Voice Analytics Market By Component (Solution, Services) , By Enterprise Size (Large Enterprises, Small and Medium-sized Enterprises) By Deployment Mode (On-premise, Cloud) By Application (Customer Experience Management, Call Monitoring and Summarization, Agent Performance Monitoring, Sales and Marketing Management, Risk and Compliance Management, Sentiment Analysis, Others) By Industry Vertical (BFSI, Retail, IT and Telecom, Healthcare, Government, Manufacturing, Others) : Global Opportunity Analysis and Industry Forecast, 2024-2032
Voice Analytics Market
The voice analytics market was valued at $1.3 billion in 2023 and is projected to reach $6.7 billion by 2032, growing at a CAGR of 19.6% from 2024 to 2032.
Voice analytics is a technology that involves the usage of techniques such as speech recognition, natural language processing, and machine learning to interpret & extract meaningful insights or patterns from spoken language. The key roles performed by voice analytics include processing audio data, assessing sentiment, transcribing spoken content, and understanding behavioral patterns. The major areas where voice analytics finds applications include customer support, marketing, compliance & risk management, and security & surveillance.
Increase in focus on enhancing the customer experience and upsurge in customer service operations are the key drivers of the voice analytics market. In addition, rise in the adoption of smart devices & virtual assistants such as Alexa and Google Assistant augments the development of the market. As AI and ML algorithms continue to expand their horizons across several industries, the trend of integrating the algorithms into voice analytics is acquiring prominent traction. The predictive capabilities of AI improve the features of voice analytics, including speech recognition, sentiment analysis, and real-time transcription.
However, the inaccuracy of the voice analytics system in certain environments such as noisy backgrounds or during the assessment of different dialects & accents limits its utility and hampers the development of the market. On the contrary, increase in the usage of voice analytics in the healthcare industry is presenting lucrative opportunities for the market. Voice analytics technology is reshaping the delivery of healthcare by assisting in different operations such as voice-based electronic health records (EHRs), clinical documentation, improving physicians’ workflow, and assessing patient-provider interactions during consultations. For instance, according to an article by Advanced Data Systems Corporation—a healthcare automation solutions company— to accelerate administrative functions, the adoption of voice-based EHRs has increased by approximately 30% in 2024.
Segment ReviewThe voice analytics market is segmented into component, enterprise size, deployment mode, application, industry vertical, and region. On the basis of component, the market is bifurcated into solution and services. Depending on enterprise size, it is classified into large enterprises and small- & medium-sized enterprises. As per deployment mode, it is classified into on-premise and cloud. Depending on application, it is categorized into customer experience management, call monitoring & summarization, agent performance monitoring, sales & marketing management, risk & compliance management, sentiment analysis, and others. By industry vertical, it is segregated into BFSI, retail, IT & telecom, healthcare, government, manufacturing, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, Latin America, and MEA.
Key FindingsOn the basis of component, the solution segment held the highest market share in 2023.
Depending on enterprise size, the large enterprises segment dominated the market in 2023.
As per deployment mode, the on-premise segment acquired a notable stake in the market in 2023.
Depending on application, the customer experience management segment was the highest shareholder in 2023.
By industry vertical, the BFSI segment accounted for a significant market share in 2023.Region wise, North America was the highest revenue generator in 2023.
Competition AnalysisThe major players in the global voice analytics market include Micro Focus International PLC, Google LLC, Amazon Web Services (AWS), Genesys Telecommunications, Avaya Inc., Verint System Inc., CallMiner, Nexidia, Nice Systems, and Calabrio. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships to strengthen their foothold in the competitive market.
Key Market SegmentsBy ComponentSolution
Services
By Enterprise SizeLarge Enterprises
Small and Medium-sized Enterprises
By Deployment ModeOn-premise
Cloud
By ApplicationCustomer Experience Management
Call Monitoring and Summarization
Agent Performance Monitoring
Sales and Marketing Management
Risk and Compliance Management
Sentiment Analysis
Others
By Industry VerticalBFSI
Retail
IT and Telecom
Healthcare
Government
Manufacturing
Others
By RegionNorth America
U.S.
Canada
Europe
France
Germany
Italy
Spain
UK
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
Latin America
Brazil
Colombia
Argentina
Rest of Latin America
MEA
Saudi Arabia
South Africa
UAE
Rest of MEA
Key Market PlayersMicro Focus International PLC
Google LLC
Amazon Web Services (AWS)
Genesys Telecommunications
Avaya Inc.
Verint System Inc.
CallMiner
Nexidia
Nice Systems
Calabrio