The speech analytics market generated $1,010.4 million revenue in 2018 and it is predicted to reach a value of $2,910.1 million by 2024. Furthermore, the market will progress at a CAGR of 19.9% from 2019 to 2024 (forecast period), as per the estimates of the market research company, P&S Intelligence. The market is being driven by the surging focus of enterprises on customer satisfaction, soaring number of contact centers, growing necessity of real-time speech analysis, and ballooning demand for compliance with stringent regulations across the world.

With the emergence of e-commerce platforms and the increasing number of companies in various industries, customer loyalty is no longer limited to a particular brand or organization, as they now have the luxury of choosing products and services from a diverse and wide range of offerings and brands. Moreover, customers nowadays are more likely to purchase products from other brands if they feel like their queries are not being resolved quickly and they are regularly facing price- or product-related problems. This is making businesses focus extensively on improving their customer care services as this would help them improve their customer retention rates.

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As speech analytics solutions help brands provide an enhanced customer experience, they are being increasingly adopted by organizations across the world. Furthermore, the surging demand for these solutions among small and medium enterprises (SMEs) is generating lucrative growth opportunities for the speech analytics market players. Many SMEs are rapidly incorporating these solutions to offer enhanced customer services and retain their customers. In addition to this, the advent of cloud-based deployment mode has massively improved the accessibility of SMEs to these solutions, as this deployment mode eliminates the requirement for hardware investments.

Depending on offering, the speech analytics market is divided into solution and service categories. Between these, the solution category dominated the market in 2018. The service category is further divided into professional and managed sub-categories. Of these, the professional sub-category is expected to register faster growth throughout the forecast period, owing to the soaring demand for training and consulting services regarding strategic planning, manner of use, compliance management, analysis of advanced configurations, and policy management among end users.

Geographically, Europe and North America are predicted to hold more than 65% share in the speech analytics market by 2024. This is credited to the existence of many established players, rapid technological advancements, and huge investments made for improving the IT infrastructure in these regions. Whereas, the Asia-Pacific (APAC) region is predicted to be the fastest growing region in the market during the forecast period. This will be because of the increasing investments being made in the IT sector by the governments of regional countries such as China and India and many organizations in the region.

Hence, the surging number of contact centers and growing focus of businesses on providing an enhanced customer experience will fuel the demand for speech analytics solutions all over the world in the coming years.