The size of the speech analytics market was USD 2,679.6 million in 2023, and it will touch a total value of USD 8,185.9 million in 2030, powering at a compound annual growth rate of 17.5% by the end of this decade.
This is for the reason that numerous big businesses chiefly concentrate on satisfaction of their customers, growing count of contact centers, the mounting significance of instantaneous voice analytics, and the increasing regulatory compliance needs.
The on-premises category has a larger share of around 70%. This is due to the fact that on-premises deployment includes setting up and running speech analytics software at an administration’s physical location. This includes finding software and hardware licenses in addition to taking on upkeep, safety, and data governance tasks.
Furthermore, on-premises acceptance of voice analytics is exploding, particularly in industries with stringent data privacy and security guidelines, for example healthcare and finance. This choice advances the flexibility and monitoring of the speech analytics environment. Moreover, SMEs are progressively accepting on-premises speech analytics solutions.
While, the cloud-based category will have a higher rate in the future. This can be for the reason that cloud-based implementation includes the usage of speech analytics software hosted on remote servers and available over the internet. This method disregards the requirement to obtain and manage on-premises software and hardware licenses, shifting accountability for upkeep, security, and data management to cloud service providers.
Furthermore, the cloud model is attaining acceptance across industries, because of its scalability, cost-efficiency, and ease of access. It is particularly good for establishments that prioritize flexibility and seek to evade the intricacy of on-premises solutions.
Moreover, cloud-based speech analytics solutions are becoming more and more available and feasible options for small and medium-sized businesses.
North American speech analytics market is the most promising in numerous sectors such as BFSI, retail and e-commerce, telecom, IT, healthcare government, and life sciences. This area has attracted substantial attention, powering the public sector and government for seeking innovative tech solutions for serving their vast customer base.
This region has considerable influence over the speech analytics sector and this influence will continue its growth trajectory. Notable companies such as AWS, with the introduction of AI-powered speech analytics solutions for Amazon Connect, are playing an important role in providing instantaneous customer insights, enabling agile agent interactions, and improving experience of the customers at a global level.’
It has a lot to do with the considerable advantages offered by speech analytics, the demand for the same is on the rise. This trend will continue like this in the years to come as well.
SOURCE: P&S Intelligence
