Global Voice Analytics Market By Application (Sentiment Analysis, Sales & Marketing Management, Risk & Fraud Detection, Call Monitoring, Others), Component (Solution, Services), Deployment Mode (Cloud, On-Premises), Organization Size (SMEs, Large Enterprises), Vertical (BFSI, Retail & E-Commerce, Telecommunication, Healthcare & Life Sciences, Government & Defense, Media & Entertainment, Energy & Utility, Travel & Hospitality, Others), Geography (North America, Europe, Asia-Pacific, South America, Middle East and Africa) – Industry Trends and Forecast to 2026
Market Analysis: Global Voice Analytics Market
Global voice analytics market is expected to rise to an estimated value of USD 2265.07 million by 2026, registering a healthy CAGR in the forecast period of 2019-2026. This rise in market value can be attributed to the awareness amongst consumers regarding the importance of real-time analysis of speech and voice subjects along with various innovations of technologies.
Market Definition: Global Voice Analytics Market
Voice analytics can be defined as the quantification of speech and voice for attaining insights into the operations and performance of individuals in an organization while they are interacting with the customers. These analytics are highly utilized in a number of call centers/customer contact centers where the need for analysing and improving the first contact between organizations and customers is highly important.
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Market Drivers:
Increasing demands of organizations for collection of information and insights from the interactions with customers; this factor is expected to drive the growth of the market
Rising demand for better fraud and risk detection services propels this market growth
Growth of focus of various organizations on improvement of their agent’s performance by consistent monitoring and collecting valuable insights; this factor is expected to fuel the growth of the market
Increasing demands for this technology due to surge in the number of call centers globally; this factor is expected to foster the market growth
Market Restraints:
Concerns regarding the inaccurate nature of these analytics services for user authentication along with data privacy threats; this factor is expected to hinder the growth of the market
Lack of information amongst various end-users regarding the availability of this technology is expected to restrict the market growth
Large levels of financial costs associated with this technology resulting in complications for attaining return on investments acts as a market restraint
Segmentation: Global Voice Analytics Market
By Application
Sentiment Analysis
Sales & Marketing Management
Customer Experience Management
Agent Performance Monitoring
Sales Performance Management
Competitive Intelligence
Risk & Fraud Detection
Call Monitoring
Others
By Component
Solution
Services
Managed Services
Professional Services
Support & Maintenance
Consulting Services
By Deployment Mode
Cloud
On-Premises
By Organization Size
Small & Medium-Sized Enterprises (SMEs)
Large Enterprises
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By Vertical
Banking, Financial Services & Insurance (BFSI)
Retail & E-Commerce
Telecommunication
Healthcare & Life Sciences
Government & Defense
Media & Entertainment
Energy & Utility
Travel & Hospitality
Others
By Geography
North America
U.S.
Canada
Mexico
Europe
Germany
Italy
U.K.
France
Spain
Netherlands
Belgium
Switzerland
Turkey
Russia
Rest of Europe
Asia-Pacific
Japan
China
India
South Korea
Australia
Singapore
Malaysia
Thailand
Indonesia
Philippines
Rest of Asia-Pacific
South America
Brazil
Argentina
Rest of South America
Middle East and Africa
Saudi Arabia
UAE
South Africa
Egypt
Israel
Rest of Middle East and Africa
Key Developments in the Market:
In February 2019, VoiceSense Ltd. announced the upgradation of their predictive analytics solutions, making it available for call centers. This analytics service creates an individual profile for each individual customer based on their own interactions between call center operators and customers. This profile is subsequently analysed on the basis of around two hundred different parameters allowing for greater insights into the customer and call center relationship helping streamline businesses
In November 2018, ThoughtSpot Inc. announced the upgraded release of “ThoughtSpot 5” inclusive of “SearchIQ” helping businesses and consumers attain real-time results that are achieved with the help of advanced analytics. The software has been developed on ThoughtSpot’s in-memory calculation engine “Falcon”
Competitive Analysis
Global voice analytics market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of voice analytics market for Global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Major Market Competitors/Players
Few of the major competitors currently working in the global voice analytics market are Verint; NICE Systems Ltd.; Avaya Inc.; ThoughtSpot Inc.; Uniphore; Calabrio, Inc.; Talkdesk, Inc; RankMiner; VoiceBase, Inc.; Beyond Verbal; VoiceSense Ltd.; SESTEK; XDROID; Invoca; audEERING; Micro Focus; Genesys; Voci Technologies, Inc.; Clarabridge; ZOOM International; CallMiner among others.
Research Methodology: Global Voice Analytics Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analysed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your enquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Key Insights in the report:
Complete and distinct analysis of the market drivers and restraints
Key market players involved in this industry
Detailed analysis of the market segmentation
Competitive analysis of the key players involved
