The Speech and Voice Analytics Market incomes were assessed at US$ 1.8 Bn in 2021 and is expected to develop at a CAGR of 22.3% from 2022-2032, as per an as of late distributed Future Market Insights report. Toward the finish of 2032, the market is supposed to arrive at a valuation of US$ 16.2 Bn.
Banks can offer normal, human-like conversations and satisfying commitment with clients by coordinating speech innovation with telephone banking. Banking firms focus on development to further develop their web banking offices. Beforehand, they depended on tedious and badly arranged techniques, for example, secret word verification, security questions, and One-Time Passwords (OTPs).
This situation, however, is evolving. Banks have perceived the need of supporting client experience and reinforcing security by integrating speech acknowledgment innovation into portable applications. Monetary help organizations, for example, Barclays Bank, United Services Automobile Association (USAA), and ING Bank have proactively started offering voice confirmation administrations to their clients to further develop the client experience, and they have gotten an ideal response.
As per a FICO survey acted in the United States and Canada, 65% of Americans and 64% of Canadians were happy with uncovering their biometric data in 2020, demonstrating trust in biometric security. Barclays Bank participated close by Nuance Communications (US) in April 2020 to carry out a voice-biometric framework connected with regular language handling (NLP) to check clients via telephone.
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.
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.
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
By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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