Speech Analytics Market Is Expected to Reach $4.9 Billion by 2031: Says AMR
Increasing demand for speech authentication analysis solutions and expanding use of speech authentication analysis techniques in the retail and e-commerce sectors drive the growth of the global speech analytics market. By offering, the solution segment held the largest share in 2021. By region, Asia-Pacific would cite the fastest CAGR by 2031.
Portland, OR , Feb. 16, 2023 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global speech analytics market was estimated at $1.7 billion in 2021 and is expected to hit $4.9 billion by 2031, registering a CAGR of 11.2% from 2022 to 2031. The 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.
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Report coverage & details:
|Market Size in 2021||$1.7 Billion|
|Market Size in 2031||$4.9 Billion|
|No. of Pages in Report||141|
|Segments Covered||Offering, Enterprise Size, Application, Industry Vertical, and Region.|
|Drivers||Increasing demand for speech authentication analysis solutions|
|Expanding use of speech authentication analysis solutions in the retail and e-commerce sectors|
|Restraints||Concerns associated with data privacy and security|
|Complex data ecosystem resulting in security breaches and information leakage|
|Opportunities||Increase in utilization of artificial intelligence (AI) and machine learning (ML)-based technology to enable useful consumer insights|
- During the outbreak, the prospective end-user industries adopted cutting-edge technology-enabled speech analytics solutions, which impacted the global speech analytics market positively.
- The pandemic also accelerated the general development of workplace automation, which boosted the market growth. At the same time, AI and machine learning have significantly increased the speed at which businesses may utilize speech analytics to allot discussions into relevant categories so as to encompass a conversation.
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.
By offering, the solution segment held the largest share in 2021, garnering around three-fourths of the global speech analytics market revenue, and is projected to maintain its dominance by 2031. The same segment would also showcase the fastest CAGR of 11.76% during the forecast period. The services segment is also analyzed in the report.
By enterprise size, the large enterprises segment contributed to more than three-fourths of the global speech analytics market share 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.
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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. 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.
The key market players analyzed in the global speech analytics market report include Call Miner, Verint System Inc., Genesys Telecommunications Laboratories, Inc., Gnani Innovations Private Limited., Google Inc. (Google Cloud), LivePerson, Inc., Amazon Web Services, Inc., Avaya Inc., Focus International PLC, and NICE Systems Ltd. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance and developments by the top players.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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