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North America Speech Analytics Market Report and Forecast 2024-2032
Market Report I 2024-04-16 I 157 Pages I EMR Inc.
North America Speech Analytics Market Report and Forecast 2024-2032
Market Outlook
According to the report by Expert Market Research (EMR), the North America speech analytics market size reached a value of USD 2.76 billion in 2023. Aided by the advanced technological integration and the growing importance of customer service and experience management across industrial sectors, the market is projected to further grow at a CAGR of 16.8% between 2024 and 2032 to reach a value of USD 11.33 billion by 2032.
Speech analytics is a technology used to analyse recorded calls to gather customer information to improve communication and future interaction. By extracting useful insights from interactions that occur through calls, emails, chats, and social media, businesses can enhance customer service, boost sales, ensure compliance, and improve overall organisational efficiency. In North America, the adoption of speech analytics solutions has become a critical part of strategic operations in various sectors including finance, retail, healthcare, and telecommunications.
The primary drivers of the North America speech analytics market growth include the increasing emphasis on enhancing customer satisfaction and the growing need for effective risk management and fraud prevention. Businesses across North America are utilising speech analytics to gain a deeper understanding of customer preferences, behaviours, and patterns to tailor their services and products accordingly.
The integration of AI and machine learning technologies has significantly enhanced the capabilities of speech analytics solutions. As per the North America speech analytics market analysis, these technologies enable more accurate sentiment analysis, emotion detection, and even predictive analytics, allowing companies to not only react to customer needs but also anticipate them.
Additionally, the rising demand for cloud-based solutions due to their cost-effectiveness, scalability, and ease of implementation is fuelling market growth. Cloud-based speech analytics solutions offer businesses the flexibility to manage large volumes of data and access analytics from anywhere, which is particularly beneficial for companies with remote work policies.
As per the North America speech analytics market outlook, there is an increasing focus on real-time speech analytics, which allows companies to analyse customer interactions as they occur. This immediate analysis helps in making instant decisions to enhance the customer experience and manage situations more effectively.
The healthcare sector is increasingly adopting speech analytics to improve patient satisfaction and compliance with regulations. Healthcare providers use speech analytics to monitor and improve the quality of interactions between patients and staff, ensuring better patient care and adherence to privacy standards, which propels the North America speech analytics market expansion.
Modern speech analytics solutions are equipped with advanced reporting and visualisation tools. These features enable organizations to create detailed reports that provide insights into various aspects of customer interactions and agent performance, facilitating informed decision-making.
Companies in the North America speech analytics market are looking to consolidate data from various communication channels (calls, texts, social media, etc.) to gain a holistic view of customer interactions. Multichannel analytics is becoming a significant trend, as it provides a more comprehensive analysis and helps in understanding the customer journey across different touchpoints. With the advent of more affordable and scalable solutions, SMEs are increasingly adopting speech analytics. This technology helps SMEs compete with larger enterprises by providing valuable insights that can enhance customer retention and acquisition strategies.
The United States holds the largest North America speech analytics market share, driven by the presence of major market players and a strong focus on innovation and technology adoption in business operations. The increasing investment in customer relationship management (CRM) technologies and the high priority given to customer feedback and satisfaction are major factors contributing to the growth of the market in the region.
Market Segmentation
The market can be divided based on type, deployment mode, enterprise size, end-user and country.
Market Breakup by Type
- Solution
- Services
Market Breakup by Deployment Mode
- On-Premises
- Cloud
Market Breakup by Enterprise Size
- Large Enterprises
- Small and Medium Enterprises
Market Breakup by End-User
- BFSI
- Healthcare
- Government
- Retail
- Telecommunications
- Others
Market Breakup by Country
- United States of America
- Canada
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the North America speech analytics market. Some of the major players explored in the report by Expert Market Research are as follows:
- Open Text Corporation
- Nice Ltd.
- Verint System Inc.
- Avaya LLC
- Castel Communications
- Talkdesk, Inc.
- Qualtrics LLC
- LivePerson, Inc. (VoiceBase, Inc.)
- Genesys Cloud Services, Inc.
- CallMiner Inc.
- Others
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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.
