Audio Communication Monitoring Market is forecast to expand rapidly at a CAGR of around 16.2% over the forecast period of 2022 to 2028.
Audio Communication Monitoring Market is forecast to expand rapidly at a CAGR of around 16.2% over the forecast period of 2022 to 2028. The market is anticipated to increase US$ 1.8 Billion in 2022 and reach US$ 4.5 Billion by 2028.
Audio communication monitoring analyzes audio conversations and finds structures in interactions and reveals insights provided by employees to clients and customers. This technology is used to extract important business intelligence data to relate it to the strategy for making strategic decisions for the company.
Audio communication monitoring solutions generally revolve around the call recording feature. The recording, processing and then analyzing are the parts of the audio communication monitoring market.
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Audio Communication Monitoring Market: Segmental Insights
The study is systematically divided into five main categories, including market analysis – by component, by industry, by enterprise type, by application, and by region, in order to comprehend and evaluate the demand and opportunities in this market.
The market is divided into solutions and services based on component. Additional divisions under the solutions category include quality analysis, audio loudness, metering and monitoring call recording, and others. The services section is further divided into professional services and maintenance and support services. Throughout the forecast period, the call recording solution category is anticipated to dominate the market, with market shares of 62.0% and 63.2% predicted for 2022 and 2028, respectively.
The market is divided into banking, financial services, and insurance, government, telecommunications and IT, media & entertainment, healthcare, and other sectors based on industry.
For the bulk of the projected period, the telecommunications and information technology segment is anticipated to dominate the market. Due to its strong CAGR, the government segment is anticipated to surpass the telecommunication & IT category in terms of market share in the second half of the projection period. It is anticipated that the government segment will increase from US$ 352.4 Million in 2022 to US$ 1,577.4 Million in 2028.
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The market is divided into small and medium-sized businesses and large businesses according to the type of enterprise. During the majority of the forecast period, the small- and medium-sized business category is anticipated to dominate the market, with market shares of 50.4% and 51.2% in 2022 and 2028, respectively.
The market is divided into law enforcement agencies, corporate employee monitoring, broadcast monitoring, sales and internal communication monitoring, and others on the basis of application. In the projected period, the enterprise employee monitoring application segment is anticipated to dominate the market, with market shares of 37.6% and 37.9% predicted for 2022 and 2028, respectively.
Audio Communication Monitoring Market: Vendor Insights
Cisco Systems, Inc., International Business Machines (IBM) Corporation, NICE Systems Ltd., Nexidia Inc., Nuance Communication, Inc., Tata Communications Ltd., Intelligent Voice, Nectar Services Corporation, Fonetic, and Ameyo are the major market participants profiled in this study on the global audio communication monitoring market.
In 2015, Intelligent Voice and Castel teamed to use Intelligent Voice’s GPU-powered software, which processes over 240000 monitored conversations daily on-premises, to provide speech analysis capabilities to contact centres.
In order to enable businesses and carriers to track call quality across core networks, the internet and intranet, as well as to call centre agents, Nectar Services teamed up with Plantronics in 2022 to develop an ear-to-ear (e2e) solution.
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Key Segments of Audio Communication Monitoring Industry Survey
Audio Communication Monitoring Market by Component:
Audio Communication Monitoring Market by Industry:
Audio Communication Monitoring Market by Enterprise Type:
Audio Communication Monitoring Market by Application:
Audio Communication Monitoring Market by Region:
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
May 19, 2023
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