The Voice and Speech Analytics Market to grow by USD 2,565.07 million from 2022 to 2027; The demand from the growing business process outsourcing (BPO) sector to boost market growth - Technavio

NEW YORK, Aug. 10, 2023 /PRNewswire/ -- The voice and speech analytics market is estimated to grow at a CAGR of 16.35% between 2022 and 2027. The market size is forecast to increase by USD 2,565.07 million, according to Technavio. North America is estimated to contribute 41% to the growth of the global market during the forecast period. The growth in this region is due to the increasing demand for cross-industry analytics solutions for customer-centric decision-making in this region. The US is the key contributor to the market in the region. Furthermore, rapid advancements in technology, increasing use of speech and speech recognition software in wearable devices, and many call centers are the major drivers of the country's growth. For Comprehensive details on the market size of the historical period(2017 to 2021) and forecast period (2023-2027) - View the Sample report

Company Landscape
The voice and speech analytics market is fragmented; the companies are competing with competitors and are trying to get a greater market share. The market is growing, and the chances of new entrants cannot be overlooked. The major companies have well-established economies of scale and market presence and generally rely on positioning technological advances, and the price of the products -The report provides a full list of key companies, their strategies, and the latest developments. Buy Now

Market Dynamics

Key Drivers

The demand from the growing business process outsourcing (BPO) sector is a key factor driving market growth. Globally, the BPO sector is experiencing significant growth as large companies increasingly outsource their services and businesses to focus time and resources on their core business and office operations. Customer call analytics are essential for BPO departments to better serve their customers. A key benefit of speech and language analysis is that it enables end users to better understand their customers by uncovering hidden insights in their voice and language. Hence, these factors are expected to drive market growth during the forecast period.

Major Trends

The proliferation of predictive analytics in voice and speech analytics is a major trend in the market. The ability for end users to receive predictive reports on analyzed speech and audio data is one of the key features of predictive analytics. This improves business processes and provides an optimal customer experience, especially in call centers. In addition, predictive analytics are used to accurately predict future customer behavior based on phone calls. This has led many companies in the market to offer predictive analytics. Thus, these factors are expected to drive market growth during the forecast period.

Significant Challenges

Lack of accuracy in voice and speech analytics is a significant challenge restricting market growth. Voice and speech are very complex subjects to understand, and voice and speech analysis can be subjective and biased, leading to industry-wide concerns about the accuracy of these solutions. The solution has only a few modules of widely recognized speech and speech patterns installed for analysis, so it is not possible to predict all possible speech and speech patterns in the solution for comprehensive analysis. This is one of the biggest limitations in the market. Hence, a lack of accuracy is expected to restrict market growth during the forecast period.

Technavio has identified key trends, drivers, and challenges in the market, which will help clients improve their strategies to stay ahead of their competitors. - View Sample Report

Company Profiles

The voice and speech analytics market report includes information on the product launches, sustainability, and prospects of leading companies including Avaya Inc., Calabrio Inc., CallMiner Inc., Castel Communications LLC, Dialpad Inc., Enghouse Systems Ltd., Invoca Inc., Liveperson Inc., Marchex Inc, NICE Ltd., Qualtrics LLC, Sabio Ltd. Co., Talkdesk Inc., ThoughtSpot Inc., Uniphore Technologies Inc., Verint Systems Inc., Voci Technologies Inc., VoiceSense Ltd, audEERING GmbH, and Genesys Telecommunications Laboratories Inc..

Competitive Analysis

The report includes competitive analysis, a proprietary tool to analyze and evaluate the position of companies based on their industry position score and market performance score. The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, and growth in market share, among others.

 Market Segmentation

The market is segmented by end-user (large enterprise, small, and medium enterprise), component (solution and services), and geography (North America, Europe, APAC, South America, and Middle East and Africa)

• The market share growth in the large enterprise segment will be significant during the forecast period. The growth of this segment can be attributed to various factors such as increasing demand for automated quality assurance processes, increased regulatory compliance, and call quality assurance to identify training opportunities for customer service representatives. Furthermore, voice and speech analytics solutions that can be used to analyze communication data across platforms are becoming more common because large businesses use different channels such as chat, voicemail, voice calls, and voice messages to communicate with their customers. Thus, these factors are expected to drive segment growth during the forecast period.

