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Speech Analytics Market Trends

Report ID: GMI7902
Published Date: Jan 2024
Report Format: PDF

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Speech Analytics Market Trends

The speech analytics industry is witnessing a notable trend with increased utilization in the healthcare sector. As healthcare providers recognize the potential of speech analytics in improving patient care and operational efficiency, adoption has surged. Speech analytics tools aid in transcribing medical notes, analyzing patient interactions, and monitoring clinical outcomes. This trend reflects a growing emphasis on leveraging technology to enhance healthcare delivery. The integration of speech analytics in the healthcare domain is poised to continue, driven by the pursuit of enhanced patient experiences and streamlined healthcare processes.

Concerning this, in June 2023, Hackensack Meridian Health joined forces with an AI-driven speech analysis startup. The nonprofit healthcare network, along with its Bear’s Den innovation accelerator program, made investments in vocal biomarker technology development. This innovative approach aimed to screen for anxiety and cognitive diseases. Partnering with Canary Health, which employs proprietary machine learning modeling to analyze digital biomarkers in human voices, Hackensack Meridian Health wanted to enhance its artificial intelligence technology for wellness. This collaboration underscored the commitment to leveraging advanced technology in healthcare for predictive and explanatory purposes.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

Market size for speech analytics was USD 2.5 billion in 2023 and is expected to register over 17% CAGR from 2024-2032 owing to increasing collaborations among industry leaders for fostering innovation worldwide.

Speech analytics market from the solution component segment reached USD 1.5 billion in 2023 and is expected to register an appreciable CAGR from 2024-2032 owing to businesses increasingly recognizing the value of comprehensive analytics.

North America held 35% share of the speech analytics industry in 2023 and is expected to register commendable CAGR from 2024-2032 due to the growing emphasis on data-driven decision-making in the region.

Avaya, Calabrio, CallMiner, Genesys, HP Autonomy, Mattersight, Nexidia, Nice, Uptivity, and Verint are some of the major speech analytics companies worldwide.