Speech Analytics Market Trends, Development and Forecast Report, 2024-2030

NEW YORK - May 8, 2024 - PRLog -- The speech analytics market amounted to USD 2,679.6 million in 2023 and is projected to reach USD 8,185.9 million by 2030, with a compound annual growth rate of 17.5% over the decade. This growth is attributed to the focus of many large businesses on enhancing customer satisfaction, the proliferation of contact centers, the growing importance of real-time voice analytics, and increasing regulatory compliance requirements.

The on-premises segment holds a majority share of approximately 70%. This is because on-premises deployment involves the installation and operation of speech analytics software within an organization's physical premises, encompassing software and hardware procurement, maintenance, security, and data governance responsibilities. The adoption of on-premises voice analytics is particularly expanding in industries with strict data privacy and security regulations, such as healthcare and finance, enhancing flexibility and oversight of the speech analytics environment. Additionally, small and medium-sized enterprises (SMEs) are increasingly embracing on-premises speech analytics solutions.

In contrast, the cloud-based segment is expected to grow at a faster rate in the future. This is due to the cloud-based deployment model, where speech analytics software is hosted on remote servers accessible via the internet, eliminating the need for on-premises software and hardware management and transferring maintenance, security, and data management responsibilities to cloud service providers. The cloud model is gaining traction across industries due to its scalability, cost-effectiveness, and accessibility, especially appealing to organizations prioritizing flexibility and seeking to avoid the complexity of on-premises solutions. Cloud-based speech analytics solutions are also becoming increasingly viable options for small and medium-sized businesses.

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The North American speech analytics market holds significant promise across various sectors including BFSI, retail and e-commerce, telecom, IT, healthcare, government, and life sciences. This region is a focal point for innovation in technology solutions to serve its large customer base, with notable companies like AWS introducing AI-powered speech analytics solutions for Amazon Connect, facilitating real-time customer insights, agile agent interactions, and enhancing customer experience on a global scale.

Given the considerable benefits of speech analytics, demand for such solutions is on the rise and is expected to continue growing in the years ahead.