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The voice speech recognition software market is estimated to grow at a CAGR of 13.72% between 2022 and 2027. The market size is forecast to increase by USD 14,859.93 million. Furthermore, this report extensively covers market segmentation by technology (voice recognition and speech recognition), end-user (healthcare, consumer products, automotive, enterprise contact centers, and others), and geography (North America, Europe, APAC, South America, and the Middle East and Africa). The increasing adoption of technologically advanced mobile devices is a key factor driving market growth during the forecast period.

Table of Contents

1 Executive Summary

• 1.1 Market Overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by End-user
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Component
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Company Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 12: Offerings of companies included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global voice and speech analytics market 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on global voice and speech analytics market 2017 - 2021 ($ million)

• 4.2 End-user Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – End-user Segment 2017 - 2021 ($ million)

• 4.3 Component Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – Component Segment 2017 - 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by End-user

• 6.1 Market segments
• Exhibit 30: Chart on End-user - Market share 2022-2027 (%)
• Exhibit 31: Data Table on End-user - Market share 2022-2027 (%)

• 6.2 Comparison by End-user 
• Exhibit 32: Chart on Comparison by End-user
• Exhibit 33: Data Table on Comparison by End-user

• 6.3 Large enterprise - Market size and forecast 2022-2027 
• Exhibit 34: Chart on Large enterprise - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Large enterprise - Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Large enterprise - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Large enterprise - Year-over-year growth 2022-2027 (%)

• 6.4 Small and medium enterprise - Market size and forecast 2022-2027 
• Exhibit 38: Chart on Small and medium enterprise - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Small and medium enterprise - Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Small and medium enterprise - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Small and medium enterprise - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by End-user 
• Exhibit 42: Market opportunity by End-user ($ million)
• Exhibit 43: Data Table on Market opportunity by End-user ($ million)

7 Market Segmentation by Component

• 7.1 Market segments
• Exhibit 44: Chart on Component - Market share 2022-2027 (%)
• Exhibit 45: Data Table on Component - Market share 2022-2027 (%)

• 7.2 Comparison by Component 
• Exhibit 46: Chart on Comparison by Component
• Exhibit 47: Data Table on Comparison by Component

• 7.3 Solution - Market size and forecast 2022-2027 
• Exhibit 48: Chart on Solution - Market size and forecast 2022-2027 ($ million)
• Exhibit 49: Data Table on Solution - Market size and forecast 2022-2027 ($ million)
• Exhibit 50: Chart on Solution - Year-over-year growth 2022-2027 (%)
• Exhibit 51: Data Table on Solution - Year-over-year growth 2022-2027 (%)

• 7.4 Services - Market size and forecast 2022-2027 
• Exhibit 52: Chart on Services - Market size and forecast 2022-2027 ($ million)
• Exhibit 53: Data Table on Services - Market size and forecast 2022-2027 ($ million)
• Exhibit 54: Chart on Services - Year-over-year growth 2022-2027 (%)
• Exhibit 55: Data Table on Services - Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Component 
• Exhibit 56: Market opportunity by Component ($ million)
• Exhibit 57: Data Table on Market opportunity by Component ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 58: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 59: Chart on Market share by geography 2022-2027 (%)
• Exhibit 60: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 61: Chart on Geographic comparison
• Exhibit 62: Data Table on Geographic comparison

• 9.3 North America - Market size and forecast 2022-2027 
• Exhibit 63: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 64: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 65: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 66: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.4 Europe - Market size and forecast 2022-2027 
• Exhibit 67: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 68: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 69: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 70: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.5 APAC - Market size and forecast 2022-2027 
• Exhibit 71: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 72: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 73: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 74: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.6 South America - Market size and forecast 2022-2027 
• Exhibit 75: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 76: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 77: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 78: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 79: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 80: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 81: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.8 US - Market size and forecast 2022-2027 
• Exhibit 83: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 84: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 85: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.9 UK - Market size and forecast 2022-2027 
• Exhibit 87: Chart on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 88: Data Table on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 89: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 9.10 Germany - Market size and forecast 2022-2027 
• Exhibit 91: Chart on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 92: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 93: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.11 China - Market size and forecast 2022-2027 
• Exhibit 95: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 96: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 97: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.12 India - Market size and forecast 2022-2027 
• Exhibit 99: Chart on India - Market size and forecast 2022-2027 ($ million)
• Exhibit 100: Data Table on India - Market size and forecast 2022-2027 ($ million)
• Exhibit 101: Chart on India - Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on India - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 103: Market opportunity by geography ($ million)
• Exhibit 104: Data Tables on Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 105: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Company Landscape

• 11.1 Overview

• 11.2 Company landscape
• Exhibit 106: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption
• Exhibit 107: Overview on factors of disruption

