Increasing tele fraudulent activities and cybercrimes, need for analyzing audio conversations in real time, growing demand for risk and compliance management, and rising demand for remote contact centres during COVID-19 pandemicto drive the growth of audio communication monitoringmarket
The global audio communication monitoringmarket size is expected to grow from 1.8 billion in 2020 to USD 4.3 billionby 2025, at a Compound Annual Growth Rate (CAGR) of 19.1% during the forecast period.As COVID-19 has dragged on, individuals have been forced to change how they communicate and collaborate, and understaffed government agencies, grocery stores, and financial services have all scrambled to set up audio communication monitoring solutions for handling a new influx of calls. As businesses globally invoke business continuity plans in the wake of the COVID-19 pandemic, audio communication monitoring is one solution mobilizing teams, now required to work from home, maintaining effective team collaboration, and supporting continued customer interaction.Data and information security concernsis one of the major challenges in the audio communication market. Moreover, the lack of awareness of audio communication monitoring solutions acts as a key restraining factor in the market.
The pandemic has broken down barriers to innovation that blocked progress in the contact center industry for decades. Agents across countries are comfortably performing their jobs in the same secure, compliant way as they would have in a physical office. Where there may have been a lack of trust around home working, the capabilities of cloud contact center technology, such as real-time screen reporting and quality management for supervisors, has enabled contact center managers to maintain the complete visibility over their remote agents’ wellbeing and workload. Never has the call to innovate in the contact center been more clearly heard than now. This pandemic will change several things. For the contact center, it will fundamentally alter the landscape forever, marking the start of a more caring, efficient, agile, and environmentally responsible industry.
Among Solutions, the reporting and analytics solution to record the highest growth rate during the forecast period
Under the solutions segment, the reporting and analytics solution is expected to grow at the highest growth rate during the forecast period. The growth of the reporting and analytics solution is attributed to the need of business to not only maintain audit and compliance needs but also in getting the right insights to the right people at the right time.The reporting and analytics solution enables reporting, tracking, and checking the performance of calls. Analytics also identifies issues during the call transfers to avoid any miscommunication among callers. This solution presents the information into the most flexible, customizable, and graphical formats. The graphical presentation helps end users drill down and filter out the overall customer conversation details.
Among applications, the law enforcement agencies application segment to record the higher CAGR during the forecast period
In the audio communication monitoring market by application, the intelligent law enforcement agencies segment is expected to record the higher CAGR during the forecast period. The growth is attributed to the need of government and law enforcement agenciesto identify and track criminal activities, such as human trafficking, narco-trafficking, terrorism, cybercrime, child pornography, frauds, and other threats related to personal safety and national security. The solutions have enabled enterprises to capture every call based on telephony and VoIP recording. These solutions have provided the Public Safety Answering Point (PSAP), transportation industries, and other government agencies clear with visibility of all types of threats and incidents. Audio communication monitoring has made criminal investigations easier as the police officers can use the internet and control their PCs through their voice, which results in content getting commands much faster through voice over the internet, further increasing the efficiency of the police officers in case of emergency.
Among regions, North America to hold the largest market size duringthe forecast period
North America is expected to hold the largest market size in the global audio communication monitoring market during the forecast period. The US has emerged as the largest market, due to the increasing investments and a growing presence of vendors who are exploring the use of AI and NLP technologies for various applications.The US market widely adopts AI and NLP technologies in its business establishments and other verticals, catering to customers in a better way and continually improving business efficiencies. The country has advanced infrastructure, innovations, and initiatives necessary to evolve audio communication monitoring into robust solutions with innovative benefits.
Breakdown of primaries
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the audio communication monitoring market.
- By Company: Tier I: 15%, Tier II: 42%, and Tier III: 43%
- By Designation: C-Level Executives: 62%, Directors: 20%, and Others: 18%
- By Region: North America: 40%, APAC: 30%, Europe: 20%, MEA: 5%, and Latin America: 5%
The report includes the study of key players offering audio communication monitoringsolutions and services. It profiles major vendors in the global audio communication monitoring market. The major vendors in the global audio communication monitoring market includeNICE (Germany), Cisco (US), IBM (US), Enghouse Interactive (US), Google (US), AudioCodes (Israel), Integrated Research (Australia), Martello Technologies (Canada), Nuance Communication (US), Avaya (US), Veritone (US), Relativity (US), PathSolutions (US), Empirix (US), Genesys (US), Nectar (US), Behavox (US), Vyopta (US), Intelligent Voice (UK), Ameyo (India), Elastix (Spain), Dashbase (US), Ribbon Communications (US), Deepgram (US), Haloocom (India), Toku (Singapore), Servetel (India), CloudTalk (India), Dialer360 (UK), and JustCall (UK).
The audio communication monitoringmarket is segmented bycomponent, type, application, deployment mode, organization size, vertical, and region. A detailed analysis of the key industry players has been undertaken to provide insights into their business overviews; services; key strategies; new service launches; partnerships, agreements, and collaborations;business expansions; and competitive landscape associated with the globalaudio communication monitoringmarket.
Key Benefits of Buying the Report
The report would help the market leaders/new entrants in the following ways:
- It comprehensively segments theaudio communication monitoringmarket and provides the closest approximations of the revenue numbers for the overall market and itssubsegments across regions.
- It would help stakeholders understand the pulse of the market and provide information on the key market drivers, restraints, challenges, and opportunities.
- It would help stakeholders understand their competitors better and gain more insights to enhance their positions in the market. The competitive landscape section includes a competitor ecosystem, new service developments, partnerships, and acquisitions.