The Voice Analytics Market research report 2021 provides a basic overview of the industry including definitions, classifications, applications, and industry chain structure. The Voice Analytics market report provides information regarding market size, share, trends, growth, cost structure, Voice Analytics market competition landscape, market drivers, challenges and opportunity, capacity, revenue, and forecast 2026.
The report delivers a comprehensive overview of the crucial elements of the market and elements such as drivers, current trends of the past and present times, supervisory scenario & technological growth. This report also includes the overall and comprehensive study of the Voice Analytics market with all its aspects influencing the growth of the market. This report is an exhaustive quantitative analysis of the Voice Analytics industry and provides data for making strategies to increase market growth and effectiveness. The report covers the post-COVID-19 (Corona Virus) impact on various regions and major countries and on the future development of the industry is pointed out.
The Voice Analytics Market is expected to register a CAGR of 15% over the forecast period (2021 – 2026).
The report presents the market competitive landscape and a corresponding detailed analysis of the major vendors/key players in the market. Top Companies in the Global Voice Analytics Market: ThoughtSpot, Inc., Verint Systems, VoiceBase, Inc., Avaya, VoiceSense Ltd, Uniphore, Talkdesk, audEERING GmbH, RankMiner, Inc., SESTEK, Beyond Verbal, Invoca, Inc., and others.
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Key Market Trends
Applications driving the growth of the market
– Organizations across industries such as IT is leveraging their cutting-edge contact centers with analytical solutions such as Behavioral Predictive Voice Analytics (BPVA) that enable them to predict which potential job candidates are very likely to succeed. The BPVA technology relies on the vocal elements to provide a completely new data source from which insights can be gleaned leveraging its potential to characterize the behavioral and personality traits patterns through the innovation of combining voice analytics, AI, signal processing, and psychology.
– Also, recent trends have shown the application of voice analytics to detect Parkinson’s disease in patients as in most cases with people diagnosed with Parkinson’s disease has speech or voice disorders. By analyzing the voice samples of the people, the solution would confirm whether or not the person suffers from the disease. For instance, Cogita Corporation, using its Social Signal Processing platform developed an inexpensive, scalable voice analytics solution that is able to access cues from individuals’ natural speech to provide non-invasive monitoring for psychological issues.
North America to Hold Major Market Share
– North America holds a major share for voice analytics owing to factors, such as the increase in digital marketing spending, Central Intelligence Agency’s increased technology spending, and increased focus on treating mental illness in the region among others.
– Agencies, like the CIA, are actively funding ideas that might help track terrorists and foreign spy activity. Thereby such instance opens the opportunity for Silicon Valley startups, that are actively innovating the existing voice analytics solutions to develop innovative and attractive solutions, VoiceBase, a startup based in the United States provides a voice analytics platform that analyses vocal data from calls and categorizes calls using AI predictive analytics and determines the user’s intent. Additionally, it also predicts future behavior using its machine learning capabilities.
Recent developments in the market are –
– November 2019 – VoiceBase, Inc announced added functionality to its existing voice analytics solution, the company reported that it will be adding a text analytics component to its voice analytics solution to supplement its voice-driven insights. The solution leveraging the text analytics would allow users to ingest text data from sources including messaging, social platforms, email among others in order to generate a more accurate picture of customer interaction and sentiment
– November 2019 – Avaya announced the availability of Avaya IX Contact Center that has now been integrated with Google Cloud Center AI leveraging its partnership with Google, The solution would be able to provide interactive voice response features to Dialogflow including other capabilities such as local dual-tone multi-frequency (DTMF) detection, barge-in, local prompt among others.
What are the market factors that are explained in the report?
– Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
– Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
– Analytical Tools: The Voice Analytics Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. Analytical tools such as Porter’s five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.
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