According to a new report, published by KBV research, The Global Speech Analytics Market size is expected to reach $8.1 billion by 2031, rising at a market growth of 15.5% CAGR during the forecast period.
The Cloud market is expected to witness a CAGR of 16% during (2024 - 2031). The cloud segment is fueled by flexibility, scalability, and cost-efficiency, making it attractive to small and medium-sized enterprises (SMEs) and organizations adopting remote or hybrid work models. The pay-as-you-go model and minimal upfront investment enable businesses to deploy speech analytics without significant financial barriers. Cloud solutions also support seamless updates, easy integration with other tools, and real-time access to analytics, which are crucial for dynamic and fast-paced business environments.
The Solution segment is leading the Global Speech Analytics Market by Component in 2023; thereby, achieving a market value of $4.83 billion by 2031 This preeminence is propelled by the increasing demand for sophisticated analytics tools that yield actionable insights derived from consumer interactions. Organizations across various sectors are progressively implementing these solutions to augment consumer experience, enhance operational efficiency, and secure a competitive advantage.
The Agent Performance Monitoring segment is experiencing a CAGR of 15.3% during (2024 - 2031). The agent performance monitoring segment is fueled by the need for organizations to ensure consistent and high-quality customer service. Speech analytics tools allow businesses to evaluate agent interactions in real-time, identify areas for improvement, and deliver targeted training. Given the rising prominence of remote and hybrid work models, these tools have become essential for monitoring agent productivity and maintaining service standards.
The Large Enterprises segment is generating the maximum revenue in the Global Speech Analytics Market by Enterprises Size in 2023; thereby, achieving a market value of $4.61 billion by 2031. hese organizations often have the financial resources to invest in advanced technologies that enhance customer experience, optimize agent performance, and streamline operations. Large enterprises also prioritize compliance with regulatory requirements, making speech analytics an essential tool for monitoring and maintaining data accuracy and security.
The Telecom & IT segment would exhibit a CAGR of 14.7% during (2024 - 2031). The telecom & IT segment benefits from the increasing reliance on speech analytics to manage large volumes of customer inquiries, improve service delivery, and reduce churn rates. These industries face intense competition and high customer expectations, making speech analytics essential for identifying issues, resolving complaints efficiently, and personalizing services. The growing use of digital communication channels and the need for real-time insights to enhance operational efficiency have further driven adoption in this segment.
Full Report: https://www.kbvresearch.com/speech-analytics-market/
The North America region dominated the Global Speech Analytics Market by Region in 2023; thereby, achieving a market value of $2.87 billion by 2031. The Europe region is expected to witness a CAGR of 15.1% during (2024 - 2031). Additionally, The Asia Pacific region would obtain a CAGR of 16.1% during (2024 - 2031).
By Deployment Type
By Component
By Application
By Enterprises Size
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