The global Speech Analytics Tools Market research report forecast to 2030 has been recently published by Reports and Data to help user understand the current market scenario. The report offers a detailed analysis of market size, market share, revenue growth, emerging trends, market drivers, restraints, opportunities, limitations, and top companies operating in the market. The data is obtained through extensive primary and secondary research which is further verified by industry experts. This data is represented using various charts, tables and graphs which makes it easier for the reader. It also provides complete analysis of the global Speech Analytics Tools market with details about statistical tools such as SWOT and Porter’s Five Forces analysis.

The global Speech Analytics Tools market size was USD 1.79 Billion in 2021 and is expected to register a revenue CAGR of 20.4% over the forecast period. Rising opportunities in Digital marketing, customer experience, and data-driven decision-making are driving market revenue growth. Several companies are embracing Speech Analytics Tools technology to improve their business process to promote customer satisfaction continuously and these are one of the primary drivers in the Speech Analytics Tools market. Organizations are increasingly adopting Deep Neural Networks (DNN) and Convolutional Neural Networks (CNN) technology with audio data converted to the time-frequency for various applications such as speech recognition, voice assistants, and sentiment analysis are enhancing consumer experience and profit margin of the organization. Converting speech into raw data and organizing and analyzing the raw data saves time and helps business processes to improve agent productivity, and customer satisfaction, reducing customer churn, and service efficiency. These factors are driving the adoption of these technologies among large organizations.

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The information and communication technology sector is rapidly gaining traction owing to rapid technological advancements, high demand for smartphones, laptops, computers and other modern electronic devices, and increasing adoption of latest technologies such as Artificial Intelligence (AI), Internet of Things (IoT), and cloud services. The ICT sector consists of several sections, software, hardware, telecommunications and other services. Factors such as increasing demand for advanced ICT services in BFSI, agriculture, retail, hospital and healthcare, rapid adoption of digitalization, rising number of internet users and high demand of advanced services and devices are expected to drive global market revenue growth during the forecast period. Other factors such as increasing need for managing large data base, rising concerns about data security and increasing investments in R&D activities are expected to boost market growth during the forecast period.

Competitive Landscape:

Competitive landscape of global Speech Analytics Tools market is quite fragmented with regional and global key players. These market players are involved in various strategies including mergers and acquisitions, collaborations, new product launches or corporate deals to retain their market position and expand product portfolio.

Some leading companies operating in the global Speech Analytics Tools market

Verint Systems Inc., Hewlett Packard Enterprise Company, NICE Ltd., CallMiner Inc., Avaya Holdings Corporation, Genesys Telecommunications Laboratories Inc., Aspect Software Inc., Castel Communications, Clarabridge Inc., Zoom International, and Calabrio Inc.

The global market is further segmented into type and application:

By Component Outlook

  • Speech Engine
  • Reporting & Visualization Tools

By Application Outlook

  • Customer experience management
  • Call Monitoring
  • Agent performance monitoring
  • Others

Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.

  • North America (U.S., Canada, Mexico)
  • Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
  • Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
  • Latin America (Brazil, Rest of LATAM)
  • Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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