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Voice Analytics is used to analyze spoken conversations to identify audio patterns and gain insights for improving customer service. This technology converts text to speech as well as identifies the emotion and intent of the speaker. Voice analytics is mainly used in end industries including insurance, technology, financial services, and healthcare to generate insights into customer needs. Telecom service provider organizations are among the major users of speech analytics solutions across the globe. Numerous benefits such as increased profit margins, reduction in fraud incidents, minimization of risk, and others are leading to the acquisition of more customers and retention of customers, which are aiding the growth of the market in the industry.
Among the applications, customer service is leveraging this technology extensively, mainly to analyze massive volumes of customer conversation data, and identify vital information to gain competitive advantage. The major benefits associated with voice analytics are enhanced customer satisfaction, competitive intelligence, and identification of underperforming assets.
Voice Analytics Market Key Drivers and Restraints:
The growing customer service sector will be increasing the adoption of Voice Analytics
Voice analytics will witness significant demand from the customer service industry, predominantly due to its ability to gather better knowledge about key behaviours of agents and customers. Furthermore, voice analytics enables users to create meaningful insights from voice data and communication trends to help companies operating in the BPO sectors. This results in improved services, reduce operational costs and increased revenue. However, due to the complexity of voice analytics, integration with existing systems is posing a significant challenge in its adoptions. Hence, limited compatibility with existing infrastructure is hindering the growth of the voice analytics market.
Voice Analytics Market Key Application:
Customer Experience Management is contributing significantly towards Voice Analytics
Voice analytics has been implemented in several applications; however, customer experience management is fusing significant revenue towards this technology. It is expected that the organizations are strategically planning to up bring the priorities and establish their goals to enhance the customer experience. Furthermore, the organizations are also strengthening the communication across all levels of the organization, and allowing more fluid adoption of the changes and insights generated by voice analytics.
Some of the benefits of voice analytics are as follows:
Voice Analytics Market Regional Scenario:
Emerging economies will lead the growth in this market
Emerging economies like China, India, Russia, and Brazil are key growth countries for voice analytics. The increasing demand and challenges from local as well as global markets will allow the Asia Pacific to be the key growth region for voice analytics. In the coming years, due to an increase in technology penetration and huge investments in contact centers that are utilizing voice analytics solutions, it is expected that the adoption of voice analytics will significantly grow, to obtain insights from the data generated from customer interaction. India, China, South Korea, and other Asian countries will take maximum advantages of their key strengths and which will help the market growth in this region.
Key Market Players
Market Segments: Voice Analytics Market
Key Sources
Key Questions Answered
Key Stakeholders
Voice Analytics is used to analyze spoken conversations to identify audio patterns and gain insights for improving customer service. This technology converts text to speech as well as identifies the emotion and intent of the speaker. Voice analytics is mainly used in end industries including insurance, technology, financial services, and healthcare to generate insights into customer needs. Telecom service provider organizations are among the major users of speech analytics solutions across the globe. Numerous benefits such as increased profit margins, reduction in fraud incidents, minimization of risk, and others are leading to the acquisition of more customers and retention of customers, which are aiding the growth of the market in the industry.
Among the applications, customer service is leveraging this technology extensively, mainly to analyze massive volumes of customer conversation data, and identify vital information to gain competitive advantage. The major benefits associated with voice analytics are enhanced customer satisfaction, competitive intelligence, and identification of underperforming assets.
Voice Analytics Market Key Drivers and Restraints:
The growing customer service sector will be increasing the adoption of Voice Analytics
Voice analytics will witness significant demand from the customer service industry, predominantly due to its ability to gather better knowledge about key behaviours of agents and customers. Furthermore, voice analytics enables users to create meaningful insights from voice data and communication trends to help companies operating in the BPO sectors. This results in improved services, reduce operational costs and increased revenue. However, due to the complexity of voice analytics, integration with existing systems is posing a significant challenge in its adoptions. Hence, limited compatibility with existing infrastructure is hindering the growth of the voice analytics market.
Voice Analytics Market Key Application:
Customer Experience Management is contributing significantly towards Voice Analytics
Voice analytics has been implemented in several applications; however, customer experience management is fusing significant revenue towards this technology. It is expected that the organizations are strategically planning to up bring the priorities and establish their goals to enhance the customer experience. Furthermore, the organizations are also strengthening the communication across all levels of the organization, and allowing more fluid adoption of the changes and insights generated by voice analytics.
Some of the benefits of voice analytics are as follows:
Voice Analytics Market Regional Scenario:
Emerging economies will lead the growth in this market
Emerging economies like China, India, Russia, and Brazil are key growth countries for voice analytics. The increasing demand and challenges from local as well as global markets will allow the Asia Pacific to be the key growth region for voice analytics. In the coming years, due to an increase in technology penetration and huge investments in contact centers that are utilizing voice analytics solutions, it is expected that the adoption of voice analytics will significantly grow, to obtain insights from the data generated from customer interaction. India, China, South Korea, and other Asian countries will take maximum advantages of their key strengths and which will help the market growth in this region.
Key Market Players
Market Segments: Voice Analytics Market
Key Sources
Key Questions Answered
Key Stakeholders
Chapter 1. Executive Summary
Chapter 2. Research Methodology
2.1. Research approach
2.2. Scope, definition, and assumptions
2.3. Data sources
Chapter 3. Market Outlook
3.1. Introduction
3.2. Key trends
3.2.1. Market drivers
3.2.2. Market restraints
3.2.3. Market opportunities
3.3. Value chain analysis
3.4. Porter’s Five Forces analysis
3.5. PESTEL analysis
3.6. Vendor landscape analysis, 2019
Chapter 4. Global Voice Analytics Market overview, By Type
Chapter 5. Global Voice Analytics Market overview, By Application
Chapter 6. Global Voice Analytics Market overview, By Region
6.1. Global Voice Analytics Market share, by region, 2019 & 2025
6.2. North America
6.2.1. Market size and projections, 2019-2025
6.2.2. Market size and projections, by type, 2019-2025
6.2.3. Market size and projections, by application, 2019-2025
6.2.4. US
6.2.4.1. Market size and projections, 2019-2025
6.2.4.2. Market size and projections, by type, 2019-2025
6.2.4.3. Market size and projections, by application, 2019-2025
6.3. Europe
6.3.1. Market size and projections, 2019-2025
6.3.2. Market size and projections, by type, 2019-2025
6.3.3. Market size and projections, by application, 2019-2025
6.3.4. Germany
6.3.4.1. Market size and projections, 2019-2025
6.3.4.2. Market size and projections, by type, 2019-2025
6.3.4.3. Market size and projections, by application, 2019-2025
6.3.5. UK
6.3.5.1. Market size and projections, 2019-2025
6.3.5.2. Market size and projections, by type, 2019-2025
6.3.5.3. Market size and projections, by application, 2019-2025
6.4. Asia Pacific
6.4.1. Market size and projections, 2019-2025
6.4.2. Market size and projections, by type, 2019-2025
6.4.3. Market size and projections, by application, 2019-2025
6.4.4. China
6.4.4.1. Market size and projections, 2019-2025
6.4.4.2. Market size and projections, by type, 2019-2025
6.4.4.3. Market size and projections, by application, 2019-2025
6.4.5. India
6.4.5.1. Market size and projections, 2019-2025
6.4.5.2. Market size and projections, by type, 2019-2025
6.4.5.3. Market size and projections, by application, 2019-2025
6.5. South America
6.5.1. Market size and projections, 2019-2025
6.5.2. Market size and projections, by type, 2019-2025
6.5.3. Market size and projections, by application, 2019-2025
Chapter 7. Company Profiles