Market Size of North America Speech Analytics Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 13.20 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Speech Analytics Market Analysis
The speech analytics market in North America is expected to register a CAGR of 13.2% over the next five years. Various factors, such as increased digital marketing and technological spending by government agencies, drive north America's speech analytics market.
- Enterprises across the region have incorporated speech analytics through internally recorded data, social media, and external syndicated data to create a cutting-edge solution to understand customer requirements better and reduce churn.
- Natural language processing (NLP) is a well-known artificial intelligence feature implemented universally, through consumer digital assistants and chat-bots, along with commercial applications in the field of textual analysis, voice sense (speech analysis), sentimental analysis, and change impact analysis.
- In recent times, with the increased adoption of digital technologies across various business applications, customers expect a quick response to queries, seamless self-service options, and 24/7 availability of businesses' communication channels. With speech analytics applications, businesses are using spoken interactions to finetune business processes to meet customer expectations.
- However, the market studied is witnessing challenges in deployment for voice-based communications. On a purely technical level, it is more challenging for a computer system to deal with voice interactions than chat. Unusual speech patterns, different accents, deployment complexity, operational support, and poor pronunciation make it hard for businesses to adopt voice technology.
- The onset of COVID-19 brought several technological revolutions in a short time. The need for speech analytics has increased with the adoption of contactless services across various industries. During the pandemic, there has been a severe surge in the number of calls, and the average call duration, which averages between 3-6 minutes, increased to 10+ minutes at the call centers in the country. With such an increase in the need for contactless services, the adoption of speech analytics has increased during the COVID-19 pandemic.
North America Speech Analytics Industry Segmentation
Speech analytical tools and solutions can help users obtain insights and make crucial business choices by offering a more thorough and quick analysis of voice data with context and relevance across various channels. Speech solutions may transform call records into usable data, which can subsequently be transformed into insightful information that is compelling across the company.
The North American speech analytics market is segmented by deployment (on-premise and on-demand), size of organization (small and medium enterprises and large enterprises), end user (BFSI, healthcare, retail, government, and other end users), and country (the United States and Canada).
The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.
| Deployment | |
| On-premise | |
| On-demand |
| Size of Organization | |
| Small and Medium Enterprises | |
| Large Enterprises |
| End User | |
| BFSI | |
| Healthcare | |
| Retail | |
| Government | |
| Other End Users (Telecommunication and Travel and Hospitality) |
| Country | |
| United States | |
| Canada |
North America Speech Analytics Market Size Summary
The North American speech analytics market is poised for significant growth, driven by increased digital marketing efforts and technological investments by government agencies. Enterprises in the region are leveraging speech analytics to enhance customer understanding and reduce churn by integrating internally recorded data, social media, and external syndicated data. The adoption of natural language processing (NLP) and other AI features has become prevalent, facilitating advancements in voice and sentiment analysis. Businesses are increasingly using speech analytics to refine their processes, meeting the rising customer expectations for quick responses and seamless communication. However, challenges such as unusual speech patterns, accents, and deployment complexities pose hurdles in the adoption of voice technology.
The market is characterized by a competitive landscape with major players like Verint System Inc., Nice Ltd., and Callminer Inc. driving innovation. The COVID-19 pandemic accelerated the adoption of speech analytics as contactless services became essential, leading to increased call volumes and longer call durations. The demand for voice controls across various platforms has further fueled market growth, prompting regional enterprises to enhance customer service capabilities. Strategic partnerships and product innovations, such as Scotiabank's collaboration with Google Cloud, are shaping the market dynamics. Despite the high costs and technical challenges, the market is expected to evolve, with opportunities arising from government investments in surveillance technologies and the ongoing development of advanced speech analytics solutions.
North America Speech Analytics Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Overview
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1.2 Industry Value Chain Analysis
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1.3 Industry Attractiveness - Porter's Five Forces Analysis
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1.3.1 Bargaining Power of Suppliers
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1.3.2 Bargaining Power of Buyers
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1.3.3 Threat of New Entrants
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1.3.4 Intensity of Competitive Rivalry
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1.3.5 Threat of Substitute Products
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1.4 Impact of COVID-19 on the Market
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2. MARKET SEGMENTATION
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2.1 Deployment
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2.1.1 On-premise
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2.1.2 On-demand
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2.2 Size of Organization
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2.2.1 Small and Medium Enterprises
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2.2.2 Large Enterprises
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2.3 End User
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2.3.1 BFSI
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2.3.2 Healthcare
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2.3.3 Retail
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2.3.4 Government
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2.3.5 Other End Users (Telecommunication and Travel and Hospitality)
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2.4 Country
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2.4.1 United States
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2.4.2 Canada
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North America Speech Analytics Market Size FAQs
What is the current North America Speech Analytics Market size?
The North America Speech Analytics Market is projected to register a CAGR of 13.20% during the forecast period (2024-2029)
Who are the key players in North America Speech Analytics Market?
Verint System Inc., Nice Ltd., Avaya Inc., Micro Focus International PLC and Callminer Inc. are the major companies operating in the North America Speech Analytics Market.
