USD 2.19 Billion
Voice Analytics Market Size, Share, Growth Analysis, By Deployment Type(On-premises and Cloud-based), By Component(Solutions and Services), By Application(Sentiment analysis, Sales & Marketing Management, Risk & Fraud Detection, Call Monitoring and Others), By Organization Size(SMEs and Large Enterprises), By Vertical(BFSI, Retail & E-commerce, Telecommunication, Healthcare and Life Sciences), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45A2305 |
Region:
Global |
Published Date: April, 2024
Pages:
199
|Tables:
144
|Figures:
78
Voice Analytics Market Insights
Global Voice Analytics Market size was valued at USD 2.19 Billion in 2022 and is poised to grow from USD 2.6 Billion in 2023 to USD 10.11 Billion by 2031, growing at a CAGR of 18.5% in the forecast period (2024-2031).
The global voice analytics market is the fastest-growing industry in the business intelligence analysis software sector. Speech analytics is a powerful technology that uses machine learning and natural language processing to extract valuable insights from spoken language. The marketplace aims to provide businesses with a way to analyze customer interactions and gain insights that can be used to improve customer service, reduce customer turnover, and increase sales. One major cause is the market comes with a growing demand for customer experience management solutions. Companies are turning to speech analytics to gain insights into customer behavior and preferences while recognizing the value of providing excellent customer service. Speech analytics is being used increasingly in the healthcare industry to analyze patient communication and improve standards of care, another factor driving market efficiency is the high cost of adoption of speech analytics technology, safety and privacy concerns about customer data. Furthermore, the market is influenced by the increasing use of new communication channels such as social media and chatbots. One trend is the increasing use of real-time speech analytics to enable companies to respond more quickly to customer needs. Another trend is the integration of speech analytics with other technologies such as artificial intelligence and big data analytics. This integration can help businesses gain deeper insights into consumer behavior and preferences.
Market Snapshot - (2024-2031)
Global Market Size
Largest Segment
Solutions
Fastest Growth
Services
Growth Rate
18.5% CAGR
Global Voice Analytics Market ($ Bn)
Country Share for North America Region (%)
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Voice Analytics Market Segmental Analysis
Global voice analytics market is segmented by deployment type, component, and region. By deployment type, the market is segmented into on-premises and cloud based. By component, the market is segmented into solutions and services. Based on application, the voice analytics market is segmented into sentiment analysis, sales & marketing management, risk & fraud detection, call monitoring and others. Based on organization size, the voice analytics market is segmented into SMEs and large enterprises. Based on vertical, the voice analytics market is segmented into BFSI, retail & e-commerce, telecommunication, healthcare and life sciences, government & defense, media & entertainment, energy & utility, travel & hospitality and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Component
The solutions segment dominated the global voice analytics market, accounting for most of the market share. How important speech analytics solutions are for analyzing customer interactions and insights into customer needs and preferences The solutions segment includes software types and tools used for speech analytics, such as speech engine software, speech discovery software and natural language processing software grows the category.
The services segment is the fastest growing segment in the global voice analytics market. This includes a range of services related to language assessment, including counseling, implementation, training, and support services. The growing importance of customized speech analysis solutions and the lack of in-house expertise in speech analysis are the main drivers for the growth of this segment including as a cloud-based speech analysis solution higher adoption also helps the service segment to grow.
Analysis by Deployment Type
On-premises is the dominating segment in the global voice analytics market. Campus design characteristics are the largest segment in the global voice analytics market. This is because some organizations want complete control over their data and software, and in-house solutions provide that control. Additionally, premises solutions are more suitable for organizations with strict data privacy and security regulations.
The cloud-based segment is expected to be the fastest growing segment in the global voice analytics market. This can be attributed to the increasing adoption of cloud-based services by organizations due to the benefits of scalability, cost and scalability. Cloud-based systems for language research are predicted to grow at the highest CAGR of approximately 19.9% from 2022-2023. Cloud-based deployment accounted for the largest share of revenues by 2021 and is expected to witness the highest demand over the projection period. The emergence of cloud deployment options for speech analytics systems has increased the demand in many industries like BFSI, IT, Telecom, Media & Entertainment etc. New companies are offering cloud-based solutions to provide cost-effective solutions for SMEs.
Global Voice Analytics Market By Component (%)
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Voice Analytics Market Regional Insights
North America dominated the global voice analytics market. The growth of this segment can be attributed to the presence of key market players, greater adoption of advanced technologies, and increased focus on enhancing customer experience. For example, companies such as Verint Systems Inc. and NICE Ltd are headquartered in North America and are investing in development speech analysis solutions.
Asia Pacific is expected to be the fastest growing region in the global voice analytics market due to increasing adoption of cloud-based speech analytics solutions and high demand period for advanced customer experience management tools with increasing consumer-oriented services, Increasing government initiatives towards digitization and demand for speech analysis solutions in this sector are expected to increase e.g., NTT Communications Corp., a Japan-based company, provided speech analytics solutions to enhance customer experience in call centers.
