Voice Analytics Market Poised to Hit $2.97 Billion by 2029 with Accelerating Growth Trends

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What Is the Expected CAGR for the Voice Analytics Market Through 2025?
The quick-paced expansion of the voice analytics market has been noticeable in recent years. Its size is projected to increase from $1.3 billion in 2024 to $1.53 billion in 2025, experiencing a compound annual growth rate (CAGR) of 17.6%. This significant rise during the historical period can be associated with the continuous focus on improving customer experiences, the broadening scope of AI and machine learning applications, the uptick in remote work trends, amplified cybersecurity worries, and the integration of conversational AI and chatbots.

What's the Projected Size of the Global Voice Analytics Market by 2029?
In the upcoming years, a swift expansion is anticipated in the voice analytics market, with its size projected to reach $2.97 billion by 2029, representing a compound annual growth rate (CAGR) of 18.0%. The growth within the projected period can be tied to the escalating demand for customer insights, concerns over fraud and security, advancements in natural language processing (nlp), the quest for improved customer experience, and the expansion of e-commerce and telecommunications sectors. Notable trends during the said period include amalgamation with edge computing, introduction of explainable AI, personalized industry-specific solutions, heightened security protocols, and utilization of voice analytics for boosting employee productivity.

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Top Growth Drivers in the Voice Analytics Industry: What's Accelerating the Market?
The escalating concentration on identifying and mitigating risks and fraudulent behaviour is projected to stimulate the expansion of the voice analytics market. Risk and fraud detection pertain to the use of specific technologies and processes aimed at recognizing, evaluating, and reducing potential threats and fraudulent acts across various sectors such as finance, cyber security, and corporate operations. Implementing voice analytics into a comprehensive fraud detection scheme provides an additional tier of protection and aids organizations in identifying and averting potential risks linked to voice communications. For example, in February 2023, as per the Federal Trade Commission, a government body based in the U.S., during 2022, consumers reported a fraud-related loss of nearly $8.8 billion, displaying an increase of over 30% relative to the data from 2021. Furthermore, in 2022, sca*ms that involved imposters accounted for the reported loss, totaling $2.6 billion, indicating a rise from $2.4 billion in 2021. Consequently, the escalating concentration on identifying and mitigating risks and fraud is spurring the growth of the voice analytics market.

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What Trends Will Shape the Voice Analytics Market Through 2029 and Beyond?
Key players in the voice analytics market are prioritizing the creation of innovative solutions like automated call transcription tools, with the aim of improving customer experiences by providing real-time intelligence from interactions. These transcription tools are software programs which employ machine learning and artificial intelligence (AI) to transcribe spoken words from phone calls into written text, either in real time or post-call. For example, ACK3, a tech firm headquartered in Spain and known for its advanced security solutions, globally unveiled its Layered Voice Analysis (LVA) tool in March 2024. This groundbreaking tool analyzes vocal patterns to reveal concealed emotional states and cognitive activities, with a primary objective of boosting fraud prevention and enhancing trust within organizations. By recognizing emotions, levels of stress, and deception signs, the LVA tool provides businesses with the capacity to evaluate potential risks such as staff loyalty and teamwork. This product launch represents a significant advancement in corporate security, providing companies with the necessary tools to protect sensitive information and foster a transparent and honest work culture.

What Are the Main Segments in the Voice Analytics Market?
The voice analyticsmarket 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

Subsegments:
1) By Solutions: On-Premises Solutions, Cloud-Based Solutions, Software Development Kits (SDKs)
2) By Services: Consulting Services, Implementation Services, Support And Maintenance Services, Training Services

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Which Top Companies are Driving Growth in the Voice Analytics Market?
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

Which Regions Will Dominate the Voice Analytics Market Through 2029?
North America was the largest region in the voice analytics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the voice analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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