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The Voice Analytics Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Voice Analytics Global Market Report 2024, The voice analytics market size has grown rapidly in recent years. It will grow from $1.1 billion in 2023 to $1.3 billion in 2024 at a compound annual growth rate (CAGR) of 18.6%. The growth in the historic period can be attributed to continued emphasis on customer experience, expansion of ai and machine learning applications, rise in remote work trends, increased cybersecurity concerns, integration with conversational ai and chatbots.
The voice analytics market size is expected to see rapid growth in the next few years. It will grow to $2.54 billion in 2028 at a compound annual growth rate (CAGR) of 18.3%. The growth in the forecast period can be attributed to increasing need for customer insights, rising concerns about fraud and security, advancements in natural language processing (nlp), demand for enhanced customer experience, growth of e-commerce and telecommunications. Major trends in the forecast period include integration with edge computing, incorporation of explainable ai, customization for industry-specific solutions, enhanced security measures, voice analytics for employee productivity.
The growing focus on risk and fraud detection is expected to propel the growth of the voice analytics market going forward. Risk and fraud detection refers to the processes and technologies employed to identify, assess, and mitigate potential threats and fraudulent activities within various domains such as finance, cyber security, and business operations. Voice analytics, when integrated into a broader fraud detection strategy, adds a layer of security and helps organizations identify and mitigate potential risks associated with voice interactions. For instance, in February 2023, according to the Federal Trade Commission, a US-based government administration, in 2022, consumers reported a loss of almost $8.8 billion to fraud, marking a surge of over 30% compared to the figures from 2021. Additionally, in 2022, imposter scams accounted for the reported loss with a total of $2.6 billion, showing an increase from $2.4 billion in 2021. Therefore, the growing focus on risk and fraud detection is driving the growth of the voice analytics market going forward.
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The voice analytics market covered in this report is segmented –
1) By Components: Solutions, Services
2) By Organization Sizes: Small and Medium Enterprises (SMEs), Large Enterprises
3) By Deployment Mode: On-Premises, Cloud
4) By Application: Sentiment Analysis, Sales And Marketing Management, Risk And Fraud Detection, Call Monitoring, Other Application
5) By Industry Verticals: Banking, Financial Services And Insurance (BFSI), Retail And E-Commerce, Healthcare, Telecommunication, Government And Defense, Other Industry Vertical
Major companies operating in the voice analytics market are focusing on developing innovative solutions, such as automated call transcription tools to enhance the market offering. Automated call transcription tools are software applications that use artificial intelligence (AI) and machine learning to convert spoken language in phone calls into written text in real time or after the call. For instance, in May 2021, TCN, a US-based provider of a cloud-based call center software, launched voices analytics to improve agent performance and increase efficiency of contact center operations. This cloud-based platform includes automatic call transcription, conversation insights via search and discovery, and agent scorecards for performance measurement. The Voice Analytics tool aims to discover areas for development, streamline the playback review process, and provide insights to improve the customer experience. It also helps to reduce risk and ensure compliance by allowing call centers to identify and analyze calls containing inappropriate language.
The voice analytics market report table of contents includes:
1. Executive Summary
2. Voice Analytics Market Characteristics
3. Voice Analytics Market Trends And Strategies
4. Voice Analytics Market – Macro Economic Scenario
5. Global Voice Analytics Market Size and Growth
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26. South America Voice Analytics Market
27. Brazil Voice Analytics Market
28. Middle East Voice Analytics Market
29. Africa Voice Analytics Market
30. Voice Analytics Market Competitive Landscape And Company Profiles
Top Major Players:
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