Global Voice Analytics Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2024-2032)

Global Voice Analytics Market Growth

Voice analytics enables users to analyse the emotions and intentions of speakers by analysing recordings or conversations. The audio patterns are analysed for certain features such as tonality, stress, speed, pitch, and rhythm. This helps to improve client satisfaction as competitive intelligence decreases customer dissatisfaction through the identification of problematic clients and detects threats and fraud.

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Global Voice Analytics Market Analysis

The demand for the voice analytics market is boosted by its ability to offer several advantages, such as deeper customer insights from detailed sentiment and behaviour analysis, increased operational efficiency through automated interaction analysis, and enhanced compliance and risk management by identifying regulatory issues.

The voice analytics market dynamics and trends are being driven by its ability to enhance sales and marketing effectiveness through the identification of customer trends and to improve employee performance via targeted training and development informed by interaction metrics. These advantages help businesses tailor their services, streamline operations, and optimise both customer and employee experiences.

Voice Analytics Industry Outlook

According to the ITU, India's mobile wireless telecom customer base expanded to 1,142.9 million in 2022, up from 886.3 million in 2013, with a compound annual growth rate (CAGR) of 2.9%. This growth is noteworthy in the context of the global telecom markets. China led the market with 1,780.6 million wireless telecom customers in 2022, showing a CAGR of 4.2% from 1,229.1 million in 2013. The United States experienced a growth from 310.7 million to 372.7 million wireless telecom customers during the same period, with a CAGR of 2.0%. Thailand's telecom customer base increased from 93.8 million in 2013 to 126.4 million in 2022, achieving a CAGR of 3.4%. 

Similarly, South Africa saw growth from 76.9 million to 100.3 million wireless telecom customers, with a CAGR of 3.0%.  This growth in the telecom industry indicates that telecom companies are increasingly using voice analytics to monitor and improve customer service, thereby boosting the growth of the voice analytics market revenue. 

Provides deep analysis of customer sentiments and behaviours, leading to improved service personalisation and customer satisfaction.

• Automates data analysis, reducing manual effort and identifying improvement areas swiftly.
• Helps businesses monitor and ensure compliance with regulations by detecting potential violations in conversations.

Initial setup and integration of voice analytics systems can be expensive for businesses.

• Handling sensitive voice data raises privacy and security issues.
• Requires specialised skills and training to effectively interpret and utilise analytics.

Increasing adoption of AI and data analytics across sectors expands opportunities in the voice analytics market.

• Continuous improvements in AI and machine learning enhance voice analytics capabilities.
• New use cases in customer service, security, and compliance offer growth avenues.

Evolving data protection regulations could impact how voice data is collected and used.

• A rising number of competitors may drive down prices and affect profit margins.
• Compatibility issues with existing systems can hinder adoption and effectiveness.

Key Players in the Global Voice Analytics Market and Their Key Initiatives

Calabrio, Inc.

• Launched Insights, an advanced AI-powered business intelligence tool. 
• Introduced an AI-powered Interaction Summary feature to meet the growing demand of the voice analytics market.

Thoughtspot Inc.

• Expanded partnerships with Google Cloud. 
• Introduced ThoughtSpot Sage. 

VoiceSense Ltd.

• Launched advanced acoustic analysis tools for remote customer interaction monitoring. 
• Introduced real-time predictive analytics for HR. 

Uniphore Technologies Inc.

• Secured $400 million Series E funding. 
• Launched U-Self Serve to capture the voice analytics market opportunities.

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Global Voice Analytics Industry Segmentation

“Global Voice Analytics Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Component 

• Software
• Services

Market Breakup by Type 

• Cloud
• On-Premises

Market Breakup by Organisation Size 

• Small and Medium Sized - Enterprises
• Large Enterprises

Market Breakup by End Use 

• Banking, Financial Services, and Insurance
• Retail and E-Commerce
• Telecommunication
• Healthcare
• Government and Defence
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

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Voice Analytics Market Share

The growth of the voice analytics industry is being driven by several factors. Cloud-based voice analytics offers scalability for managing large data volumes, remote accessibility from anywhere, and cost efficiency through subscription-based pricing. It also includes automatic updates and strong disaster recovery features, improving data protection and business continuity. 

On-premises voice analytics provides enhanced control over data security and privacy, customizable solutions for specific needs, and potentially faster data processing. It also facilitates compliance with regulatory requirements and integrates smoothly with existing IT infrastructure and legacy systems, further fuelling voice analytics market demand.

Leading Companies in the Voice Analytics Market

The companies specialise in customer engagement and security solutions, providing advanced analytics, workforce optimization, and unified communication tools.

• Calabrio, Inc. 
• Thoughtspot Inc. 
• Vocalis Health, Inc. 
• VoiceSense Ltd. 
• Uniphore Technologies Inc 
• VoiceBase, Inc. 
• Talkdesk, Inc. 
• Verint Systems Inc (NASDAQ: VRNT) 
• NICE Ltd.