The ‘Global Voice Analytics Market Growth, Share, Analysis, Trends, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global voice analytics market, assessing the market on the basis of its segments like component, type, organisation size, end use, and region.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Table of Contents
Voice Analytics Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 20%
Voice analytics is becoming more and more popular in the telecommunication sector due to the large volumes of data being generated. Prior to the implementation of voice analytics, the evaluation of the recorded calls was done manually. However, as call volumes have increased, voice analytics is becoming more and more necessary, thus propelling the global voice analytics market. Numerous benefits, including higher profit margins, decreased risks, reduced fraud, better services, and enhanced customer satisfaction encourage client acquisition and retention, which contribute to the expansion of the market.
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The popularity of voice analytics solutions in the banking, financial services, and insurance sector is on the rise, and real-time voice analytics are becoming increasingly important, which is expected to propel the expansion of the global voice analytics market. Voice technology, which is connected with phone banking, enables banks to have productive customer encounters and discussions that are natural and human-like.
Also, voice analytics enables high-level evaluations of all the information necessary for the finding of useful insights from large amounts of data. Real-time voice analytics can provide actionable advisory messages to agents once client encounters are registered and assessed, increasing operational efficiency. Such factors are aiding the global voice analytics market.
Voice Analytics Industry Definition and Major Segments
Voice analytics allows users to decipher the motivations and emotions of speakers by analysing voice conversations or recordings. Tonality, stress, speed, pitch, and rhythm are some of the characteristics of the audio patterns that are examined. Competitive intelligence and voice analytics minimise customer unhappiness through the identification of problematic clients and the detection of potential risks and fraud, which helps to increase client satisfaction.
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By component, the market is bifurcated into:
• Software
• Services
Based on type, the market is segmented into:
• Cloud
• On-Premises
On the basis of organization size, the market is divided into:
• Small and Medium Sized – Enterprises
• Large Enterprises
Based on end use, the market is categorised into:
• Banking, Financial Services, and Insurance
• Retail and E-Commerce
• Telecommunication
• Healthcare
• Government and Defence
• Others
On the basis of region, the market is divided into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Voice Analytics Market Trends
The expanding potential of digital marketing, customer experience, and data-driven decision-making are the key trends driving the global voice analytics market. One of the main factors driving the market growth is the increasing number of businesses implementing voice analytics technology to enhance their operational procedures and continuously foster client satisfaction. A better customer experience is produced as a result of the technology’s ability to help various firms work with unstructured data obtained through customer interactions. As a result, a variety of industries have seen a surge in the need for voice analytics.
The accessibility of cloud-based, real-time voice analytics solutions, which provide end users with a variety of opportunities, is another driving factor for the global voice analytics market. Also, as contact centres proliferate and need for risk and compliance management rises across a variety of industries, new products are being developed to assist businesses in adapting to shifting client needs. With dialogues that resemble human-to-human communication, voice technology integration with mobile banking is anticipated to improve consumer satisfaction. As a result, more banks are putting an emphasis on innovation to create mobile banking services with voice analytics, which will ultimately support market expansion.
Key Market Players
The major players in the global voice analytics market report are Calabrio, Inc., Vocalis Health, Inc., Thoughtspot Inc., VoiceSense Ltd., Uniphore Technologies Inc, VoiceBase, Inc., Talkdesk, Inc., Verint Systems Inc, and NICE Ltd., among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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