1 Preface
2 Report Coverage - Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Global Speech Analytics Market Overview
8.1 Key Industry Highlights
8.2 Global Speech Analytics Historical Market (2018-2023)
8.3 Global Speech Analytics Market Forecast (2024-2032)
8.4 Global Speech Analytics Market Share by Region
8.4.1 North America
8.4.2 Europe
8.4.3 Asia Pacific
8.4.4 Latin America
8.4.5 Middle East and Africa
9 North America Speech Analytics Market Overview
9.1 Key Industry Highlights
9.2 North America Speech Analytics Historical Market (2018-2023)
9.3 North America Speech Analytics Market Forecast (2024-2032)
10 North America Speech Analytics Market by Type
10.1 Solution
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Services
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
11 North America Speech Analytics Market by Deployment Mode
11.1 On-Premises
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Cloud
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
12 North America Speech Analytics Market by Enterprise Size
12.1 Large Enterprises
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Small and Medium Enterprises
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
13 North America Speech Analytics Market by End-User
13.1 BFSI
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 Healthcare
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Government
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 Retail
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Telecommunications
13.5.1 Historical Trend (2018-2023)
13.5.2 Forecast Trend (2024-2032)
13.6 Others
14 North America Speech Analytics Market by Country
14.1 United States of America
14.1.1 Historical Trend (2018-2023)
14.1.2 Forecast Trend (2024-2032)
14.2 Canada
14.2.1 Historical Trend (2018-2023)
14.2.2 Forecast Trend (2024-2032)
15 Market Dynamics
15.1 SWOT Analysis
15.1.1 Strengths
15.1.2 Weaknesses
15.1.3 Opportunities
15.1.4 Threats
15.2 Porter's Five Forces Analysis
15.2.1 Supplier's Power
15.2.2 Buyer's Power
15.2.3 Threat of New Entrants
15.2.4 Degree of Rivalry
15.2.5 Threat of Substitutes
15.3 Key Indicators of Demand
15.4 Key Indicators of Price
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Open Text Corporation
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Nice Ltd.
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Verint System Inc.
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Avaya LLC
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Castel Communications
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Talkdesk, Inc.
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 Qualtrics LLC
16.2.7.1 Company Overview
16.2.7.2 Product Portfolio
16.2.7.3 Demographic Reach and Achievements
16.2.7.4 Certifications
16.2.8 LivePerson, Inc. (VoiceBase, Inc.)
16.2.8.1 Company Overview
16.2.8.2 Product Portfolio
16.2.8.3 Demographic Reach and Achievements
16.2.8.4 Certifications
16.2.9 Genesys Cloud Services, Inc.
16.2.9.1 Company Overview
16.2.9.2 Product Portfolio
16.2.9.3 Demographic Reach and Achievements
16.2.9.4 Certifications
16.2.10 CallMiner Inc.
16.2.10.1 Company Overview
16.2.10.2 Product Portfolio
16.2.10.3 Demographic Reach and Achievements
16.2.10.4 Certifications
16.2.11 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Speech Analytics Market: Key Industry Highlights, 2018 and 2032
2. North America Speech Analytics Market: Key Industry Highlights, 2018 and 2032
3. North America Speech Analytics Historical Market: Breakup by Solution (USD Billion), 2018-2023
4. North America Speech Analytics Market Forecast: Breakup by Solution (USD Billion), 2024-2032
5. North America Speech Analytics Historical Market: Breakup by Deployment Mode (USD Billion), 2018-2023
6. North America Speech Analytics Market Forecast: Breakup by Deployment Mode (USD Billion), 2024-2032
7. North America Speech Analytics Historical Market: Breakup by Enterprise Size (USD Billion), 2018-2023
8. North America Speech Analytics Market Forecast: Breakup by Enterprise Size (USD Billion), 2024-2032
9. North America Speech Analytics Historical Market: Breakup by End-User (USD Billion), 2018-2023
10. North America Speech Analytics Market Forecast: Breakup by End-User (USD Billion), 2024-2032
11. North America Speech Analytics Historical Market: Breakup by Country (USD Billion), 2018-2023
12. North America Speech Analytics Market Forecast: Breakup by Country (USD Billion), 2024-2032
13. North America Speech Analytics Market Structure
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