Voice Analytics Market size was USD 591.3 million in 2020. It is expected to grow to USD 1265.6 million by 2027. This will grow at a CAGR of 11% from 2021 to 2027.
Voice Analytics: Introduction
Voice Analytics is software that handles the computer-aided processing of the speech signal to obtain information. It utilizes a speech recognition tool to analyze the vocal parts and focusing the pitch at which it is spoken, and recording conversations.
Apart from translating the spoken word into text, voice analytics is involved in studying tone, emotion and other aspects. Contrary to speech analytics, which determines the needs of the customer through keywords, voice analytics can be a time-saving and labor-saving software due to being able to predict the meaning of phrases and words that
Augmentation in the expansion of the global market for voice analytics is mostly due to the increased recall power and the superiority in handling customer interactions, which results in a greater quantity of sales. Furthermore, increased communication, secure recognition, validation with superior fraud detection and a decrease in revenue generated by internal agents also boost the growth of the market.
Additionally, the accelerating growth of call centres across the globe, resulting in an increasing demand for software that can analyze voice, has driven this Voice Analytics Market Growth. Alongside this, the increasing demand for a voice in multichannel service and market intelligence that is competitive has opened the door to the expansion of the market.
Market Trend and Dynamics of this Market:
Solution segment to have the market at a higher level during the forecast time:
The market for voice analytics by component encompasses solutions and services. The solution segment has a higher growth rate than the services segment and is expected to see growth in the coming years because of the higher use of solutions. The solution for voice analytics allows users to analyze recordings of conversations to determine the emotions and intentions of speakers. It examines the audio patterns to determine certain characteristics, like tone and stress, tempo, rhythm, and pitch. It improves customers’ satisfaction as well as competitive insight, reduces customer churn through the prediction of at-risk customers and helps identify fraudulent and risky customers.
Consulting segment is expected to expand at the fastest CAGR in Voice Analytics Market during the forecast timeframe:
Consulting services are primarily focused on the most important challenges and opportunities in strategies such as marketing, operations technology, as well as mergers and acquisitions and finance, which leads to higher effectiveness, increased performance, decreased expenses, and improved resilience. Consulting services are sought by retail stores, retailers planners and merchandisers to ensure better strategic planning, enhanced efficiency, and to transform operations related to retail to more efficient and efficient operations.
Large companies to increase the use of financial analytics solutions:
Large corporations generate enormous volumes of data because of their vast customer base. Businesses are focusing on their strongest strengths and capabilities in order to maintain their edge over competitors. They need a greater understanding of customer feedback and assist businesses to generate more revenues and create value for their shareholders. They also are using speech analytics to improve their processes for business as well as market intelligence and customer experience. However, the implementation of these solutions on-premises has been favoured by large companies because it allows them to keep a tight grip on their operations and processes.
Market Drivers and Market Restraints for the Global Voice Analytics Market:
The reasons behind the growth of the global voice analytics market include an increase in the efficiency of retention for customers and the quality of customer service that result in an increase in sales conversations rate. Additionally, better communication, more secure identification verification and improved detection of fraud, and a reduction in turnover of the internal agents are some reasons behind the expansion of the global voice analytics market. Additionally, the growing number of call centres around the world is causing a rise in demand for software that can analyze voice. The increasing importance of voice in multichannel services and market intelligence for competitive markets has led to a rise in the voice analytics market.
The main reasons behind hampering the growth of the global voice analytics markets include inaccuracy and mistakes, a higher cost of time and the sensitiveness to background noise. As Voice recognition software uses a lot of memory, therefore it requires specific hardware.
On the opposite hand, the insufficient precision and misinformation, the massive cost of time, and the increasing vulnerability to background noise have hindered the market’s growth. The software requires hardware to run because of excessive memory. This is another reason behind the decline in the volume of the market for voice analytics.
The Key Market Segmentation of the Global Voice Analytics Market:
Global Voice Analytics Market can be divided into Components, Application, Deployment Mode, Organization Sizes, Verticals and Geographical landscapes, etc.
Voice Analytics Market Segmentation By Components:
Support and Maintenance
Voice Analytics Market Segmentation By Application:
Sales and Marketing Management
Risk and Fraud Detection
Others (Reporting and Workforce Management)
Voice Analytics Market Segmentation By Organization Sizes:
Voice Analytics Market Segmentation By Deployment Mode:
Voice Analytics Market Segmentation By Verticals:
Retail and eCommerce
Government and Defense
Voice Analytics Market Segmentation By Geographical Landscape:
Middle East and Africa
Major Key Players in the Global Voice Analytics Market Are:
The Covid-19 Impact Analysis:
During the pandemic of COVID-19, this Coronavirus Customer Thinktank provided a number of intriguing insights into the current situation of the contact centre industry, which was shattered by COVID 19. Although some firms had already made the transition to a work-from-home (WFH) model prior to the pandemic, it is estimated that 90% of the workforce continued to work in a traditional contact centre environment; according to CallMiner.
Additionally, according to CallMiner, call volume within the contact centre has slowed by around 25% during COVID – 19. This is indicative of the general decline in the economy due to the pandemic of coronavirus. Text-based interactions have been pretty constant. In May of 2020, the people at CallMiner speculated about the results their software for analyzing voice would reveal when they started an informal coronavirus research program in March.
The Global Voice Analytics Market Report Highlights:
There are 5 major geographical regions covered by the global voice analytics market. Those regions are Asia Pacific (APAC), Europe, North America and the Middle East and Africa and Latin America.
North America is expected to represent the largest market in the forecast time. The use of voice analytics is anticipated to be at its highest within North America, as compared to other regions. This is due to the existence of different developed economies, like Canada and the US and the increased emphasis on the latest innovations resulting from R&D and technological advancements.
In the month of April 2019, Verint System offers a tool that helps organizations to automatize the process of input and prioritize improvement to customer experience. The tool monitors dramatic and sudden fluctuations of CX scores across all touchpoints and channels and pinpoints the cause by analyzing hundreds of data combinations.
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