The global speech analytics market was valued at USD 3.31 billion in 2022 and is expected to grow from USD 3.77 billion in 2023 to USD 10.37 billion by 2030, with a CAGR of 15.6% during the 2023-2030 period. Speech analytics technology utilizes speech recognition, machine learning, and natural language processing to convert spoken words into text. This software analyzes the text, identifying patterns, key phrases, and discussions based on customer sentiment, preferences, and needs. With real-time voice recording analysis, it provides direct feedback for contact centers, helping agents better understand customer needs and satisfaction to enhance their performance.
