Voice Analytics Market

Voice Analytics Market was valued at USD 651 million in 2018 and is expected to register a CAGR of 19.8% during the forecast period.

Voice Analytics is a software which deals with computerized processing of speech audio signal to extract information. It uses a voice recognition tool for analysing the vocal elements, targeting the pitch of how it is spoken coupled with recording a conversation. Besides translating the speech to text, voice analytics is also responsible for analysing emotions, tone, etc. In contrast to speech analytics which identifies the requirement of customer by keyword detection, voice analytics is a time and labour-saving software as a result of predicting the meaning of words and phrases which are used in a conversation.

The factors responsible for bolstering the voice analytics market growth includes increased customer’s retention efficiency and quality of customer handling which leads to boost in sales conversation rate. In addition, improved communication, safer identification verification with better fraud detection along with reduced internal agent turnover are some factors driving the growth of global voice analytics market. Moreover, the increasing number of call centres globally are leading to the demand for voice analytics software. The growing importance of voice in multichannel service and competitive market intelligence has led to an upsurge in voice analytics market. Factors responsible for hampering the growth of global voice analytics market includes the lack of accuracy and misinterpretation, increased time investment along with the sensitivity to background noise interference. Voice recognition software has requirements for specific hardware as a result of utilization of a lot of memory.

Various notable players in the global voice analytics market include Verint, NICE, Avaya Inc., ThoughtSpot Inc., Uniphore, Calabrio Inc., Talkdesk Inc., RankMiner, VoiceBase Inc., Xdroid among others.

The Global voice analytics market has been segmented on the basis of Component, Deployment Type, Vertical and Geography. Based on component market is categorized into Solution and Services. On the basis of deployment type market is segmented into On-premises and Cloud. Based on vertical market is categorized into Healthcare, BFSI, Retail& Ecommerce, Telecommunication and Defence& Military and by geography.

Key questions answered in this research report:

1- At what pace is global voice analytics market growing? What will be the growth trend in the future?
2- What are the key drivers and restraints in the current market? What will be the impact of drivers and restraints in the future?
3- What are the regional revenue and forecast breakdowns? Which are the major regional revenue pockets for growth in the global voice analytics market?
4- What are the various application areas and how they are poised to grow?

Market Segmentation

By Component

• Solution
• Services

By Deployment Type

• On-Premises
• Cloud

By Vertical

• Healthcare
• BFSI
• Retail& Ecommerce
• Telecommunication
• Defence& Military

By Geography

• North America
As a part of the customization
o By Component
o By Deployment Type
o By Vertical
o US
o Canada

• Europe
As a part of the customization
o By Component
o By Deployment Type
o By Vertical
o UK
o Germany
o France

• APAC
As a part of the customization
o By Component
o By Deployment Type
o By Vertical
o India
o Japan
o Rest of APAC

• Rest of the World
As a part of the customization
o By Component
o By Deployment Type
o By Vertical
o Brazil
o South Africa