Voice Analytics Market - Size
Base Year For Estimation
2023
Forecast Data Period
2024-2030
Historical Data Period
2018-2021
Source: Envision Intelligence Analysis & Experts Insights.
*Graph shown for illustrative purpose only, the final report will have the graph with actual data and data labels
The size of the voice analytics market is anticipated to grow from USD 657 million in 2019 to USD 1,597 million by 2024, at a 19.4 percent Compound Annual Growth Rate (CAGR) during the forecast period. It is anticipated that factors such as increasing need to extract insights from client interactions, increasing demand to monitor better agent efficiency, and increasing concentrate on risk and fraud detection will drive market growth. In addition, increasing AI effect and enhancing employee experience and increasing cloud-based solutions adoption are anticipated to generate ample possibilities for speech analytics solution suppliers.
Segment solution to maintain a bigger market size during the forecast period
Component voice analytics industry includes solutions and services. Due to greater solution acceptance, the solution segment outperforms the services segment and would see development in the future. The voice analytics solution enables users to evaluate recordings or discussions in order to recognize speakers ‘ emotions and intentions. For certain characteristics like tone, stress, tempo, pitch, and rhythm, it analyzes the audio patterns. It helps increase customer satisfaction and competitive intelligence, decrease client churn by anticipating clients at risk, and recognize hazards and fraud.
Consulting section to grow in the forecast period at the highest CAGR
Consulting services focus primarily on critical problems and possibilities linked to policies, marketing, activities, technologies, mergers and acquisitions, and finance, resulting in increased efficiency, improved efficiency,
Voice Analytics Market - Growth
Source: Envision Intelligence Analysis & Experts Insights.
*Graph shown for illustrative purpose only, the final report will have the graph with actual data and data labels
cost reduction, and increased resilience. For enhanced strategic outlook, improved performance efficiencies and converted retail-related company operations into more effective and cost-effective operations, consulting services are needed by retail shops, retail planners and merchandisers.
Large companies to encourage the implementation of financial analytics solutions
Because of their wide customer base, large companies produce enormous quantities of information. Companies focus on their key strengths and abilities to preserve their competitive edge over other players. These businesses need better perspectives into client reactions and assist businesses drive their shareholders more income and value. They also use voice analytics solutions to improve their business processes, market intelligence, and customer experience. However, the deployment of on-site speech analytics solutions has been much preferred by big companies as it enables them to hold on to their procedures and operations.
During the forecast period, North America has the largest market size
Global voice analytics market covers five major geographic regions, namely North America, Asia Pacific (APAC), Europe, Middle East and Africa (MEA), and Latin America. In the forecast period, North America is anticipated to account for the biggest size of the market. The implementation of speech analytics solution, relative to the other areas, is anticipated to be the highest in North America. This is primarily due to the existence of different developed
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Voice Analytics Market - Porter's Five Force Analysis
Source: Envision Intelligence Analysis & Experts Insights.
*Graph shown for illustrative purpose only, the final report will have the graph with actual data and data labels
economies, such as Canada and the United States, and the growing concentrate on R&D and technology developments.
Key Market Players
The voice analytics industry includes significant solution providers such as Verint Systems (US), NICE (Israel), Avaya (US), ThoughtSpot (US), Uniphore (India), Calabrio (US), Talkdesk (US), VoiceBase (US), Beyond Verbal (Israel), VoiceSense (Israel), SESTEK (Turkey), audEERING (Germany), Invoca (US), and Xdroid (Hungary).
The research involves a thorough competitive assessment of these main voice analytics players with their business profiles, latest trends and main business strategies
Global Voice Analytics Market Research Report Includes:
- An executive summary condensing the whole report such that essential authority can rapidly twist up doubtlessly acquainted with brief overview and conclusion.
- To have a complete market analysis through industry value chain analysis, Porter’s Five Force Model, PESTLE, SWOT analysis, and Y-o-Y analysis.
- Regional and global diversity is analysed with the major countries and the unions. Scrutinizing the revenue generation on Year-On-Year
- Identifying DROC in the current market and their impact on altering market dynamics.
- Competitive landscape analysis to identify the merger and acquisition which will have a comparative financial study with significant competitors.
- Expertise investment opportunities by an analyst to the individual and organisation to have a better foothold in the market.
- Identify the latest developments, market shares and strategies that are employed by the significant Voice Analytics market players.
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