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Speech Analytics Market worth $7.3 billion by 2029 – Exclusive Report by MarketsandMarkets™

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CHICAGO, Feb. 28, 2024 /PRNewswire/ — Advances in artificial intelligence (AI) and machine learning (ML), real-time analytics, multilingual and multichannel support, emotion and sentiment analysis, conversational AI integration, customer experience, compliance, integration with CRM and CX platforms, and industry-specific solutions are what will shape the Speech Analytics Market in the future. These factors will also drive innovation and value creation in customer interaction analysis and decision-making processes.

 The Speech Analytics Market is projected to grow from USD 3.3 billion in 2024 to USD 7.3 billion by 2029, at a compound annual growth rate (CAGR) of 17.5% during the forecast period, according to a new report by MarketsandMarkets™. Key driving factors include the rising demand for improving omnichannel integration capabilities, the increasing emphasis on monitoring and improving agent performance, and the growing importance of utilizing analytics for customer retention and enhanced customer satisfaction.

Browse in-depth TOC on “Speech Analytics Market”

260 – Tables
63 – Figures
300 – Pages

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Scope of the Report

Report Metrics

Details

Market size available for years

2019–2029

Base year considered

2023

Forecast period

2024–2029

Forecast units

USD (Billion)

Segments Covered

Offering, Business Function, Channel, Vertical, and Region

Geographies covered

North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America

Companies covered

Qualtrics (US), Talkdesk (US), Alvaria (US), Castel Communications (US), VoiceBase (US), Intelligent Voice (UK), CallTrackingMetrics (US), 3CLogic (US), Sprinklr (US), Uniphore (US), Enthu.ai (India), Deepgram (US), Gnani.ai (India), Observe.ai (US), Batvoice (France), Kwantics (India), Convin (India), Salesken (US), Tethr (US), Gong (US), and Clari (US)

 

Emotion detection software functionality segment to register largest market size during forecast period

Emotion detection functionality in speech analytics software plays a crucial role in understanding and analyzing the emotional aspects of customer interactions. By utilizing advanced algorithms and machine learning techniques, this feature enables organizations to identify and classify various emotions expressed by customers during conversations, such as happiness, frustration, anger, or satisfaction. Emotion detection allows supervisors and managers to assess the emotional tone of customer interactions and evaluate agent performance accordingly. By identifying instances of customer dissatisfaction or stress, organizations can provide targeted coaching and training to agents to improve communication skills and handle challenging situations more effectively.

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Services segment to witness higher CAGR during forecast period

Services are integral to the Speech Analytics Market, providing vital support and expertise to organizations embarking on the adoption journey. These services encompass consulting and advisory, implementation and deployment, training and education, support and maintenance, customization and integration, as well as data analysis and insights. Through these offerings, service providers empower organizations to effectively deploy, optimize, and derive actionable insights from speech analytics solutions, ultimately driving business growth, enhancing customer experiences, and ensuring operational excellence.

VOIP and messaging platforms to register for the highest market size during the forecast period

Speech analytics software increasingly integrates with VOIP (Voice over Internet Protocol) and messaging platforms to enhance customer interactions and glean valuable insights from communication channels. The speech analytics software deployed across VOIP and messaging platforms offers organizations a comprehensive solution for monitoring, analyzing, and optimizing customer interactions across various communication channels. This integration enables organizations to gain deeper insights into customer behavior, enhance agent performance, and deliver more personalized and effective customer experiences.

Asia Pacific to witness highest CAGR during forecast period

In the Asia Pacific region, the adoption of speech analytics solutions is steadily increasing as organizations recognize the importance of leveraging customer insights to enhance operational efficiency and drive business growth. The region is experiencing rapid economic growth, leading to increased consumer spending and a greater focus on customer service excellence. Organizations across various industries, including banking, telecom, retail, and healthcare, invest in speech analytics solutions to gain actionable insights from customer interactions and improve service delivery. Many countries in the Asia Pacific are undergoing significant digital transformation, driven by technological advancements and changing consumer preferences. As businesses digitize their operations and expand their online presence, the need for advanced analytics tools, such as speech analytics, to understand customer behavior and preferences becomes more evident.

