Speech Analytics Market Evolution: Transforming Speech Recognition

1. Speech Analytics Market Evolution: Embracing Technological Advancements

2. Global XXX Market – 2022-2029 Meticulous Research®— a leading global market research company, published a research report titled “Speech Analytics Market by Component, Application,Organization Size, Deployment Mode, Industry Vertical (IT & Telecommunications, BFSI, Retail & Consumer Goods, Healthcare & Life Sciences, Business Process Outsourcing) - Global Forecast to 2029’ The Speech Analytics Market is on a trajectory of exponential growth, poised to reach a staggering $14.1 billion by 2029, boasting a remarkable CAGR of 20.1% during the forecast period 2022–2029. This growth story is fueled by a multitude of factors, including the burgeoning demand for speech analytics to enhance contact center operations, fortify fraud detection, and cater to the evolving landscape of biometric systems amidst the COVID-19 pandemic. Moreover, the healthcare sector's increasing reliance on speech analytics and the surging demand for cloud-based solutions are set to unlock significant growth opportunities within the market. However, the constrained application scenarios of real-time speech analytics pose a formidable challenge to the market's expansion. Navigating Through the COVID-19 Impact The onset of the COVID-19 pandemic sent shockwaves across the global economy, and the speech analytics industry was no exception. Nationwide lockdowns and social distancing measures disrupted operations, leading to uncertainty among key market players. However, as economies transition from crisis response to recovery, a surge in demand for voice- enabled real-time speech analytics solutions is anticipated, especially within healthcare settings. Hospitals, grappling with fluctuating call volumes and operational complexities, are increasingly turning to speech analytics to provide efficient and informative assistance through voice-enabled platforms. Driving Forces Behind the Speech Analytics Market Surge in Demand for Enhanced Call Center Operations Speech analytics technology offers a powerful tool for dissecting telephone conversations between customers and call center agents, empowering organizations to enhance customer experience and drive operational efficiency. Call centers leverage speech analytics solutions to glean real-time insights, identify upselling opportunities, and ensure compliance, thereby elevating overall service quality. Proliferation of Cloud-Based Solutions In recent years, there has been a notable emphasis on cloud-based call center platforms offering voice analytics solutions to bolster agent performance and streamline contact center operations. For instance, TCN Inc. introduced Voice Analytics—a suite of advanced tools for search and discovery combined with automated call transcription. Such Page 1 of 3 © Meticulous Research| sales@meticulousresearch.com

3. Global XXX Market – 2022-2029 innovations facilitate quick retrieval of calls and provide valuable insights, contributing to the market's growth. Innovation Driving Market Expansion Prominent players in the speech analytics landscape are committed to product enhancement and technological innovation. For instance, Verint Systems Inc. introduced a new AI innovation aimed at expanding real-time agent assist capabilities. Leveraging advanced deep neural network (DNN) models, this innovation enhances transcription accuracy and comprehension, thereby ensuring a nuanced understanding of complex call center conversations. Key Insights from the Speech Analytics Market Study Dominance of Solutions Segment In 2022, the solutions segment is poised to dominate the speech analytics market, driven by the rising adoption of speech analytics software across call centers and retail industries. The segment's growth is further propelled by the escalating demand for reporting tools, customer experience solutions, and compliance management tools. Sales and Marketing Management Leading the Way Within the realm of applications, sales and marketing management emerges as the dominant segment, fueled by the need for improved customer experience and effective sales strategies. The segment's growth is underpinned by the rising demand for call monitoring solutions, sentiment analysis, and the identification of cross-selling opportunities. IT & Telecommunications Spearheading Market Growth The IT & telecommunications sector is slated to lead the speech analytics market in 2022, driven by the increasing demand for actionable insights among telecom companies. Factors such as customer retention strategies, cross-selling initiatives, and data analytics contribute to the sector's dominance. Asia-Pacific: A Hotbed of Growth In 2022, the Asia-Pacific region is poised to witness the highest CAGR, fueled by escalating technology expenditures and the growing adoption of speech analytics solutions among SMEs. Countries like Australia, China, and India are at the forefront of this growth, driven by a surge in technology adoption and increased awareness of speech recognition technologies. Key Players Page 2 of 3 © Meticulous Research| sales@meticulousresearch.com

4. Global XXX Market – 2022-2029 The key players operating in the global speech analytics market are NICE Ltd. (Israel), Verint Systems Inc. (U.S.), CallMiner, Inc. (U.S.), Genesys Cloud Services, Inc. (U.S.), Avaya Holdings Corp. (U.S.), Audio Analytic Ltd. (U.K.), Calabrio, Inc. (U.S.), Batvoice Technologies (France), Qualtrics, LLC (U.S.), Dialpad, Inc. (U.S.), WinterLight Labs (Canada), The Plum Group, Inc. (U.S.), Aural Analytics, Inc (U.S.), Amazon.com, Inc. (U.S.), Uniphore Technologies Inc. (India), Intelligent Voice Ltd (U.K.), Kwantics (India), Gnani Innovations Private Limited (India), and SAS Institute Inc. (U.S.). Download @https://www.meticulousresearch.com/download-sample-report/cp_id=5364 Free Research Sample Key questions answered in the report- •Which are the high-growth market segments in terms of the component, application, organization size, deployment mode, and end-use industries? •What is the historical market for speech analytics market across the globe? •What are the market forecasts and estimates for the period of 2022–2029? •What are the major drivers, restraints, and opportunities in the global speech analytics market? •Who are the major players in the global speech analytics market, and what share of the market do they hold? •How is the competitive landscape? •What are the recent developments in the global speech analytics market? •What are the different strategies adopted by the major players in the market? •What are the geographic trends and high-growth countries? •Who are the local emerging players in the global speech analytics market, and how do they compete with the other players? Contact Meticulous Email- sales@meticulousresearch.com Contact Connect with us on research Us: Research® Sales- +1-646-781-8004 LinkedIn- https://www.linkedin.com/company/meticulous- Page 3 of 3 © Meticulous Research| sales@meticulousresearch.com