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(IT-NEWSWIRE.COM, March 05, 2024 ) According to a research report "Speech Analytics Market by Offering (Software by Functionality & Deployment Mode & Services), Business Function (Sales & Marketing, HR), Channel (VOIP & Messaging Platforms, Webinars & Virtual Meetings), Vertical and Region - Global Forecast to 2029" published by MarketsandMarkets, the speech analytics market is projected to grow from USD 3.3 billion in 2024 to USD 7.3 billion by 2029, at a compound annual growth rate (CAGR) of 17.5% during the forecast period. Key driving factors include the rising demand for improving omnichannel integration capabilities, the increasing emphasis on monitoring and improving agent performance, and the growing importance of utilizing analytics for customer retention and enhanced customer satisfaction.
Browse 260 market data Tables and 63 Figures spread through 300 Pages and in-depth TOC on "Speech Analytics Market - Global Forecast to 2029"
Emotion detection software functionality segment to register largest market size during forecast period
Emotion detection functionality in speech analytics software plays a crucial role in understanding and analyzing the emotional aspects of customer interactions. By utilizing advanced algorithms and machine learning techniques, this feature enables organizations to identify and classify various emotions expressed by customers during conversations, such as happiness, frustration, anger, or satisfaction. Emotion detection allows supervisors and managers to assess the emotional tone of customer interactions and evaluate agent performance accordingly. By identifying instances of customer dissatisfaction or stress, organizations can provide targeted coaching and training to agents to improve communication skills and handle challenging situations more effectively.
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Services segment to witness higher CAGR during forecast period
Services are integral to the Speech Analytics market, providing vital support and expertise to organizations embarking on the adoption journey. These services encompass consulting and advisory, implementation and deployment, training and education, support and maintenance, customization and integration, as well as data analysis and insights. Through these offerings, service providers empower organizations to effectively deploy, optimize, and derive actionable insights from speech analytics solutions, ultimately driving business growth, enhancing customer experiences, and ensuring operational excellence.
VOIP and messaging platforms to register for the highest market size during the forecast period
Speech analytics software increasingly integrates with VOIP (Voice over Internet Protocol) and messaging platforms to enhance customer interactions and glean valuable insights from communication channels. The speech analytics software deployed across VOIP and messaging platforms offers organizations a comprehensive solution for monitoring, analyzing, and optimizing customer interactions across various communication channels. This integration enables organizations to gain deeper insights into customer behavior, enhance agent performance, and deliver more personalized and effective customer experiences.
Asia Pacific to witness highest CAGR during forecast period
In the Asia Pacific region, the adoption of speech analytics solutions is steadily increasing as organizations recognize the importance of leveraging customer insights to enhance operational efficiency and drive business growth. The region is experiencing rapid economic growth, leading to increased consumer spending and a greater focus on customer service excellence. Organizations across various industries, including banking, telecom, retail, and healthcare, invest in speech analytics solutions to gain actionable insights from customer interactions and improve service delivery. Many countries in the Asia Pacific are undergoing significant digital transformation, driven by technological advancements and changing consumer preferences. As businesses digitize their operations and expand their online presence, the need for advanced analytics tools, such as speech analytics, to understand customer behavior and preferences becomes more evident.
Some major players in the speech analytics market include NICE (US), Verint (US), Avaya (US), OpenText (Canada), Google (US), Vonage (US), Genesys (US), Calabrio (US), CallMiner (US), Almawave (Italy), Five9 (US), AWS (US), Qualtrics (US), Talkdesk (US), Alvaria (US), Castel Communications (US), VoiceBase (US), Intelligent Voice (UK), CallTrackingMetrics (US), 3CLogic (US), Sprinklr (US), Uniphore ( US), Enthu.ai (India), Deepgram (US), Gnani.ai (India), Observe.ai (US), Batvoice (France), Kwantics (India), Covin (India), Salesken (US), Tethr (US), Gong (US), and Clari (US).
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MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
Source: EmailWire.Com 
Source: EmailWire.com
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