Voice Analytics Global Market Report 2024 - By Report, Size, Share, Growth, Forecast To 2033

"The Business Research Company has released its latest global market reports, covering insights for 2024 and offering projections up to 2033.

The Business Research Company presents an extensive market research report on the Voice Analytics Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.

Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.

Market Sizing:
The voice analytics market size has grown rapidly in recent years. It will grow from $1.1 billion in 2023 to $1.3 billion in 2024 at a compound annual growth rate (CAGR) of 18.6%. The growth in the historic period can be attributed to continued emphasis on customer experience, expansion of ai and machine learning applications, rise in remote work trends, increased cybersecurity concerns, integration with conversational ai and chatbots.

The voice analytics market size is expected to see rapid growth in the next few years. It will grow to $2.54 billion in 2028 at a compound annual growth rate (CAGR) of 18.3%. The growth in the forecast period can be attributed to increasing need for customer insights, rising concerns about fraud and security, advancements in natural language processing (nlp), demand for enhanced customer experience, growth of e-commerce and telecommunications. Major trends in the forecast period include integration with edge computing, incorporation of explainable ai, customization for industry-specific solutions, enhanced security measures, voice analytics for employee productivity.

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Key Market Players:
Major companies operating in the voice analytics market report are The International Business Machines Corporation, Avaya Holdings Corp, NICE Ltd., Verint Systems Inc., Five9, Appen Limited, Gong.io Inc. , Nextiva, Inc., ThoughtSpot Inc, Uniphore Technologies Inc., Invoca, Inc., Calabrio Inc., CallMiner, Symphony Communications, Talkdesk Inc, Nexidia Inc., Ai Cure Technologies , SESTEK Speech and Language Technologies Inc., EvaluAgent, VoiceBase Inc., Beyond Verbal Communication, Ltd., Clarabridge Inc. , VoiceSense LTD, audEERING GmbH, Xdroid Inc., Voci Technologies Incorporated, Observe.AI, ClearSpeed, Tether Limited Inc., Chorus.ai

Market Drivers:
The growing focus on risk and fraud detection is expected to propel the growth of the voice analytics market going forward. Risk and fraud detection refers to the processes and technologies employed to identify, assess, and mitigate potential threats and fraudulent activities within various domains such as finance, cyber security, and business operations. Voice analytics, when integrated into a broader fraud detection strategy, adds a layer of security and helps organizations identify and mitigate potential risks associated with voice interactions. For instance, in February 2023, according to the Federal Trade Commission, a US-based government administration, in 2022, consumers reported a loss of almost $8.8 billion to fraud, marking a surge of over 30% compared to the figures from 2021. Additionally, in 2022, imposter accounted for the reported loss with a total of $2.6 billion, showing an increase from $2.4 billion in 2021. Therefore, the growing focus on risk and fraud detection is driving the growth of the voice analytics market going forward.

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The voice analytics market covered in this report is segmented -
1) By Components: Solutions, Services
2) By Organization Sizes: Small and Medium Enterprises (SMEs), Large Enterprises
3) By Deployment Mode: On-Premises, Cloud
4) By Application: Sentiment Analysis, Sales And Marketing Management, Risk And Fraud Detection, Call Monitoring, Other Application
5) By Industry Verticals: Banking, Financial Services And Insurance (BFSI), Retail And E-Commerce, Healthcare, Telecommunication, Government And Defense, Other Industry Vertical

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