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.
The global Audio Communication Monitoring market is expected to grow from US$ 1,229.3 Mn in 2018 to US$ 5,294.2 Mn by 2028, expanding at a CAGR of 15.7% in terms of revenue during the forecast period (2018-2028). In this report, the global audio communication monitoring market is tracked in terms of value, and is calibrated to obtain the market revenue estimates. However, the revenue generation from only some specific solution type and lack of awareness among BPOs in some countries, globally, are some of the major challenges that hamper the growth of the audio communication monitoring market.
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Audio Communication Monitoring Market: Segmental Insights
To understand and assess the demand and opportunities in this market, the report is categorically split into five major sections, namely, market analysis – by component, by industry, by enterprise type, by application and by region.
On the basis of component, the market is segmented into solutions and services. The solutions segment is further divided into quality analysis, audio loudness, metering and monitoring call recording, and others. Services segment is further segmented into maintenance and support services, and professional services. The call recording solution segment is expected to dominate the market throughout the forecast period, and is expected to have a market share of 62.0% and 63.2% in 2018 and 2028, respectively.
On the basis of industry, the market is segmented into banking, financial services, and insurance; government; telecommunication & IT; media & entertainment; healthcare, and others. Telecommunication & IT segment is expected to dominate the market in the majority duration of the forecast period. The government segment is expected to come close to telecommunication & IT segment in the latter half of the forecast period in terms of market share, owing to the high CAGR associated with it. The government segment is expected to grow from US$ 352.4 Mn in 2018 to US$ 1,577.4 in 2028.
On the basis of enterprise type, the market is segmented into small & medium enterprises, and large enterprises. The small and medium enterprises segment is expected to dominate the market in the major part of the forecast period, and enjoy a market share of 50.4% and 51.2% in 2018 and 2028, respectively.
On the basis of application, the market is segmented into law enforcement agencies, enterprise employee monitoring, broadcast monitoring, sales and internal communication monitoring, and others. The enterprise employee monitoring application segment is expected to dominate the market in the forecast period, and is expected to have a market share of 37.6% and 37.9% in 2018 and 2028, respectively.
The section – market analysis by region, includes an in-depth country level analysis of all global regions, namely, North America, Latin America, Western Europe, Eastern Europe, SEA and Others in Asia Pacific, Japan, China, and MEA, by component, by industry, by industry, by enterprise type, by application and by country; and provides market data in terms of value for 2018-2028. In 2017, the market in North America dominated the overall global audio communication monitoring market (given Asia Pacific is considered separately as three regions, i.e. China, Japan, and SEA and Others of APAC), while the fastest growing region in the market is Latin America. North America is further expected to hold a majority of the market share in 2028 as well.
Audio Communication Monitoring Market: Vendor Insights
The key players reported in this study on the global audio communication monitoring market are 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.
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In 2015, Intelligent Voice partnered with Castel to deliver speech analytic capabilities to contact centers by using Intelligent Voice’s GPU-powered software that takes over 240000 monitored calls each day on premise.