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Growing AI Adoption Accelerates Speech Analytics Market Expansion: A Key Catalyst Accelerating Global Speech Analytics Market Growth in 2025
Speech Analytics
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Speech Analytics Market Size Valuation Forecast: What Will the Market Be Worth by 2025?_x000D_
In recent times, the size of the speech analytics market has seen exponential growth. It is anticipated to surge from $3.11 billion in 2024 to $3.78 billion in 2025, marking a compound annual growth rate (CAGR) of 21.7%. The significant growth observed in the historic period is due to factors such as the advent of sophisticated speech recognition technologies, usage of speech analytics to enhance customer service, integration of speech analytics in call centers, emergence of voice biometrics for security and authentication purposes, along with an amplified focus on adhering to compliance and regulatory mandates._x000D_
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Speech Analytics Market Size Forecast: What's the Projected Valuation by 2029?_x000D_
The size of the speech analytics market is projected to witness a remarkable surge in the upcoming years, expanding to $9.54 billion in 2029 at a 26.0% compound annual growth rate (CAGR). The predicted growth during the forecast period can be ascribed to factors such as the increasing application of speech analytics in multichannel customer engagement, its employment for predictive analytics yielding business insights, rising application for employee training and performance assessment, focus on real-time speech analytics for instant action, and the inclusion of emotion and sentiment analysis. Foreseen trends for the forecast period encompass the amalgamation of speech analytics with artificial intelligence (AI) and machine learning (ML), its utilization in virtual assistants and chatbots, the inclination towards cloud-based speech analytics solutions, the application of speech analytics in social media monitoring, and the proliferation of industry-specific speech analytics software._x000D_
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What Are the Drivers Transforming the Speech Analytics Market?_x000D_
The rise in the use of artificial intelligence is predicted to drive the expansion of the speech analytics market. This uptick in the adoption of artificial intelligence can be attributed to its potential to elevate efficiency, enhance decision-making, and automate sophisticated tasks across a multitude of industries. AI augments speech analytics by facilitating precise transcription, real-time analysis, and providing a deeper understanding of customer sentiment, intent, and behaviours through advanced natural language processing and machine learning algorithms. For example, according to the International Business Machines Corporation (IBM), a US-based technology firm, in May 2022, 35% of companies globally utilized artificial intelligence (AI) in 2022, a 4% increase compared to 2021. Furthermore, the usage of artificial intelligence (AI) saw a 13% rise in businesses in 2022 compared to the previous year. Thus, the rising adoption of artificial intelligence is instrumental in the growth of speech analytics market._x000D_
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What Long-Term Trends Will Define the Future of the Speech Analytics Market? _x000D_
The burgeoning trend of implementing sophisticated technology is becoming increasingly popular in the speech analytics market. In an effort to fortify their standing, major firms within this sector are concentrating on the creation of novel technological solutions. For example, Google, a multinational technology firm based in the United States, unveiled generative AI voice analytics for banks and investment businesses in November 2023. The main goal of this initiative is to improve the monitoring and documentation of business-related conversations, specifically voice and video calls, by merging Google Cloud's generative AI platform, Vertex AI, with Symphony's Cloud9 voice product._x000D_
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Which Segments in the Speech Analytics Market Offer the Most Profit Potential?_x000D_
The speech analyticsmarket covered in this report is segmented - _x000D_
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1) By Components: Solutions, Services_x000D_
2) By Deployment Mode: Cloud, On-premises_x000D_
3) By Organization Size: Large Enterprises, Small And Medium-Sized Enterprises (SMEs)_x000D_
4) By Applications: Customer Experience Management, Call Monitoring And Summarization, Agent Performance Monitoring, Sales And Marketing Management, Risk And Compliance Management, Sentiment Analysis_x000D_
5) By Vertical: Banking Finance Services And Insurance (BFSI), IT And Telecom, Media And Entertainment, Retail And eCommerce, Travel And Hospitality, Government And Defense, Healthcare And life sciences, Other Verticals_x000D_
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Subsegments:_x000D_
1) By Solutions: On-Premises Solutions, Cloud-Based Solutions, Integrated Solutions _x000D_
2) By Services: Consulting Services, Implementation Services, Support And Maintenance Services _x000D_
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Which Firms Dominate the Speech Analytics Market by Market Share and Revenue in 2025?_x000D_
Major companies operating in the speech analytics market include NICE Systems Ltd., Verint Systems Inc., Avaya Holdings Corp., OpenText Corporation, Genesys Telecommunications Laboratories Inc., Calabrio Inc., Clarabridge Inc., Castel Communications LLC, VoiceBase Inc., Google LLC, Vonage Holdings Corp., Micro Focus International plc, Zoom International S. A., Almawave S. p. A., Talkdesk Inc., Alvaria Inc., Hewlett Packard Enterprise Company, Interactive Intelligence Group Inc., InContact Inc., Clarifai Inc., Uniphore Software Systems Pvt. Ltd., Deepgram Inc., Eleos Health Inc., Sonde Health Inc., Aural Analytics Inc., Intelligent Voice Ltd., Phonexia s. r. o., Daisee Pty Ltd, CloudTalk s. r. o., CallTrackingMetrics LLC, SpeechTech Ltd., Batvoice Technologies _x000D_
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Which Regions Offer the Highest Growth Potential in the Speech Analytics Market?_x000D_
North America was the largest region in the speech analytics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the speech analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa_x000D_
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