Voice Analytics Market Outlook
According to a new report by Expert Market Research titled, “Global Voice Analytics Market Size, Share, Analysis, Report and Forecast 2024-2032″, the voice analytics market reached a value of about USD 943.2 million in 2023. Aided by increasing need to gain information from customer interactions and the increasing emphasis on risk and fraud detection, the market is projected to further grow at a CAGR of 20% between 2024 and 2032 to reach a value of nearly USD 2816.35 million by 2032.
Voice analytics is a technological solution that evaluates voice recordings, harnessing patterns and insights to improve communication strategies, customer satisfaction, and overall business performance. With the rising integration of Artificial Intelligence (AI) and Machine Learning (ML), voice analytics can extract valuable information from voice interactions, transforming them into actionable insights. This tool, hence, finds crucial applications across sectors like customer service, sales, and marketing to finetune their outreach and enhance their user experiences.
One of the significant voice analytics market trends is the growing shift towards more personalised customer experiences in the modern business sector. Businesses globally recognise the importance of understanding customer sentiments and emotions. By integrating voice analytics, companies can look into stress levels and other emotions, helping them to craft more personalised and efficient communication strategies, subsequently driving the market demand.
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Furthermore, the enterprise sector also contributes increasingly to the voice analytics market growth. Contemporary businesses, regardless of their nature, are in continuous pursuit of efficiency. In segments like customer support and sales, where communication is quite essential, the demand of voice analytics is rising. The ability of this technology to analyse vast volumes of voice data in real-time, offering instant insights, proves invaluable for businesses aiming to offer best customer experiences.
A deep voice analytics market analysis reveals its transformative potential in sectors beyond traditional business. For instance, in the healthcare sector, voice analytics can play an instrumental role in patient care. By analysing patients’ vocal patterns, healthcare professionals can potentially identify early signs of ailments or mental health conditions, paving the way for proactive interventions.
The financial sector, too, is bolstering the voice analytics market demand globally. Financial institutions and banking sectors are using this tool to authenticate user identities, enhancing security protocols. By recognising voiceprints, these institutions can drastically reduce fraud instances, ensuring the safety of both assets and personal data.
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Voice Analytics Market Segmentation
The market can be divided based on component, type, organisation size, end use, and region.
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 Ecommerce
- Telecommunication
- Healthcare
- Government and Defence
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global voice analytics market. Some of the major players explored in the report by Expert Market Research are as follows:
- Calabrio, Inc.
- Vocalis Health, Inc.
- Thoughtspot Inc.
- VoiceSense Ltd.
- VoiceBase, Inc.
- Talkdesk, Inc.
- Verint Systems Inc (NASDAQ: VRNT)
- NICE Ltd.
- Uniphore Technologies Inc
- Others
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