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 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.

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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 competitive environment of the 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. '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)'

One of the factors driving the growth of the 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.

Cloud-based Speech Analysis: One trend in the 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.

North America dominated the 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.

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Voice Analytics Market Regional Insights

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