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Asia Pacific Speech Analytics Market Size (2024 - 2029)

The Asia Pacific Speech Analytics Market is experiencing significant growth, driven by the increasing demand across various industry verticals and a heightened focus on enhancing customer experience. The market's expansion is further supported by the need for risk and compliance management and investments in contact centers, particularly with the shift towards cloud-based solutions. The region presents untapped potential for innovation, offering opportunities for speech analytics vendors in sectors such as BFSI, Healthcare, Retail, and government. The entry of international players into emerging economies, spurred by rising demand, underscores the market's potential. Additionally, the COVID-19 crisis has accelerated the transition to cloud-based contact centers, prompting market players to innovate and adapt to new business continuity requirements.

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Market Size of Asia Pacific Speech Analytics Industry

Asia Pacific Speech Analytics Market Size
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 22.50 %
Market Concentration Low

Major Players

Asia Pacific Speech Analytics Market Key players

*Disclaimer: Major Players sorted in no particular order

APAC Speech Analytics Market Analysis

The Asia Pacific Speech Analytics Market is expected to reach a CAGR of 22.5% during the forecast period. The growing demand for speech analytics in various industry verticals and increased focus on improving and enhancing overall customer experience are some of the major factors driving the growth of the market.

  • Risk and compliance management and investment in contact centers are some of the major factors driving the regional market growth. For instance, in August 2020, HGS Digital LLC announced a partnership with AWS Contact Center Intelligence (CCI) solutions Partner program. Such developments are expected to increase over the next two years in India, showing a positive trend in adopting cloud-based solutions.
  • According to Genesys Asia-Pacific Customer Experience Transformation Readiness Index 2021, APAC stands overall at 54% on the Customer Experience Readiness Index, indicating the untapped potential for innovation and implementation opportunities in the future. This also showcases the opportunities available to speech analytics vendors in the various end-user industries such as BFSI, Healthcare, Retail and government.
  • Moreover, international players are entering emerging economies in Asia-Pacific due to the increasing demand. For instance, in November 2020, Google partnered with Singapore-headquartered cloud telephony firm Knowlarity to expand its speech recognition and analytics services in India. The tech giant expects its artificial intelligence-based speech analytics platform to take off among enterprises in various sectors. This further includes hospitality, banking and financial services sectors in the country.
  • The impact of the COVID-19 crisis has forced the businesses to adhere to strict requirements to ensure the ongoing safety of their employees and customers alike. The need for remote working has resulted in a sudden shift from traditional on-premises contact centers to cloud-based contact centers. This could be observed as a notable trend in the foreseeable future, as remote working could become the new normal. The scenario has resulted in several players in the market to come up with product enhancements, new product launches, investments, collaborations, free product trails, etc. On the other hand, various enterprises in the end-user industries have deployed these solutions in order to ensure business continuity. Some of the instances are as follows.

APAC Speech Analytics Industry Segmentation

Speech Analytics is a process of analyzing recorded calls to gather customer information to improve communication and future interaction. The market study focuses on various end-user segments such as BFSI, Telecommunications, Healthcare, etc, coming under various enterprise sizes such as large and medium enterprises and small enterprises.

Deployment
On-Premise
On-Demand
Size of Organization
Small and Medium Enterprises
Large Enterprises
End-user
BFSI
Healthcare
Retail
Government
Other End-users (Telecommunication, Travel and Hospitality)
Country
China
Japan
India
South Korea
Singapore
Rest of Asia Pacific
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Asia Pacific Speech Analytics Market Size Summary

The Asia Pacific speech analytics market is poised for significant growth, driven by the increasing demand for enhanced customer experience across various industry sectors. The market is experiencing a surge in interest due to the need for risk and compliance management, alongside substantial investments in contact centers. The shift from traditional on-premises solutions to cloud-based systems, accelerated by the COVID-19 pandemic, has further fueled this growth. Companies are increasingly adopting advanced technologies such as artificial intelligence and machine learning to leverage insights from both structured and unstructured data. This trend is particularly evident in sectors like telecommunications, where strategic partnerships and acquisitions are being made to enhance capabilities in speech analytics and conversational AI.

The market landscape in the Asia Pacific region is characterized by the entry of international players and the emergence of startups focusing on natural language processing, which is expected to drive further innovation and adoption. The proliferation of cloud technology is anticipated to boost the demand for cloud-based contact centers, with significant developments in countries like India. The competitive nature of the market is underscored by the presence of major players and the introduction of advanced solutions aimed at improving call center efficiency and compliance. As the region continues to embrace technological advancements, the speech analytics market is expected to become increasingly fragmented, offering numerous opportunities for vendors to capitalize on the untapped potential in various end-user industries.

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Asia Pacific Speech Analytics Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Industry Value Chain Analysis

    3. 1.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.3.1 Bargaining Power of Suppliers

      2. 1.3.2 Bargaining Power of Buyers

      3. 1.3.3 Threat of New Entrants

      4. 1.3.4 Intensity of Competitive Rivalry

      5. 1.3.5 Threat of Substitute Products

    4. 1.4 Impact of COVID-19 on the Market (Growth of Market Due to Acceleration of Virtualized Call Canters | Near and Medium-term Impact on the Growth Trajectory)

    5. 1.5 Market Drivers

      1. 1.5.1 Growing Demand of Speech Analytics in Various Industry Verticals

      2. 1.5.2 Growing focus on improving and enhancing overall customer experience

    6. 1.6 Market Challenges

      1. 1.6.1 Increasing Concerns Towards Cyber Security and Data Breaches

    7. 1.7 Market Opportunities

      1. 1.7.1 Advanced Technologies Adopted by Retailers in Europe Pose them as Potential Buyers

  2. 2. MARKET SEGMENTATION

    1. 2.1 Deployment

      1. 2.1.1 On-Premise

      2. 2.1.2 On-Demand

    2. 2.2 Size of Organization

      1. 2.2.1 Small and Medium Enterprises

      2. 2.2.2 Large Enterprises

    3. 2.3 End-user

      1. 2.3.1 BFSI

      2. 2.3.2 Healthcare

      3. 2.3.3 Retail

      4. 2.3.4 Government

      5. 2.3.5 Other End-users (Telecommunication, Travel and Hospitality)

    4. 2.4 Country

      1. 2.4.1 China

      2. 2.4.2 Japan

      3. 2.4.3 India

      4. 2.4.4 South Korea

      5. 2.4.5 Singapore

      6. 2.4.6 Rest of Asia Pacific

Asia Pacific Speech Analytics Market Size FAQs

The Asia Pacific Speech Analytics Market is projected to register a CAGR of 22.5% during the forecast period (2024-2029)

Verint System Inc., Nice Ltd., Avaya Inc., Micro Focus International PLC and Genesys Telecommunications Laboratories Inc. are the major companies operating in the Asia Pacific Speech Analytics Market.

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