Voice Analytics Market : Global Opportunity Analysis and Industry Forecast 2024 – 2032
Allied Market Research published a new report, titled, “Voice Analytics Market : Global Opportunity Analysis and Industry Forecast 2024 – 2032.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segments, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain a thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
Voice Analytics Market Research, 2032
The global voice analytics market size was valued at $1.3 billion in 2023 and is projected to reach $6.7 billion by 2032, growing at a CAGR of 19.6% from 2024 to 2032. Voice analytics is a technology that decodes, analyzes, and draws conclusions from voice data collected during customer interactions to gain insights and improve customer experience. Voice analytics enables a better understanding of customer needs, preferences, and behaviors with voice recognition, natural language processing (NLP), and artificial intelligence. Voice analytics software identifies the emotions and intent of the speaker by studying their audio patterns. These aspects make voice analytics software a useful tool for contact centers.
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Key Takeaways
- The voice analytics industry study covers 20 countries. The research includes a segment analysis of each country in terms of value ($Billion) for the projected period 2024-2032.
- More than 1,500 product literatures, industry releases, annual reports, and other such documents of major voice analytics industry participants along with authentic industry journals, trade associations’ releases, and government websites have been reviewed for generating high-value industry insights.
- The study integrated high-quality data, professional opinions and analysis, and critical independent perspectives. The research approach is intended to provide a balanced view of global markets and to assist stakeholders in making educated decisions in order to achieve their most ambitious growth objectives.
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Key market dynamics
The global voice analytics market has grown due to proliferation of predictive analytics in voice & speech analytics, surge in use of voice modeling tools, and increase in adoption of digital solutions. However, modifications to regional data laws necessitating a time-consuming redesign of prediction models limit the growth of the voice analytics market. In addition, the rise in use of linked and integrated technology and increase in adoption of cloud is projected to provide ample opportunities for market expansion during the forecast period.
The amount of data created has greatly increased as a result of the internet’s widespread use and the accessibility of several methods to obtain it. The development and growth of high-speed internet services is aided by this. Global data creation is accelerated by factors such as globalization and economic expansion.
Demographic Insights
Voice analysis leverages a suite of advanced technologies to forecast future outcomes based on historical data. According to Invoca, Inc., up to 43% of voice-enabled device owners use their device to shop, and consumers across all age groups are using their devices for any purchase.
FIGURE 1: Demographic Insights (%)
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Market Segmentation
The voice analytics market is segmented into component, enterprise size, deployment mode, application, industry vertical, and region. On the basis of component, the market is divided into solution and services. On the basis of enterprise size, the market is segregated into large enterprises and small & medium-sized enterprises. On the basis of deployment mode, the market is bifurcated into on-premise and cloud. On the basis of application, the market is fragmented into customer experience management, call monitoring & summarization, agent performance monitoring, sales & marketing management, risk & compliance management, sentiment analysis, and others. On the basis of industry vertical, the market is classified into BFSI, retail, IT & telecom, healthcare, government, manufacturing, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
Regional/Country Market Outlook
The voice analytics market in the U.S. is robust and rapidly expanding, driven by several key factors. The country’s technological leadership and innovation capacity are pivotal, with numerous established and emerging companies specializing in advanced analytics solutions. Moreover, the UK’s financial sector is a major adopter of voice analytics, leveraging it for risk management, fraud detection, customer insights, and regulatory compliance. The financial services sector in China is increasingly adopting voice analytics for risk management, fraud detection, customer segmentation, and credit scoring. Financial institutions use voice models to analyze transaction patterns, assess credit risks, and personalize financial products.
- In April 2024, the Government of Canada invested $2.4 billion in artificial intelligence as part of the country’s annual federal budget. The investment will be earmarked toward providing AI researchers and startups access to computing capabilities and technical infrastructure.
- In March 2024, the Government of India approved a $1, 248.74 million investment for the national-level India Artificial Intelligence (AI) mission. This aligns with the vision of ‘Making AI in India’ and ‘Making AI Work for India’ by establishing a comprehensive ecosystem.
Industry Trends:
- In June 2024, Government of Canada launched public consultation on artificial intelligence computing infrastructure, which is expected to help inform the design and implementation of a new AI Compute Access Fund and a Canadian AI Sovereign Compute Strategy
- In November 2023, the U.S. Government announced that 10 foundations are projected to start a funders network to coordinate philanthropic initiatives to advance the use of AI in the public interest. The foundations have committed more than $200 million to this initiative.
Competitive Landscape
The major players operating in the voice analytics market size include Micro Focus International PLC, Google LLC, Amazon Web Services (AWS), Genesys Telecommunications, Avaya Inc., Verint System Inc., CallMiner, Nexidia, Nice Systems, and Calabrio.
Recent Key Strategies and Developments
- In November 2023, Google, Symphony launched voice analytics offering for banks, a new messaging compliance tool, which combines Google Cloud’s Vertex AI with Symphony’s Cloud9.
- In February 2023, Bharti Airtel launched an AI-based solution, in collaboration with NVIDIA, which is projected to improve the overall customer experience for all inbound calls to its contact center.
- In May 2021, TCN, Inc. launched its Voice Analytics, a set of advanced tools for search and discovery combined with automated call transcription and reduction. The new set of tools, offered initially as a free 60-day trial, includes a highly flexible search engine for quickly and easily finding and retrieving calls through free-form combinations of keywords, phrases, acoustic measures, and call metadata.
Key Sources Referred
- Discover Data Science
- International Institute for Management Development
- Tableau
- Harvard Business School
- Emeritus
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the voice analytics market forecast segments, current trends, estimations, and dynamics of the voice analytics market analysis from 2023 to 2032 to identify the prevailing market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the voice analytics market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global voice analytics Market Statistics.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global voice analytics market trends, key players, market segments, application areas, and market growth strategies.
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Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market.
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