Audio Analytics Market by Component (Solution and Service), by Deployment (Cloud and On-premise), by Organization Size (SMEs and Large Enterprise), Application (Customer Experience Management, Call Monitoring & Summarization, Agent Performance Monitoring, Sales & Marketing Management, Risk & Compliance Management, Health Monitoring, Fraud Detection & Security Applications, Sentiment Analysis and Other Applications), and by End User (IT & Telecommunications, BFSI, Retail & Consumer Goods, Healthcare & Life Sciences, Government & Public Sector, Travel & Hospitality, Media & Entertainment, Business Process Outsourcing, Education, and Others) – Global Opportunity Analysis and Industry Forecast 2024-2030

Market Definition

The Audio Analytics Market size was valued at USD 2.86 billion in 2023 and is predicted to reach USD 8.45 billion by 2030 with a CAGR of 16.7% from 2024-2030.

The audio analytics industry analyzes recorded calls or audio signals using advanced technologies such as artificial intelligence and machine learning to extract valuable insights. It includes applications such as speech recognition, voice recognition, music recognition, and environmental sound recognition across various sectors including healthcare, entertainment, manufacturing, and security. In call centers and customer service, speech analytics provides a comprehensive analysis of phone conversations to extract intelligence on strategy, product performance, and customer behavior, enhancing the overall experience. Audio analytics also utilizes technologies such as automatic speech recognition and transcription to classify calls, trigger alerts, and improve employee efficiency, evolving with AI-driven solutions to leverage audio data for decision-making and process improvement.

Market Dynamics and Trends

The rising adoption of smart speakers, virtual assistants, and other consumer electronics significantly contributed the demand for audio analytics technology. These devices generate vast amounts of audio data that can be leveraged for various applications like voice recognition and sentiment analysis.

Moreover, the increasing availability of data sets for training AI models fuels the growth of the market. As it allows for more accurate and efficient analysis of audio data, leading to enhanced insights and decision-making capabilities. 

In addition, the increasing importance of leveraging audio data to gain actionable insights into customer preferences, sentiment, and behavior for business propels the market. As it enable organizations to analyze customer interactions, identify trends, and make data-driven decisions to improve products, services, and customer experiences.

However, the high costs of implementing and maintaining audio analytics solutions restraint the growth of the market. As it requires significant investment in technology infrastructure, software licenses, and skilled personnel. The maintenance costs, including software updates, training, and support, becomes substantial, particularly for small and medium-sized businesses with limited resources.

On the contrary, the introduction of emotion recognition technology analyzes speech patterns, intonation, and other acoustic features to infer the emotional state of speakers. While providing valuable insights into customer sentiment, employee satisfaction, and psychological well-being. Thus, creates significant growth opportunity for the market.

Market Segmentations and Scope of the Study

The audio analytics market is segmented on the basis of components, deployment, organization size, application and end user vertical. On the basis of components, the market categorized into solution and service. On the basis of solution, the market is sub-divided into call centre software, reporting and visualization tools, quality assurance and monitoring solutions, enterprise performance management solutions, customer experience solutions, customer engagement solutions, other solutions. On the basis of service, the market is subdivided into professional services and managed services. On the basis of deployment, the market is categorized into on-premises and cloud. On the basis of organization size the market is categorized into large enterprises and small and medium sized enterprises (SMEs). On the basis of application, the market is categorized into customer experience management, call monitoring and summarization, agent performance monitoring, sales and marketing management, risk and compliance management, health monitoring, fraud detection and security applications, sentiment analysis and other applications. On the basis of end user vertical the market is categorized into IT & telecommunications, BFSI, retail & consumer goods, healthcare & life sciences, government & public sector, travel & hospitality, media & entertainment, business process outsourcing, education, and others. Regional breakdown and analysis of each of the aforesaid segments includes regions comprising of North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

North America dominates the global audio analytics market and is potently expected to remain dominant in the market throughout the forecast period. This is attributed to factors such as the rising adoption of audio analytics in the financial sector to enhance the security.

In 2023, Symphony and Google Cloud collaborated to enhance voice analytics for financial services by utilization Google Cloud's AI capabilities, Symphony aims to provide tailored voice analytics solutions for financial markets, benefiting over 1,000 institutions by fostering efficiency and innovation.

