Voice Analytics Market by Component (Solution and Services), Application (Sentiment Analysis, Sales and Marketing Management, and Call Monitoring), Deployment Model, Organization Size, Vertical, and Region - Global Forecast to 2024
The global voice analytics market size to grow at a Compound Annual Growth Rate (CAGR) of 19.4% during the forecast period
MarketsandMarkets forecasts the global voice analytics market size to grow from USD 657 million in 2019 to USD 1,597 million by 2024, at a CAGR of 19.4% during 2019–2024. The major growth drivers of the voice analytics market include the growing need to extract insights from customer interactions. Lack of accuracy in authenticating users may restrain the growth of the voice analytics market.
The services segment to grow at a higher CAGR during the forecast period
The voice analytics market is segmented on the basis of components, such as solution and services. The services segment is expected to grow at a rapid pace during the forecast period. An efficient voice analytics service help organizations unlock insights in voice communications by integrating voice analytics solution with their existing IT infrastructure.
The retail and eCommerce segment to grow at the highest CAGR during the forecast period
The voice analytics market by vertical has been segmented into BFSI, retail and eCommerce, telecommunication, healthcare, government and defense, others (education, real estate, and travel and hospitality). The retail and eCommerce segment to grow at the highest CAGR during the forecast period, due to the growing demand to create a frictionless customer experience.
Among regions, Asia Pacific (APAC) to grow at the highest CAGR during the forecast period
APAC is expected to grow at the highest CAGR during the forecast period. The increasing investments by the tech companies in major APAC countries, such as India, China, and Japan, growing government regulations and initiatives are expected to drive the growth of the market in the APAC region.
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the voice analytics market.
By Company: Tier I: 10%, Tier II: 25%, and Tier III: 65%
By Designation: C-Level: 25%, Director-Level: 50%, and Others: 25%
By Region: North America: 40%, Europe: 20%, APAC: 30%, RoW : 10%
The report includes the study of the key players offering voice analytics solution and services. It profiles major vendors in the global voice analytics market. The major vendors include Verint Systems (US), NICE (Israel), Avaya (US), ThoughtSpot (US), Uniphore (India), Calabrio (US), Talkdesk (US), RankMiner (US), VoiceBase (US), Beyond Verbal (Israel), VoiceSense (Israel), SESTEK (Turkey), audEERING (Germany), Invoca (US), and Xdroid (Hungary). It also includes an in-depth competitive analysis of the key players in the voice analytics market, along with their company profiles, business overviews, product offerings, recent developments, and market strategies.
The report segments the global voice analytics market by component (solution and services), deployment mode, organization size, application, and region. The voice analytics market by vertical is divided into BFSI, retail and eCommerce, telecommunication, healthcare, government and defense, others (education, real estate, and travel and hospitality) categories. The component segment comprises solution and services. The services segment is divided into managed services and professional services (support and maintenance services, and consulting services). The voice analytics market by deployment mode is segmented into cloud and on-premises. On the basis of organization size, the voice analytics market is divided into large enterprises and Small and Medium-sized Enterprises (SMEs). The voice analytics market by application is segmented into sentiment analysis, sales and marketing management, risk and fraud detection, call monitoring, others (reporting and workforce management). The report also covers the voice analytics market with respect to 5 major regions: North America, Europe, APAC, Latin America, and the Middle East and Africa (MEA).
The report would help the market leaders and new entrants in the global voice analytics market in the following ways:
1. The report segments the market into various subsegments; hence, it covers the market comprehensively. It provides the closest approximations of the revenue numbers for the overall market and its subsegments. The market numbers are further split across verticals and regions.
2. It helps in understanding the overall growth of the market. It also provides information about key market drivers, restraints, challenges, and opportunities.
3. It helps stakeholders in understanding their competitors better and gaining more insights to strengthen their positions in the market. The study also presents the positioning of the key players based on their product offerings and business strategies.