Top Key Companies in Speech Analytics Market:

Some major players in the Speech Analytics Market include NICE (US), Verint (US), Avaya (US), OpenText (Canada), Google (US), Vonage (US), Genesys (US), Calabrio (US), CallMiner (US), Almawave (Italy), Five9 (US), AWS (US), Qualtrics (US), Talkdesk (US), Alvaria (US), Castel Communications (US), VoiceBase (US), Intelligent Voice (UK), CallTrackingMetrics (US), 3CLogic (US), Sprinklr (US), Uniphore ( US), Enthu.ai (India), Deepgram (US), Gnani.ai (India), Observe.ai (US), Batvoice (France), Kwantics (India), Covin (India), Salesken (US), Tethr (US), Gong (US), and Clari (US).

Recent Developments:

In October 2023, NICE and LiveVox announced that NICE has entered a definitive agreement to acquire LiveVox, a leading AI-driven proactive outreach provider. NICE’s industry-leading platform CXone, with its advanced digital engagement capabilities, and Enlighten, the industry’s only AI purpose-built for CX, combined with LiveVox’s sophisticated and rich proactive outreach portfolio creates the only truly unified platform converging all interactions, voice and digital, attended, and unattended, inbound and outbound.In May 2023, BT and Five9, a prominent provider of the intelligent CX Platform, have announced an expansion of their partnership aimed at enriching the array of contact center services and solutions available to organizations worldwide. As part of this collaboration, BT will extend the offering of the Five9 Intelligent CX Platform to both new and existing customers as a managed service.In March 2023, Verint partnered with Google Cloud aimed at enhancing contact center performance. This partnership focuses on integrating Google Cloud’s Contact Center AI with the Verint Customer Engagement Platform to empower organizations in improving their customer service capabilities.In January 2023, OpenText completed the acquisition of Micro Focus to help enterprise professionals secure their operations, gain more insight into their information, and better manage an increasingly hybrid and complex digital fabric with a new generation of tools that include Cybersecurity, Digital Operations Management, Applications Modernization & Delivery and AI & Analytics.In January 2023,Genesys has unveiled a new Strategic Collaboration Agreement (SCA) with AWS. This collaboration aims to assist organizations in crafting exceptional experiences by fostering deeper integration of technologies and leveraging intelligent, automated solutions.

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Speech Analytics Market Advantages:

By analysing spoken conversations, speech analytics technologies enable businesses better understand their customers’ needs and provide them with higher-quality services by providing insightful data about customer preferences, sentiment, and behaviour.Speech analytics gives businesses the ability to track and assess client interactions in real-time, pinpointing areas that need improvement in customer satisfaction, agent performance, and compliance adherence.By automatically assessing conversations for regulatory infractions, fraud identification, and adherence to compliance processes, speech analytics tools assist businesses in ensuring compliance with laws and internal policies.Speech analytics improves operational efficiency by automating the analysis of massive amounts of spoken data. This reduces human labour, streamlines workflow procedures, and speeds up decision-making based on actionable insights.Through the identification of trends, patterns, and possibilities for customer experience enhancement, speech analytics helps organisations to proactively address customer issues, preferences, and concerns, resulting in enhanced customer satisfaction and loyalty.By spotting and resolving any problems early on—such as consumer complaints, operational inefficiencies, and compliance violations—speech analytics helps reduce risks to the organisation.By pinpointing areas that require improvement based on consumer comments and preferences acquired from encounters, speech analytics insights help to improve products and services.