• 11.4 Industry risks
• Exhibit 108: Impact of key risks on business

12 Company Analysis

• 12.1 Companies covered
• Exhibit 109: Companies covered

• 12.2 Market positioning of companies 
• Exhibit 110: Matrix on company position and classification

• 12.3 audEERING GmbH
• Exhibit 111: audEERING GmbH - Overview
• Exhibit 112: audEERING GmbH - Product / Service
• Exhibit 113: audEERING GmbH - Key offerings

• 12.4 Avaya Inc.
• Exhibit 114: Avaya Inc. - Overview
• Exhibit 115: Avaya Inc. - Business segments
• Exhibit 116: Avaya Inc. - Key offerings
• Exhibit 117: Avaya Inc. - Segment focus

• 12.5 Calabrio Inc.
• Exhibit 118: Calabrio Inc. - Overview
• Exhibit 119: Calabrio Inc. - Product / Service
• Exhibit 120: Calabrio Inc. - Key offerings

• 12.6 CallMiner Inc.
• Exhibit 121: CallMiner Inc. - Overview
• Exhibit 122: CallMiner Inc. - Product / Service
• Exhibit 123: CallMiner Inc. - Key offerings

• 12.7 Genesys Telecommunications Laboratories Inc. 
• Exhibit 124: Genesys Telecommunications Laboratories Inc. - Overview
• Exhibit 125: Genesys Telecommunications Laboratories Inc. - Product / Service
• Exhibit 126: Genesys Telecommunications Laboratories Inc. - Key offerings

• 12.8 Invoca Inc.
• Exhibit 127: Invoca Inc. - Overview
• Exhibit 128: Invoca Inc. - Product / Service
• Exhibit 129: Invoca Inc. - Key offerings

• 12.9 Liveperson Inc.
• Exhibit 130: Liveperson Inc. - Overview
• Exhibit 131: Liveperson Inc. - Business segments
• Exhibit 132: Liveperson Inc. - Key offerings
• Exhibit 133: Liveperson Inc. - Segment focus

• 12.10 NICE Ltd.
• Exhibit 134: NICE Ltd. - Overview
• Exhibit 135: NICE Ltd. - Business segments
• Exhibit 136: NICE Ltd. - Key news
• Exhibit 137: NICE Ltd. - Key offerings
• Exhibit 138: NICE Ltd. - Segment focus

• 12.11 Qualtrics LLC
• Exhibit 139: Qualtrics LLC - Overview
• Exhibit 140: Qualtrics LLC - Product / Service
• Exhibit 141: Qualtrics LLC - Key offerings

• 12.12 Talkdesk Inc.
• Exhibit 142: Talkdesk Inc. - Overview
• Exhibit 143: Talkdesk Inc. - Product / Service
• Exhibit 144: Talkdesk Inc. - Key offerings

• 12.13 ThoughtSpot Inc.
• Exhibit 145: ThoughtSpot Inc. - Overview
• Exhibit 146: ThoughtSpot Inc. - Product / Service
• Exhibit 147: ThoughtSpot Inc. - Key offerings

• 12.14 Uniphore Technologies Inc. 
• Exhibit 148: Uniphore Technologies Inc. - Overview
• Exhibit 149: Uniphore Technologies Inc. - Product / Service
• Exhibit 150: Uniphore Technologies Inc. - Key offerings

• 12.15 Verint Systems Inc.
• Exhibit 151: Verint Systems Inc. - Overview
• Exhibit 152: Verint Systems Inc. - Product / Service
• Exhibit 153: Verint Systems Inc. - Key offerings

• 12.16 Voci Technologies Inc. 
• Exhibit 154: Voci Technologies Inc. - Overview
• Exhibit 155: Voci Technologies Inc. - Product / Service
• Exhibit 156: Voci Technologies Inc. - Key offerings

• 12.17 VoiceSense Ltd
• Exhibit 157: VoiceSense Ltd - Overview
• Exhibit 158: VoiceSense Ltd - Product / Service
• Exhibit 159: VoiceSense Ltd - Key offerings

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 160: Inclusions checklist
• Exhibit 161: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 162: Currency conversion rates for US$

• 13.4 Research methodology
• Exhibit 163: Research methodology
• Exhibit 164: Validation techniques employed for market sizing
• Exhibit 165: Information sources

• 13.5 List of abbreviations
• Exhibit 166: List of abbreviations

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

SOURCE Technavio

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