Voice Analytics MarketGrowth opportunities in the voice analytics market look promising over the next six years. This is mainly due to the increasing number of call centers globally, the growing importance of voice in multichannel service and competitive market intelligence, safer identification verification with better fraud detection, and increased customer retention efficiency.
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Voice Analytics Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
The drivers contributing to the growth of the global voice analytics market are the augmented customer retention ability and improved quality of customer handling, which results in an expansion in the sales conversation rate. Also, factors like better communication and fraud detection, intact identity verification, and low internal agent turnover add to the market growth. In addition, improved communication, safer identification verification with better fraud detection, along reduced internal agent turnover are some other factors driving the growth of the global voice analytics market. The worldwide increase in the number of call centres raises the demand for voice analytics software. Moreover, the surging importance of voice in the competitive market and multichannel service boosts the voice analytics market size. However, the major obstruction in the growth of the global voice analytics market is inaccuracy and misinterpretation, huge time investment, and the sensitivity towards noise interference. Voice recognition software requires specific hardware resulting in substantial memory requirements.
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Component Segment Drivers
On the basis of components, the voice analytics market can be segmented into solutions and services. Amongst which, solution is anticipated to lead the market over the forecast period because of their higher adoption. The voice analytics solution allows users to evaluate recordings or conversations and identify the speakers' emotion and intent. It evaluates the audio patterns under features, such as tone, rhythm, stress, and pitch, and enhances customer satisfaction and competitive intelligence, identifies risks and frauds, etc.
Based on the regional coverage, North America is predicted to witness a higher CAGR. This is because of the highest adoption of voice analytics solutions. Moreover, the presence of several developed economies, like Canada and the US, and the ongoing innovations in R&D and technology will further fuel the market demand.
Voice Analytics Market’s leading Manufacturers:
• Calabrio Inc.
• ThoughtSpot Inc.
• VoiceBase Inc.
• Talkdesk Inc.
• Avaya Inc.
Voice Analytics Market Segmentation:
Segmentation by Component:
Segmentation by Deployment Type:
Segmentation by Vertical
• Retail & Ecommerce
• Defence & Military
Segmentation by Region:
• North America
o United States of America
• Asia Pacific
o Rest of APAC
o United Kingdom
o Rest of Europe
o South Africa
o Saudi Arabia
o Rest of the world (remaining countries of the LAMEA region)
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GMI Research is a market research and consulting company that offers business insights and market research reports for large and small & medium enterprises. Our detailed reports help the clients to make strategic business policies and achieve sustainable growth in the particular market domain. The company's large team of seasoned analysts and industry experts with experience from different regions such as Asia-Pacific, Europe, North America, among others, provides a one-stop solution for the client. Our market research report has in-depth analysis, which includes refined forecasts, a bird's eye view of the competitive landscape, key factors influencing the market growth, and various other market insights to aid companies in making strategic decisions. Featured in the 'Top 20 Most Promising Market Research Consultants' list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping our clients to stay ahead of the curve.
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