Report Objectives

To define, describe, and predict the Speech Analytics Market by offering (software by functionality and deployment mode, and services), business function, channel, verticals, and region.To provide detailed information on major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the market growth.To analyze the micro markets with respect to individual growth trends, prospects, and their contribution to the total marketTo analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the Speech Analytics MarketTo analyze opportunities in the market and provide details of the competitive landscape for stakeholders and market leaders.To forecast the market size of segments for five main regions: North America, Europe, Asia Pacific, Middle East and Africa, and Latin AmericaTo profile key players and comprehensively analyze their market rankings and core competencies.To analyze competitive developments, such as partnerships, new product launches, and mergers and acquisitions, in the Speech Analytics MarketTo analyze the impact of recession across all the regions across the Speech Analytics Market

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MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

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BLUETTI Unveils Elite 200 Portable Power Station Promising Over 17 Years of Dependable Charging

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LAS VEGAS, Nov. 12, 2024 /PRNewswire/ — BLUETTI, a leader in portable power stations and eco-friendly energy solutions, launches the Elite 200 V2, a 2KWh all-powerful portable power station designed for easy and convenient home backup power and outdoor activities.

Building on the remarkable success of the AC200P — praised by CNET as the “Best Overall Power Station”— the Elite 200 V2 is BLUETTI’s refined upgrade, created in response to valuable customer feedback after selling over 200,000 units of the AC200P. As the world’s first portable power station to use LiFePO4 battery technology, the AC200P set new standards in the industry. Its successor, the Elite 200 V2, redefines portable power station with enhanced battery longevity, a sleek and ultra-compact design, and a beautifully clean exterior, perfectly combining performance with elegance in energy solutions.

17 Years Use with Automotive-Grade Battery

BLUETTI was one of the first brands to adopt LiFePO4 batteries while others used NCM batteries with only 500 life cycles. Now, it raises the bar with ultra-long-lasting automotive-grade LFP batteries. The Bluetti Elite 200 V2 Portable Power Station boasts a 6,000+ cycle lifespan, so you can rely on it for 17 years of daily use — 12 times the typical industry standard. It’s also the first in the industry to pass over 33 rigorous battery tests by CNAS, ensuring high standards of performance and stability. This level of durability means you’ll have decades of reliable power and a more sustainable lifestyle.

Backup Power for Homes, RVs, and Beyond

With hurricanes and winter storms on the rise, along with increasingly lengthy power outages, reliable backup power is essential for peace of mind. The Elite 200 V2 portable power station delivers a powerful 2,600W output, capable of running household essentials like refrigerators, lights, routers, and microwaves with ease. Say goodbye to worries about spoiled groceries or a dark home — its high-capacity 2,073.6Wh battery keeps a 100W refrigerator running for up to 16.8 hours.

For road-trippers, campers, and outdoor enthusiasts, the Bluetti Elite 200 V2 Portable Power Station is an essential power source, charging everything from space heaters and coffee makers to phones and camera batteries. When powering high-powered devices, simply activate the Power Lifting mode to access up to 3,900W — sufficient for running hot plates, hair dryers, and other high-demand appliances. Whether you’re camping off the grid or embarking on a cross-country road trip, the Elite 200 V2 provides reliable portable power to keep your essentials running, making it the perfect outdoor power solution for any adventure.

Compact, Space-Saving Design for Versatile Use

Space is a premium in RVs, tiny home offices, and campers, and the Elite 200 V2 fits right in. It’s the size of a 1kWh unit, yet packs a 2kWh punch in a 13.7*9.8*12.6 inches body — 40% smaller than its predecessor. BLUETTI achieves this by integrating wireless internal structure design and advanced LFP prismatic cells, which enable zero-gap battery stacking for ultimate space efficiency. Unlike the commonly used cylindrical cells, the prismatic cells hold more energy and are less likely to have defects.

3 Fast Charging Options

Gone are the days of waiting all night to recharge your power station. With BLUETTI’s Turbo technology, you can top off the Bluetti Elite 200 V2 Portable Power Station to 80% in just 50 minutes with a dual AC and solar setup. And for you road warriors, the optional 560W high-speed car charger means you can recharge in just 4.2 hours while driving between stops. When you’re deep into the woods, it’s also convenient to charge from the sun at a maximum of 1,000W. Thanks to built-in solar tracking technology, it automatically activates to capture solar energy whenever there is light.

