The surging requirement for adherence to compliance regulations is expected to drive the speech analytics market at a CAGR of 19.9% during the forecast period (2019–2024). According to PS Intelligence, the market revenue stood at $1,010.4 million in 2018, and it is expected to reach $2,910.1 million by 2024.

At present, compliance rules are constantly evolving to protect customer rights, owing to which, organizations need to stay updated with regulations such as the Fair Credit Reporting Act (FCRA) and the Telephone Consumer Protection Act (TCPA). Speech analytics solutions and services are being increasingly adopted in the banking, financial services, and insurance (BFSI), information technology (IT) and telecom, energy and utilities, oil and gas, media and entertainment, logistics, hospitality, manufacturing, healthcare, retail, government, and automotive sectors to offer improved customer services.

In recent years, banks and financial institutions have emerged as the largest user of speech analytics solutions. In these organizations, speech analytics solutions are needed for gaining better visibility of the customers and offering enhanced customer experience. However, in the coming years, the retail industry will integrate such solutions at the highest rate.

Geographically, North America held the largest share in the speech analytics market in 2018, due to the presence of a large number of contact centers and the existence of a flourishing service sector in the region. Moreover, the hefty IT expenditure, presence of numerous big industries, and rapid technological advancements are also supporting the progress of the market in North America. Whereas, the APAC market is expected to demonstrate the fastest growth throughout the forecast period, owing to the mounting IT investments being made in India and China and the burgeoning number of contact centers in the region.

Thus, the growing emphasis of businesses on customer satisfaction and the increasing shift toward phonetics indexing from conventional transcription techniques will boost the adoption of speech analytics solutions in the coming years.