customer service. Therefore, the market for speech analytics has augmented across dissimilar companies.
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The main topic is the growth and future prospects of the Speech Analytics Market.
The market is driven by the BPO industry's growth and the need for market intelligence.
Challenges include high costs and low awareness of the technology's benefits.
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