Tech-Powered Safety for Everyday Use

Using the Elite 200 V2 is as easy and safe as using your smartphone. The Elite 200 V2 is backed by multiple safety technologies for worry-free use. The proprietary BLUETOPUS AI-BMS smart battery management system regulates charging, prevents overheating, and keeps everything safe and stable. With multi-chip protection, you can confidently plug in high-starting power devices like car fridges through the car outlet or connect high-voltage solar panels without risking damage to the unit. Plus, it’s fire-resistant, shock-proof, and adaptive to your challenging adventures.

Super Quiet and Efficient Power

Say goodbye to noisy generators that can disturb your sleep or work. Supported by BLUETTI’s noise-canceling cooling technology, the Elite 200 V2 operates as low as 16dB — so quiet, it’s like the gentle rustle of leaves. This means you can run it in a tent, cabin, or even a home office. Plus, it draws minimal self-power of under 10W per hour when idle, giving you maximum efficiency with the least waste. Even if you accidentally leave it on overnight with AC/DC active, it retains 94% of its charge, significantly outperforming competitors that typically remain only 81%.

Price and Availability

From November 12 to December 2, the Elite 200 V2 is available at a debut price of just USD $1,099 on both the Bluetti Official Site and Amazon. Enjoy an additional 5% off with the code ELITE200V2PR at checkout.

About BLUETTI

As a technology pioneer in clean energy, BLUETTI is committed to a sustainable future by providing affordable green energy storage solutions for both indoor and outdoor use. Through initiatives like the LAAF (Lighting An African Family) program, BLUETTI is dedicated to bringing power to 1 million African families in off-grid areas. With a strong focus on innovation and customer needs, BLUETTI has established itself as a trusted industry leader in over 110 countries and regions.

Media Contact: Ellen Lee, ellenlee@bluetti.com

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Millennium Hotels and Resorts Partners with Aiello to Revolutionize Hospitality with AI Voice Technology

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Enhancing Guest Experience and Operational Efficiency with Cutting-Edge AI Solutions

TAIPEI, Nov. 13, 2024 /PRNewswire/ — Aiello, a leading startup specializing in Natural Language Processing (NLP), is proud to announce its partnership with Millennium Hotels and Resorts (MHR). This collaboration aims to redefine standards in the hospitality industry by deploying the AI-powered Aiello Voice Assistant (AVA) across six MHR’s properties in Singapore and Thailand, including Grand Copthorne Waterfront Hotel Singapore, Orchard Hotel Singapore, M Social Hotel Singapore, Studio M Hotel Singapore, M Hotel Singapore City Centre and M Social Hotel Phuket in Thailand.

Leveraging Aiello’s innovative AI technology, this strategic initiative aims not only to enhance the guest experience through personalized, voice-activated services but also to establish new benchmarks for operational efficiency and environmental sustainability.

“Millennium Hotels and Resorts distinguishes itself by leveraging cutting-edge technology and is committed to delivering exceptional guest experiences with a Blue Ocean Strategy mindset,” shared Saurabh Prakash, Interim Chief Operating Officer & Chief Commercial Officer at Millennium Hotels and Resorts. “By embracing Aiello’s AI technology, we’re   adopting a data-driven approach that allows us to better understand guest preferences, enabling us to deliver personalized services while unlocking new revenue opportunities.”

Aiello CEO and Co-founder Vic Shen remarked, “Through this collaboration, we have demonstrated how our AI solutions can transform hotel management. By creating a bespoke AI database for MHR, alongside a property and corporate dashboard that visualizes AVA and TMS user behavior data, we empower hoteliers to monitor and understand guest interactions anytime and anywhere. With the addition of a multi-hotel view, MHR gains a comprehensive understanding across properties, enabling data-driven strategies and truly personalized service. Together with MHR, we’re leading the digital transformation of the hospitality industry, creating more intelligent and intuitive hotel environments.”

