The ‘Voice Analytics Market Trends’ by Expert Market Research gives an extensive outlook of the global voice analytics market, assessing the market on the basis of its segments like components, types, organisation sizes, end uses, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.
Voice Analytics Market Size, Share, 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%
With the increasing utilisation of voice recognition tools, including Google, Siri, and Alexa, among others, the usage of voice analytics for translating speech to text, analysing audio patterns, and identifying the emotion of the speaker has grown.
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Organisations are harnessing the potential of voice analytics to gain insight into customer requirements, increase their revenue, and provide better customer services. The voice analytics market is also being aided by the rising focus to collect data from customer interactions and the surging attempts to track the efficiency of sales and customer service agents.
In call centres, the technology is deployed to measure customer sentiment, monitor the quality of the call, and better understand customer experience and intent. The technology also finds usage in analysing customers’ sentiments, detecting their emotions, and driving real-time analysis.
Voice Analytics Industry Definition and Major Segments
Voice analytics refers to the usage of voice recognition tools aimed at analysing recorded voice and translating speech to text. It deploys AI and natural language processing (NLP) for studying audio patterns and identifying the intent of the speaker. Voice analytics aid businesses to gain deep customer insights and make data-driven decisions.
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The market, on the basis of component, is categorised into:
- Software
- Services
Based on type, the market is divided into:
- Cloud
- On-Premises
The various organisation sizes included in the market report are:
- Small and Medium Sized – Enterprises
- Large Enterprises
By end use, the market is segmented into:
- Banking, Financial Services, and Insurance
- Retail and E-Commerce
- Telecommunication
- Healthcare
- Government and Defence
- Others
The major regional markets of voice analytics include:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Voice Analytics Market Trends
Some of the prominent voice analytics market trends include the growing usage of voice-enabled apps and the increasing customer reliance on voice recognition tools. Organisations in end-user sectors, including BFSI and telecommunication, among others, are using sophisticated digital voice assistants to provide conversational experiences to users.
In the healthcare sector, the use of voice analytics is expected to increase as it can enable healthcare providers to enhance their work efficiency and use vocal biomarkers, including breathing rhythm and speech patterns, for rapidly analysing and detecting diseases.
Advancements in technologies such as machine learning, artificial intelligence (AI), and natural language processing (NLP), among others are expected to enhance the speech recognition capability of voice analytics.
Key Market Players
The major players in the voice analytics market report are
- Calabrio, Inc.
- Vocalis Health, Inc.
- Thoughtspot Inc.
- VoiceSense Ltd.
- Uniphore Technologies Inc
- VoiceBase, Inc.
- Talkdesk, Inc.
- Verint Systems, Inc.
- NICE Ltd.
- 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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