Global Voice Analytics Market By Geography
- Largest
- Fastest
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Voice Analytics Market Dynamics
Drivers
Growing Demand for Better Customer Service
- One of the factors driving the growth of the global voice analytics market is the increasing demand for better customer service. As companies seek to deliver better customer experiences, they are turning to speech analytics solutions to analyze customer interactions and behavior. For example, a call center can use speech analytics to identify common customer complaints or problems and adjust their policies or training accordingly. This can help improve customer satisfaction and loyalty, and ultimately increase revenue.
Increasing Adoption of Artificial Intelligence and Machine Learning Technologies
- Another driver of the global voice analytics market is the increasing use of artificial intelligence and machine learning. This technology enables more accurate and effective speech content analysis, giving businesses deeper insights into consumer behavior and preferences. For example, a retailer might use speech analytics to track customer interactions dealing with their chatbot or virtual assistant and identifying areas for improvement in the user experience Chatbots or virtual assistants can help optimize and improve customer satisfaction.
Restraints
Need for Integration with Existing Systems
- One of the limitations of the global voice analytics market is the need for integration with existing systems. Contact centers use a wide range of technology systems such as interactive voice response (IVR), agent desktops, CRM, and social media monitoring tools. These systems need to be integrated or integrated with speech analysis solutions. Otherwise, there may be a lack of integrated perspective on customer needs and concerns, and lack of agent performance, which can reduce the overall performance of the company e.g., if speech analysis is applied to systems among which, agents multi-screen approach using speech analytics applications while calling can be done, resulting in significant inefficiency in their performance.
Challenge of Choosing an Appropriate Speech Analysis Technology
- Another factor restraining the global voice analytics market is the challenge of selecting the right speech analysis technology. There are many ways to gain insights from data, such as sorting through tone of voice, text, keywords customers talk about through calls and choosing the channel that best suits the needs of the organization can be difficult. Multiple speech analysis vendors with equally good offerings make it difficult to choose the best speech analysis solution. This allows companies to invest in solutions that don’t meet their needs or provide the desired return on investment.
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Voice Analytics Market Competitive Landscape
The competitive environment of the global voice analytics market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Established organizations within the industry leverage techniques inclusive of product innovation, strategic partnerships, and mergers and acquisitions to strengthen their market position. Additionally, the market is witnessing elevated opposition from local and neighborhood producers supplying cost-powerful options.
Top Player’s Company Profiles
- NICE Systems Ltd. (Israel)
- Verint Systems Inc. (US)
- Genesys Telecommunications Laboratories, Inc. (US)
- CallMiner (US)
- Clarabridge, Inc. (US)
- Aspect Software, Inc. (US)
- Avaya Inc. (US)
- Calabrio, Inc. (US)
- Voci Technologies, Inc. (US)
- Verbio Technologies, S.L. (Spain)
- ZOOM International (US)
- Almawave S.p.A. (Italy)
- Castel Communications LLC (US)
- Intelligent Voice Ltd. (UK)
- Knoah Solutions, Inc. (US)
- Marchex, Inc. (US)
- OnviSource, Inc. (US)
- Sabio Ltd. (UK)
- Speechmatics Ltd. (UK)
- Uniphore Software Systems Pvt Ltd (India)
Recent Developments
- In January 2023, OpenText announced the acquisition of Micro Focus, demonstrating value and a strong brand, culture and professional team. The acquisition was made under Rule 2.7 of the UK Municipal Code on acquisitions and mergers.
- In October 2022, Avaya and Unifor announced a strategic partnership to bring Unifor’s conversational AI and automation products to Avaya’s OneCloud CCAAS platform in the Middle East Africa (MEA) region Yitum it will be easy.
- In October 2022, CX-E Voice will launch speech-enabled automated escort and personal assistant, integrated messaging, text, nnemail, call center, interactive voice response (IVR), notifications and release its 22.4 version it has such advanced features. The release also revealed a modern and responsive HTML5 web service interface for managing both users and distribution names.
Voice Analytics Key Market Trends
- Cloud-based Speech Analysis: One trend in the global voice analytics market is the adoption of cloud-based speech analysis solutions. Scalability, adaptability, and cost savings are just a few of the advantages cloud-based solutions have over traditional on-premises solutions. Companies can access their data and insights from any location through cloud-based solutions, which facilitate information sharing and collaboration between business units and departments. In the coming years we can expect voice analytics solutions a cloud-based adoption will increase as more businesses adopt this technology.
Voice Analytics Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
Global voice analytics market refers to the process of analyzing recordings of customer calls to gather information. It is designed to enhance communication and future contact with customers. Call recording helps the business gain insights into customer satisfaction, competitive issues, service issues, and campaign effectiveness. Voice analytics solutions for advanced products and valuable information from customer calls. This information will be used to identify issues related to policy, operational problems and contact center agent performance within the company. Voice analytics software can give a company a significant competitive advantage. It helps us to obtain valuable information about the company’s products and processes. This helps companies improve productivity and customer satisfaction. This allows companies to reduce overall operating costs to save money.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 2.19 Billion |
| Market size value in 2031 | USD 10.11 Billion |
| Growth Rate | 18.5% |
| Base year | 2023 |
| Forecast period | (2024-2031) |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Voice Analytics Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Voice Analytics Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Voice Analytics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Voice Analytics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Voice Analytics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Voice Analytics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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