The size of the speech analytics market was USD 2,679.6 million in 2023, and it will touch a total value of USD 8,185.9 million in 2030, powering at a compound annual growth rate of 17.5% by the end of this decade. 

This is for the reason that numerous big businesses chiefly concentrate on satisfaction of their customers, growing count of contact centers, the mounting significance of instantaneous voice analytics, and the increasing regulatory compliance needs.

The on-premises category has a larger share of around 70%. This is due to the fact that on-premises deployment includes setting up and running speech analytics software at an administration’s physical location. This includes finding software and hardware licenses in addition to taking on upkeep, safety, and data governance tasks.

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North American speech analytics market is the most promising in numerous sectors such as BFSI, retail and e-commerce, telecom, IT, healthcare government, and life sciences. This area has attracted substantial attention, powering the public sector and government for seeking innovative tech solutions for serving their vast customer base.

This region has considerable influence over the speech analytics sector and this influence will continue its growth trajectory. Notable companies such as AWS, with the introduction of AI-powered speech analytics solutions for Amazon Connect, are playing an important role in providing instantaneous customer insights, enabling agile agent interactions, and improving experience of the customers at a global level.’

It has a lot to do with the considerable advantages offered by speech analytics, the demand for the same is on the rise. This trend will continue like this in the years to come as well.