According to MarketsandMarkets, the global market for speech analytics will grow from $3.3 billion today to $7.3 billion by 2029, at a CAGR of 17.5%. Last year, the company estimated the market at $2.7 million.

According to the company’s new report, the key growth drivers are an increased focus on monitoring and improving agent performance, customer retention, and customer satisfaction.

Advances in artificial intelligence, real-time capabilities, multilingual and omnichannel support, emotion and sentiment analysis, conversational AI integration, customer experience, compliance, integration with CRM and CX platforms, and industry solutions will shape the speech analytics market in the future and drive innovation and value creation.