Speech and Voice Analytics Market is projected to increase at a CAGR of around 22.3% during 2022 to 2032

The market for defence communication systems is anticipated to reach a valuation of US$ 62.6 billion by 2026, growing at an excellent CAGR of 9.6% over that time. The market is currently predicted to be worth US$ 43.4 billion in 2022. Right now, 25% of the worldwide aerospace and defence market’s sales are of defence communication systems. Increasing demand for mobile command systems and the emergence of IoT within the military network environment are two factors that are anticipated to drive the expansion of the worldwide defence communication system market over the ensuing years.

The bank says that customer complaints about security have been decreased by 90%, and that average contact time has been lowered by 15%. HSBC has become the first bank to employ speech recognition for banking clients in February 2019. It has made a fundamental step toward the establishment of biometric banking.

Korean bank IBK also implements a biometric speech identification system that is dependent on speech recognition technology, allowing customer service centers to authenticate IDs in 15 seconds. Such advancements are likely to increase the need for speech analytics.

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Key Takeaways from the Market Study

  • Global Speech and Voice Analytics Market is expected to reach a market size of US$ 2.2 Bn by 2022.
  • In terms of Component, the Solutions segment is expected to have the highest CAGR rate of 20.9% during the forecast period.
  • In terms of Deployment Mode, the Cloud segment is expected to have the highest CAGR rate of 19.9% during the forecast period.
  • United States is likely to remain the most dominant market with an absolute dollar growth opportunity of US$ 4.5 Bn during 2022 – 2032.
  • The market in U.S. is set to experience the highest CAGR of 21.6% during the forecast period.

“During the projected period, the rise of Solutions in terms of the component can become a key driver in raising the Speech and Voice Analytics Market revenue.” comments a Future Market Insights analyst.

 Competitive Landscape

The Speech and Voice Analytics Market is highly concentrated, with only a few competitors accounting for the vast majority of the market share. The established firms are attempting to obtain supremacy in this sector. These firms are increasing their profits and market shares through smart joint projects. Some development in the Speech and Voice Analytics Market include:

  • In August 2021, Avaya, a leading company in solutions to improve and enhance communications and collaboration, declared the acquisition of CTIntegrations, a U.S.-based specialist contact center system integration, and software development firm. CTIntegrations also announced to expand Avaya’s digital capabilities for its large contact center client base and enhanced the Avaya OneCloud AI-powered experience platform.
  • In December 2021, Genesys Telecommunications, a provider of customer experience management, announced that it has completed the takeover of Pointillist and Exceed.ai. Exceed.ai, renowned for its established intelligence lead activation and discussion processor, and Pointillist, known for its award-winning experience management platform, will fast-track how organizations communicate with consumers across the sales, marketing, and service lifecycle.

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Market Segments Covered in Speech and Voice Analytics Market Analysis

By Component:

  • Solutions
    • Speech Engine
    • Indexing and Query Tools
    • Reporting and Visualization Tools
    • Quality Management
    • Root Cause Analysis
    • Other Solutions
  • Services
    • Professional Services
    • Managed Services

By Application:

  • Customer Experience Management
  • Call Monitoring and Summarization
  • Agent Performance Monitoring
  • Sales and Marketing Management
  • Risk and Compliance Management
  • Sentiment Analysis
  • Other Applications

By Deployment Mode:

  • On-premises
  • Cloud

By Organization Size:

  • Large enterprises
  • Small and Medium-sized Enterprises (SMEs)

By Vertical:

  • Banking Finance Services and Insurance (BFSI)
  • IT and Telecom
  • Media and Entertainment
  • Healthcare and Life Sciences
  • Retail and E-Commerce
  • Travel and Hospitality
  • Government and Defence
  • Other Verticals

About Future Market Insights, Inc.

Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.

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