MHR also unveiled an unboxing video of AVA, demonstrating the AI assistant’s innovative features alongside an interview video detailing the collaboration with Aiello:

Aiello X Millennium Hotels and Resorts | Hotel of Tomorrow

 

Pioneering AI Integration to Enhance Property Value and Drive Sustainable Growth

Ke-Vin Lim, Head of Group Innovation at City Developments Limited (CDL), emphasized that Millennium Hotels and Resorts (MHR) is the first hotel group in Singapore to implement the AVA in guest rooms. “This initiative reflects our commitment to integrating advanced technology, significantly enhancing property value and positioning us as more competitive and attractive for the future,” he said.

Lim also noted that the adoption of AI aligns perfectly with MHR’s sustainability vision. “By replacing outdated in-room amenities and printed materials, we’re making a long-term, sustainable investment,” Lim commented. MHR’s six properties in Singapore have already achieved Global Sustainable Tourism Council (GSTC) certification. Shen also emphasized, “For instance, by replacing the cabling in over 2,300 rooms with AVA, we would reduce 6,240 kilograms of carbon dioxide emissions, which is equivalent to what would require 284 trees to absorb,” further underscoring MHR’s commitment to environmental responsibility.

Driving Operational Efficiency and Workforce Competitiveness with AI and Digital Transformation

According to an Oracle study, 67% of hotels are facing staffing shortages, with 12% indicating that this impacts their operational effectiveness. “Addressing these operational challenges has been a key motivation for integrating technology into MHR’s systems,” said Andy Tan, Senior Vice President, Global Sales and Partnerships at MHR. “Integrating AVA with our task management system, housekeeping staff can receive real-time updates on room statuses and guest requests, reducing manual tasks and streamlining workflows.” he added. While system integration posed initial challenges, the expertise of Aiello’s team ensured a smooth transition with minimal disruption to existing IT infrastructure.

M Social Hotel Phuket Revolutionizes Guest Services with Aiello Voice Assistant

As the first hotel in MHR group to implement AVA, M Social Hotel Phuket has achieved significant success in transforming guest services. “Our goal was not only to enhance operational efficiency but also to deliver a seamless, enjoyable experience for our guests,” said Pjey Mayandi, General Manager of M Social Hotel Phuket. Serving as the hotel’s central hub, AVA integrates cloud-based phone systems, task management, in-room dining, and smart room controls, significantly streamlining operations. Since replacing traditional in-room phones, M Social Hotel Phuket has seen a significant reduction in call volumes, further showcasing the system’s effectiveness.

Aiello remains dedicated to expanding its comprehensive SaaS platform, Aiello-One, to more hospitality providers across Southeast Asia, Japan, and beyond, empowering hoteliers to unlock the full potential of smart technology and deliver unparalleled guest experiences. With robust backing from partner in Singapore, Go Nimbus, Aiello is well-positioned to scale and implement these innovative solutions across the region. 

About Aiello

Aiello is a leading provider of Voice AI in the hospitality industry. Its flagship product, Aiello Voice Assistant, is a multi-award-winning talk & touch voice AI technology solution aimed at streamlining hotel operations, enhancing the guest experience, and generating insights about customer behavior. The state-of-the-art Aiello Voice Assistant is designed to elevate the guest experience with its unique AI-powered features and capabilities. Since 2019, Aiello Voice Assistant has been deployed in over 180 hotels, encompassing 20,000 rooms, and has answered over 14 million inquiries from 2.5 million end users in Chinese, Japanese, Thai, and English.

