MarketsandMarkets expects the global Audio Communication Monitoring Market size to grow from USD 1.8 billion in 2020 to USD 4.3 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 19.1% during the forecast period. Audio communication monitoring, also known as audio mining and analysis, monitors telephonic, voice, and speech-related audio content. It is used to analyze audio communication, providing a robust structure to interactions and revealing the information provided by an agent to clients and customers or vice versa. This information provides insights related to customers’ or clients’ perceptions about the brand or company. The key feature of audio communication monitoring is the ability to adhere to risk and compliance management, thus offering stringent security measures and enhancing overall productivity.
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.
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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 agencies to 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.
Key and emerging market players include NICE (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).
Cisco (US) caters to a broad customer base in the regions of the Americas, EMEA, and APAC. The company deals in IT-related software and hardware products, which cater to a wide range of verticals, such as energy, government, education, financial services, retail, sports and entertainment, manufacturing, healthcare, transportation, and hospitality. In the audio communication monitoring market, Cisco offers cognitive Contact Center and Unified Communications (UC) solutions that provide integration of tools, such as IP telephony for voice calling, web and video conferencing, and voice mail, with user experiences that help people work together more effectively.
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Avaya (US) is one of the major players in the audio communication monitoring market. Headquartered in California, US, The company builds open, converged, and innovative solutions for simplifying communications and collaboration in the cloud, on-premises, and hybrid environment. It offers solutions to various verticals, including healthcare, hospitality, government, education, financial services, public safety, and sports and entertainment, catering to various business needs, such as customer experience, team collaboration, and digital transformation. The product portfolio of Avaya comprises cloud, unified communications, contact centers, and phones and devices. Avaya has its geographical presence in North America, Europe, APAC, MEA, and Latin America. The various solutions offered by Avaya in the audio communication monitoring market are UC, Contact Center, and Avaya OneCloud.
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