According to a research report “Voice Analytics Market by Component (Solution and Services), Application (Sentiment Analysis, Sales and Marketing Management, and Call Monitoring), Deployment Model, Organization Size, Vertical, and Region — Global Forecast to 2024”, published by MarketsandMarkets, The voice analytics market size is expected to grow from USD 657 million in 2019 to USD 1,597 million by 2024, at a Compound Annual Growth Rate (CAGR) of 19.4% during the forecast period. The key factors driving the voice analytics market include growing need to extract insights from customer interactions, rising demand to monitor agent performance.
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Sales and marketing management application segment to hold the largest market size during the forecast period
Voice analytics solution helps sales and marketing teams in the organization to implement best sales and marketing practices, such as best offers to target customers; and establishing a standard governance process for sales and marketing data. The sales performance management application lets companies improve their overall sales performance and operational efficiencies with a proper understanding of the incentive and compensation plans, and smarter administration of training programs along with performance monitoring metrics.
Services segment to grow at a higher CAGR during the forecast period
Based on components, the voice analytics market is segmented into solution and services. The services segment is expected to grow at a higher CAGR during the forecast period. Professional services and managed services help enterprises in building successful client relationships by continuously supporting them through their business tenure. Support and maintenance services help organizations understand the changing business conditions, client insights, market trends, or service inconveniences and help in the creation of corporate branding and marketing campaigns.
North America to account for the largest market size during the forecast period
North America is expected to account for the largest market size in the overall voice analytics market during the forecast period. This region houses some of the major vendors, such as Verint, Avaya, ThoughtSpot, and RankMiner. These players have their headquarters and direct sales offices in the region.
Market Players
Some of the major solution providers of Voice Analytics Market are Verint Systems (US), NICE (Israel), Avaya (US), ThoughtSpot (US), Uniphore (India), Calabrio (US), Talkdesk (US), RankMiner (US), VoiceBase (US), Beyond Verbal (Israel), VoiceSense (Israel), SESTEK (Turkey), audEERING (Germany), Invoca (US), and Xdroid (Hungary). The study includes an in-depth competitive analysis of these key players in the voice analytics market with their company profiles, recent developments, and key market strategies.
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