Learn more at Aiello’s official website: https://aiello.ai/

About Millennium Hotels and Resorts

Millennium Hotels and Resorts (MHR) is a dynamic, global hospitality group with properties spanning four continents and 80 destinations. With a reputation for excellence, MHR owns, manages, and operates over 140 properties worldwide including in New York, Los Angeles, London, Paris, Dubai, Abu Dhabi, Auckland, Beijing, and Singapore. Its diverse portfolio spans brands including The Biltmore, Grand Millennium, Millennium, M Social, Studio M, M Hotel, Copthorne, and Kingsgate—offering the perfect address for business and leisure travellers who are looking for hospitality experiences that go above and beyond. MHR is a Hong Leong Group subsidiary of Singapore-listed global real estate company City Developments Limited. For more information, visit www.millenniumhotels.com.

For further information, please contact:

Patty Chen

Director of Marketing, Aiello

Email: patty.chen@aiello.ai

Patricia Wang
PR/Event Marketing Manager, Aiello
Email: patricia.wang@aiello.ai

Sandra Chiu

Senior Manager, Branding, Marketing & Loyalty

Email: Sandra.chiu@millenniumhotels.com

 

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Diligent Launches AI-Powered Due Diligence Reports for Enhanced Supplier and Third-Party Risk Management

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Diligent AI-powered reports build on history of industry experience to solve major compliance pain points

SINGAPORE, Nov. 13, 2024 /PRNewswire/ — Diligent, a leading GRC SaaS company, today announced the launch of its AI-powered due diligence reports, offering organizations easy access to comprehensive third-party assessments. Designed to meet growing regulatory demands and the complexities of modern supply chains, the reports enable more efficient decision-making for chief compliance officers, general counsel, and other risk professionals balancing resource constraints and increased compliance burdens.

“As supply chains become more complex and face heightened regulatory scrutiny, businesses are increasingly exposed to reputational and compliance risks,” said Amanda Carty, GM, Compliance at Diligent. “For years, Diligent has set the standard as a leading comprehensive screening tool. Now with AI-powered due diligence reports, customers benefit from an even more efficient, scalable, and risk-based approach to managing third-party risk — while still having access to in-depth, analyst-led investigations when required. This enables faster decision-making, better compliance outcomes, and more robust risk management practices.”

Diligent’s AI-powered reports consolidate key risk data from global sanctions watchlists, politically exposed persons (PEPs) databases, and adverse media sources, providing a holistic view of third-party risk. Diligent’s due diligence services include specialized assessments tailored to specific areas of risk, such as environmental, social and governance (ESG) and human rights. For deeper insights, Enhanced Due Diligence (EDD) and Open Source Investigations (OSI) assess risk and verify details through comprehensive research, ensuring robust compliance and oversight throughout the supply chain.

Key features of Diligent’s AI-powered due diligence reports include:

One-Click Reports: AI-driven reports provide an intuitive overview of third-party risk in just one click.Comprehensive Risk Coverage: Consolidates data from sanctions lists, PEPs, State-Owned Enterprises (SOEs) and negative media sources to ensure thorough third-party risk evaluations.Flexibility for Varying Risk Levels: Automatically assesses low-risk entities with the option to escalate high risk cases for in-depth investigation.Seamless Integration: Fully integrates with Diligent’s Third-Party Risk Management platform for streamlined workflows.Efficiency Gains: Reduces manual intervention, enabling compliance teams to focus on high-value tasks while accelerating compliance decisions.

By integrating AI assessments with Diligent’s Third Party Risk Management solution, which includes risk modeling, automated workflows and advanced reporting, organizations benefit from a seamless, end-to-end solution for managing compliance challenges across their supply chain. This enables faster decision-making, better compliance outcomes, and more robust risk management practices.

To learn more about how Diligent’s AI-powered due diligence reports, visit: https://www.diligent.com/products/due-diligence

About Diligent
Diligent is the leading GRC SaaS company, empowering more than 1 million users and 700,000 board members and leaders to make better decisions, faster. The Diligent One Platform helps organizations connect their entire GRC practice — including governance, risk, compliance, audit and ESG — to bring clarity to complex risk, stay ahead of regulatory changes and deliver impactful insights, in one consolidated view. Learn more at diligent.com.

Follow Diligent on LinkedIn, X (Twitter) and Facebook.

 

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