Voice Analytics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The Voice Analytics Market is expected to register a CAGR of 15% over the forecast period. Voice analytics is one such branch of analytics that enables organizations to leverage data to analyze spoken words. It is regarded as one of the fastest-growing technologies due to its sentiment analyses, among other things, which amidst the conversation, help organizations such as retail to understand users' inclination towards a product or service in real-time.

Key Highlights

• With the expansion of the internet and the different technical applications that support it, it is becoming increasingly difficult for companies to evaluate the massive volume of data in order to gain some significant insight. Many analytical approaches and tools have been developed throughout the years by organizations to examine and get business insights from data.
• The most extensively used use of voice analytics is in call centers, where it delivers relevant information by leveraging both structured and unstructured interactions between employees and callers. Other probable applications include bioacoustics, mental healthcare, banking and finance markets, and so on.
• Furthermore, unlike speech analytics, which just analyzes what is spoken but not how it is spoken, voice analytics might be used to monitor audio voice notes by analyzing audio patterns for vocal features such as syllable pitch, tempo, tone, and rhythm. For example, in a customer care situation, voice analytics would be able to detect profanity, incorrect language, and pitch, and the algorithm would route the call to a supervisor if such anomalies were detected.
• As with the healthcare sector, voice analytics is used to monitor patients with depression and another mental health issues. For instance, According to the World Health Organization, in 2021, more than 280 million people worldwide will suffer from depression. This is attracting many vendors to invest in the voice analytics market to cater to the growing opportunity in the healthcare industry.
• Furthermore, in April 2022, Instreamatic introduced Speaky, the voice AI platform for quick customer communication and real-time sentiment analysis. With the help of this, customers can rapidly and easily communicate themselves to brands or content creators by leaving brief audio messages at any physical or digital brand touchpoint with the new many-to-one communication solution.
• Owing to these instances, many organizations across industries are considering deploying voice analytics leveraging data sources such as recorded data, social media data, and other syndicate data to understand its users. Also, there's been a trend with the demand for an on-premise solution as companies deal with complex IT structures that require integrated solutions such as marketing, CRM, and sales support, among others which allows them to mitigate compatibility issues, however with the added scalability and flexibility of cloud solutions would leverage the growth of cloud deployments.
• During the pandemic, the demand for voice analytics in sales and marketing improved customer service drives the market growth. The adoption of new technologies and the transition of enterprises to the online mode stimulates companies to implement communication analytics solutions. The trend continues, the voice analysis usage increased and further helped to target the right customers based on their reviews and feedback about their previous purchases.

Voice Analytics Market Trends

Applications driving the growth of the market

• Organizations across industries such as IT are leveraging their cutting-edge contact centers with analytical solutions such as Behavioral Predictive Voice Analytics (BPVA) that enable it 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 behavioral and personality trait 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 with most cases, people diagnosed with Parkinson's disease have 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.
• Furthermore, as with the financial industry, with many market participants, including analysts, and institutional investors failing in the detection of financial frauds, there's been growing trends with organizations looking for solutions that can timely report such financial frauds, with the ability of voice analytics to analyze verbal-linguistic cues and non-verbal cues drive the growth of the Voice Analytics Market.

North America to Hold Major Market Share

• North America holds a major share of 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 an 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.
• According to the National Institute of Mental Health(NIH), in the United States, nearly 1 in 5 adults suffer from mental illness with varying degrees of severity ranging from mild to moderate to severe, with many illnesses having no proper analytics tests that conclude the behavioral patterns among patients.
• Owing to such prevalence of mental illnesses, voice analytics technologies are playing an important role, aiding in the detection of these diseases by increasing the sophistication and accuracy of the illness detection by analyzing the vocal data of the conversation.
• Also, the growing investment by governments for the adoption of AI and machine learning technologies is further developing the market for interactive voice response technology that is able to perform sentiment analyses. For instance, San Mateo County's tax collector's office has adopted an advanced interactive voice response system that will allow callers to more efficiently review and pay their property taxes more.

Voice Analytics Industry Overview

The importance of voice in a multichannel environment, risk management, a focus on compliance, and competitive market intelligence have all contributed to a growth in demand for the speech analytics market. To counter demand and gain market share, industry vendors are working on collaborations and product innovations that use advanced algorithms and technologies.

In October 2022, GITEX Global Uniphore, a provider of Conversational AI and Automation, at GITEX Global 2022, formed a strategic collaboration with Avaya, a global provider of solutions to improve and simplify communications and collaboration, to introduce its integrated Conversational AI and communications platform to users throughout the Middle East and African (MEA) region.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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