Voice Analytics Global Market Report 2024

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 observed in the historical period can be attributed to several factors, including a persistent emphasis on enhancing customer experience, the expansion of artificial intelligence (AI) and machine learning applications, the increase in remote work trends, growing cybersecurity concerns, and the integration with conversational AI and chatbots. These elements collectively contributed to the advancement and adoption of voice analytics during the historical period.

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 anticipated growth in the forecast period can be attributed to the increasing demand for customer insights, heightened concerns about fraud and security, advancements in natural language processing (NLP), a growing emphasis on enhanced customer experience, and the expanding domains of e-commerce and telecommunications. Noteworthy trends expected in the forecast period encompass the integration with edge computing, the incorporation of explainable AI, customization for industry-specific solutions, heightened security measures, and the utilization of voice analytics for enhancing employee productivity. These trends signify a dynamic landscape where voice analytics continues to evolve to meet the changing demands of various industries.

The anticipated increase in focus on risk and fraud detection is poised to drive the growth of the voice analytics market. Risk and fraud detection encompass the processes and technologies utilized to identify, assess, and mitigate potential threats and fraudulent activities across various domains, including finance, cybersecurity, and business operations. Integrating voice analytics into broader fraud detection strategies enhances security measures, enabling organizations to identify and mitigate potential risks associated with voice interactions. In February 2023, the Federal Trade Commission reported a significant surge in consumer-reported fraud losses, reaching almost $8.8 billion in 2022, representing a growth of over 30% compared to 2021 figures. Imposter scams accounted for a reported loss of $2.6 billion in 2022, indicating an increase from $2.4 billion in 2021. The heightened focus on risk and fraud detection is a key driver for the growth of the voice analytics market.

Key players in the voice analytics market are directing their efforts toward developing innovative solutions, such as automated call transcription tools, to enhance market offerings. Automated call transcription tools utilize artificial intelligence (AI) and machine learning to convert spoken language in phone calls into written text in real-time or post-call. For instance, in May 2021, TCN, a US-based provider of cloud-based call center software, introduced voice analytics to enhance agent performance and streamline contact center operations. This cloud-based platform features automatic call transcription, conversation insights through search and discovery, and agent scorecards for performance evaluation. The Voice Analytics tool aims to identify areas for improvement, simplify the playback review process, and provide insights for enhancing the customer experience. Additionally, it aids in risk reduction and ensures compliance by enabling call centers to identify and analyze calls containing inappropriate language.

In October 2021, LivePerson Inc., a US-based technology company, successfully acquired VoiceBase, Inc. for an undisclosed amount. This strategic acquisition positions LivePerson to integrate VoiceBase technology into a cohesive AI-enabled system, enhancing the overall customer experience. The integration aims to combine VoiceBase's capabilities with LivePerson's Conversational AI, offering brands comprehensive insights into customer interactions across messaging, voice, and third-party systems. VoiceBase, Inc. is a US-based provider of AI-based voice analytics specifically designed for call centers.

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.

North America was the largest region in the voice analytics market in 2023. 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. The countries covered in the voice analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The voice analytics market consists of revenues earned by entities by provide voice analytics services such as speech recognition and conversion, natural language understanding (NLU) and processing, emotion and speaker analysis, and data management. The market value includes the value of related goods sold by the service provider or included within the service offering. The voice analytics market also includes sales of voice recognition systems, voice biometrics systems, emotion detection systems, and voice stress analysis (VSA) systems which are used in providing voice analytics services. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

Voice analytics indeed involves analyzing spoken words and vocal patterns to extract valuable insights. The utilization of advanced technologies such as speech recognition, natural language processing (NLP), and machine learning enables the interpretation and understanding of spoken language. This versatile tool finds applications across various sectors, including customer service, market research, security, and healthcare.

The key components of voice analytics encompass both solutions and services. Solutions refer to methods, strategies, products, or approaches specifically designed to address and resolve particular problems or challenges within a given context. These solutions cater to organizations of varying sizes, including small and medium enterprises (SMEs) and large enterprises. They offer deployment options such as on-premises and cloud, serving applications such as sentiment analysis, sales and marketing management, risk and fraud detection, call monitoring, and others. The application of voice analytics spans across diverse industries, including banking, financial services and insurance (BFSI), retail and e-commerce, healthcare, telecommunications, government and defense, among others.

The voice analytics market research report is one of a series of new reports that provides voice analytics market statistics, including voice analytics industry global market size, regional shares, competitors with voice analytics market share, detailed voice analytics market segments, market trends, and opportunities, and any further data you may need to thrive in the voice analytics industry. This voice analytics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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