In addition, the presence of prominent companies such Cisco Systems, Inc., Nuance Communications, Inc., Google LLC and others engaged in various business advancements boost the demand for the audio analytics industry in this region.

For instance, Cisco's Webex AI Strategy, introduced at WebexOne, aims to enhance communication and collaboration through real-time audio and video solutions, including the launch of the Webex AI Assistant with new capabilities. On the other hand, Asia-Pacific is expected to show a steady rise in the audio analytics market due to the rapidly increasing adoption of audio analytics in telecommunication sector to improve customer experience.

In 2023, Airtel, an Indian-based telecommunication provider implemented AI-powered speech analytics solutions in collaboration with NVIDIA to enhance customer service transformation. The company runs automated speech recognition algorithm on 84% of its calls coming into its contact centers. This helps Airtel identify areas of improvement for the agent when they interact with the consumers, leading to better customer experience.

Moreover, the growing adoption of audio analytics in the healthcare industry across the Asia-Pacific region is a major influencing factor for audio analytics. As it helps to enhance patient care, streamline operations, ensure compliance, support research, and improve patient engagement.

According to the data published by IQVIA, the healthcare industry in APAC was USD 1 trillion in 2019 which reached USD 1.3 trillion in 2023, an increase of 30% from 2019-2023. Thus, it is expected to create future growth opportunities for the audio analytics market in the coming future.

Competitive Landscape

The audio analytics market comprising of various market players such as Verint Systems Inc., NICE Ltd., Cisco Systems, Inc., Nuance Communications, Inc., Google LLC, IBM Corporation, Amazon Web Services, Inc., Microsoft Corporation, SAS Institute Inc., Pindrop Security, Inc., and others. These market players are adopting various launches across various regions to maintain their dominance in the audio analytics market.

For instance, in February 2024, Pindrop introduced its most recent innovation, Pindrop Pulse, focusing on audio deepfake detection. It is designed to fortify existing authentication and fraud detection products. This pioneering solution is engineered to detect audio deepfakes and voice clones in contact centers in real-time, setting a new standard for contact center security.

Also, in March 2023, Amazon Chime SDK introduced call analytics powered by machine learning, offering real-time insights like speaker search and voice tone analysis, enhancing customer experience and boosting employee productivity. 

Key Benefits

• The report provides quantitative analysis and estimations of the audio analytics market from 2024 to 2030, which assists in identifying the prevailing market opportunities.

• The study comprises a deep dive analysis of the audio analytics market including the current and future trends to depict prevalent investment pockets in the market.

• Information related to key drivers, restraints, and opportunities and their impact on the audio analytics market is provided in the report. 

• Competitive analysis of the players, along with their market share is provided in the report.

• SWOT analysis and Porters Five Forces model is elaborated in the study.

• Value chain analysis in the market study provides a clear picture of roles of stakeholders.

Key Market Segments

By Component 

• Solutions

  • Call Centre Software

  • Reporting and Visualization Tools

  • Quality Assurance and Monitoring Solutions

  • Enterprise Performance Management Solutions

  • Customer Experience Solutions

  • Customer Engagement Solutions

  • Other Solutions

• Services

  • Professional Services

  • Managed Services

By Deployment Mode

• On-premise deployment

• Cloud deployment

By Organization Size

• Small and Medium sized Enterprises

• Large enterprises

By Application

• Customer Experience Management

• Call Monitoring and Summarization

• Agent Performance Monitoring

• Health Monitoring

• Sales & Marketing Management

• Risk & Compliance Management

• Sentiment Analysis

• Fraud Detection and Security Applications

• Other Applications

By End User Vertical

• IT & Telecommunications

• BFSI

• Retail & Consumer Goods

• Healthcare & Life Sciences

• Government & Public Sector

• Travel & Hospitality

• Media & Entertainment

• Business Process Outsourcing

• Education

• Other end users

By Region

• North America

  • The U.S.

  • Canada

  • Mexico

• Europe

  • The UK

  • Germany

  • France        

  • Italy        

  • Spain        

  • Denmark        

  • Netherlands        

  • Finland        

  • Sweden        

  • Norway        

  • Russia        

  • Rest of Europe    

• Asia Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Indonesia

  • Singapore

  • Taiwan

  • Thailand

  • Rest of Asia Pacific

• RoW

  • Latin America

  • Middle East

  • Africa

REPORT SCOPE AND SEGMENTATION:

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