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Global Voice Analytics Market is Expected to Grow at a CAGR of 20% in the Forecast Period of 2020-2025.

According to a new report by EMR titled, ‘Global Voice Analytics Market Report and Forecast 2020-2025’, the global voice analytics market attained a value of USD 655 million in 2019. The industry is further expected to grow at a CAGR of 20% in the forecast period of 2020-2025 to reach a value of USD 1955.8 million by 2025.

Speech or voice analytics refers to the assessment process for collecting data on recorded customer calls. It is designed to enhance communication and customer interaction in the future. Call recordings help an organisation gain rare insights about customer satisfaction, competing intelligence, service issues, agent performance, and campaign efficiency. One of the main factors driving the global voice analytics market growth is the introduction of AI into voice and speech analytics. This integration can improve the categorisation efficiency of voice and speech data with machine learning. The AI-based categorisation of voice and speech data can also efficiently analyse words, acoustics, and feelings, as well as derive emotions.

The North American is a significant regional market for voice analytics due to the higher adoption of technology in the region. During the forecast period, the Asia Pacific is expected to have considerable growth opportunities. There is fragmented competition in this region, as cloud companies are looking to extend the base of solutions to the countries in the region as a result of infrastructure improvement and other strategic business moves.

In May 2020, Verint Systems Inc. (Nasdaq: VRNT) announced the launch of the latest Microsoft Teams recording integration. This collaboration will help businesses across industries seamlessly capture, maintain, review and recover all messages from Microsoft Teams calling and meeting scenarios – including voice calls, chat, online meetings, screen sharing, and more. Verint's native integration with Microsoft Teams allows businesses to exploit the new digital communication platforms while staying consistent with changing regulations. Such developments are expected to positively influence the market in the coming years, especially as remote working and work-from-home models are increasingly being adopted by organisations.

Market Analysis by Component, Types, Organisation Size, End Use, and Region:

  • The market, based on components, can be divided into software and services.
  • Based on the type, the market can be bifurcated into cloud and on-premises.
  • On the basis of organisation size, the market can be classified into large enterprises, and small and medium-sized enterprises.
  • Based on end-use, the industry can be divided into banking, financial services, and insurance, retail and ecommerce, telecommunication, healthcare, and government and defence, among others.
  • The regional markets for voice analytics include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The increasing emphasis on enhancing corporate business intelligence and the popularity in the field of voice in multi-channel services are projected to be the primary drivers of market growth.
  • The potential effects of AI on voice and speech-recognition performance, increased need for better healthcare applications, mobile banking, smart home automation, and increased demand for multifactor authentication biometrics systems are some of the factors attributable to the market growth.
  • In the telecoms industry, speech analytics is gaining popularity because of the enormous amount of data generated by the advent of the connected world concept. The recorded calls were initially assessed manually, but an increase in call volume requires an adequate and accurate assessment, leading to the adoption of voice analytics.
  • The rapid adoption of IoT devices with multi-functional capabilities and smart voice is one of the significant factors contributing to the growth of the global voice analytics industry.

Key Offerings of the Report:

  • The EMR report gives an overview of the global voice analytics market for the periods (2015-2019) and (2020-2025).
  • The report also offers the historical (2015-2019) and forecast (2020-2025) markets for the components, types, organisation size, end uses, and regions of voice analytics.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter's Five Forces models.

The major players in the global voice analytics market are Verint Systems, NICE, Avaya Inc., ThoughtSpot, Uniphore, Calabrio, Talkdesk, RankMiner, Inc., VoiceBase, Beyond Verbal, and VoiceSense, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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