Speech and Voice Analytic Technology Market was valued at USD 2.67 Billion in 2022 and is projected to reach USD 7.38 Billion by 2030, growing at a CAGR of 16.9% from 2024 to 2030.
The Speech and Voice Analytic Technology market has experienced significant growth from 2018 to 2022, driven by advancements in artificial intelligence (AI), machine learning (ML), and natural language processing (NLP). During this period, businesses across various sectors, including healthcare, finance, retail, and customer service, embraced these technologies for their ability to analyze spoken language for insights such as sentiment, intent, and emotion. The increasing use of voice assistants, speech recognition software, and virtual agents further fueled demand. Market players introduced innovative solutions to improve the accuracy and efficiency of voice analytics, catering to both large enterprises and smaller businesses seeking to improve customer experience, streamline operations, and enhance security.
Between 2018 and 2022, the market was largely focused on enhancing existing technologies and overcoming challenges related to speech recognition accuracy, language barriers, and privacy concerns. Additionally, the rise of remote work during the COVID-19 pandemic led to a surge in demand for tools that could monitor conversations for insights, including sentiment analysis and compliance monitoring. As voice analytics tools became more sophisticated, organizations realized the benefits of integrating these technologies into their customer service strategies, improving customer satisfaction, and boosting operational efficiency. According to industry reports, the global Speech and Voice Analytics Technology market was valued at over $1.5 billion in 2022, and it was expected to continue growing at a steady rate in the subsequent years.
The demand outlook for Speech and Voice Analytic Technology from 2023 to 2033 presents an exciting trajectory. With continuous advancements in AI, ML, and NLP, voice analytics technology is set to penetrate even deeper into industries, including healthcare, automotive, and telecommunications. The growing adoption of voice-enabled devices, such as smart speakers, mobile phones, and in-car assistants, will significantly drive the market. Moreover, the increasing focus on data-driven decision-making, personalized services, and the need for enhanced security and fraud prevention will push the demand for these technologies even further. As businesses continue to invest in automation, real-time analytics, and customer experience enhancements, the Speech and Voice Analytics Technology market is poised to see a compound annual growth rate (CAGR) of 20% or more over the next decade.
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Amazon Web Services (AWS)
Avaya Inc.
Verint System Inc.
CallMiner
Nexidia
Nice Systems
Calabrio
Genesys Telecommunications
Micro Focus International PLC
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Speech and Voice Analytic Technology Market
BFSI
IT and Telecom
Media and Entertainment
Healthcare and Life Sciences
Retail and E-Commerce
Travel Industry
Government and Defense
Others
Based on Types the Market is categorized into Below types that held the largest Speech and Voice Analytic Technology market share In 2023.
Speech Engine
Indexing and Query Tools
Reporting and Visualization Tools
Quality Management
Root Cause Analysis
Others
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Speech and Voice Analytic Technology Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Speech and Voice Analytic Technology Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Speech and Voice Analytic Technology Market, By Type
6. Global Speech and Voice Analytic Technology Market, By Application
7. Global Speech and Voice Analytic Technology Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Speech and Voice Analytic Technology Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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