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.
The value of the Voice Analytics market is projected to grow to USD 9.33 billion with an estimated CAGR of 20.38% by 2030
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:
- Enhance the performance of the contact center with insights to reduce agent handle time and recurring calls
- Discovering customer insights about satisfaction, business issues, competitive intelligence, and others
- Reduced churn by discovering the root cause and predicting at-risk customers by using contact center recordings
- Improved quality monitoring by reviewing large samples and specific call types
- Provide targeted coaching to agents by analyzing their relative performance
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
- Verint Systems
- Micro Focus
- Genesys Technologies
- Sound Intelligence
- Voci Technologies
- Zoom International
Voice Analytics Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2030||USD 9.33 billion|
|Growth Rate||CAGR of 20.38 % during 2022-2030|
|Segment Covered||by Application, Region.|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||NICE (US), Micro Focus (UK), Verint (US), Avaya (US), OpenText(Canada), Google (US), Vonage (US), Geneys (US), Calabrio (US), CallMiner (US), AWS (US), Clarabridge (US), Almawave (Italy), Talkdesk (US), Alvaria (US), Castel (US), VoiceBase (US)|
Market Segments: Voice Analytics Market
- By Component
- Speech Engine
- Indexing, Analysis, and Query
- Reporting and Visualization
- By End-User
- Retail & eCommerce
- Telecom & IT
- By Region
- North America
- Asia Pacific
- The Middle East and Africa
- South Africa
- South America
- North America
- Industry Associations
- Patent Websites
- Company Annual Reports
- Company Websites
- Key industry leaders
- Technology consultants
Key Questions Answered
- What are the key growth regions and countries?
- What are the important types and technologies being used?
- What are the market players doing, in terms of research and development?
- Which are the new applications for this market?
- What are the integrations happening?
- What is the recent news, developments, mergers, or large value deals?
- Where will the industry go in the long run?
- Technology providers
- Contact center service providers
- Regulatory Authorities
- Research and Innovation Organizations
- Suppliers and Distributors
- Other Channel Partners
- Quality Control Organizations