Audio Communication Monitoring Market Overview
Audio Communication Monitoring Market size is analysed to grow at a CAGR of 16.1% during the forecast 2022-2027 to reach $17.92 billion by 2027. Audio communication monitoring providers offer customers independent audio monitoring as well as analysis solutions and support services, allowing the organisation to focus solely on its core operational activities. Organizations are also increasing their demand for audio communication monitoring as a result of the introduction of advanced governance, risk, and compliance frameworks that they must adhere to. Currently, audio communication monitoring solutions, such as alarm surveillance monitoring, voice biometric solution, broadcast monitoring, loudness metering media monitoring, and mobile communications monitoring systems, have assisted organisations in continuously and effectively analysing audio content in order to gain better insights and improve the agent and customer relationship. Broadcast monitoring is a technique for tracking the output of broadcast media such as television, radio, and the internet. This type of monitoring can track mentions of an interesting program or how frequently the TV/radio components of a program are aired. Based on Type, the market is across Wired Communication and Wireless Communication.
Audio Communication Monitoring Market Segment Analysis – By Deployment
By deployment model, Audio Communication Monitoring Market has been segmented into cloud and on-premises. During the forecast period, the cloud deployment segment will have the highest CAGR. Cloud Deployment segment is analysed to grow at highest CAGR of 7.2% during the forecast period 2022-2027. Deployment is the process of setting up an IT infrastructure with the necessary hardware, operating systems, and applications to manage the IT ecosystem. Based on security, availability, and scalability, audio communication monitoring solutions can be deployed in any of three deployment modes. The majority of audio communication monitoring solutions are being deployed in the cloud because of the benefits it provides, such as lower operational costs, simpler deployments, and greater scalability. This deployment model is expected to expand rapidly in the near future. In April 2020, Martello purchased GSX as part of a strategic investment to improve its Digital Experience Monitoring (DEM) capabilities. In both Messaging and Cloud Productivity, GSX is a Microsoft Gold Partner. Martello Technologies’ DEM capabilities will be expanded as a result of this acquisition. Martello’s market opportunities have grown as a result of the global shift towards remote work and cloud-based communication tools.
Audio Communication Monitoring Market Segment Analysis – By Technology
By Technology, Audio Communication Monitoring Market has been segmented into Law Enforcement Agencies, Sales and Internal Communication Monitoring, Commercial Areas, Broadcast Monitoring and Others. During the forecast period, the CAGR for law enforcement agencies is expected to be the highest. Law enforcement agencies segment is analysed to grow at the highest CAGR of 9.5% during the forecast period 2022-2027. The need for 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 to personal safety and national security is attributed to the growth. In October 2021, Truleo launched audio intelligence and analysis platform. Truleo provides actionable insights about police and civilian interactions to help law enforcement agencies and the communities they serve build trust. The solutions have enabled businesses to record every call using telephony and VoIP. These solutions have provided clear visibility of all types of threats and incidents to the Public Safety Answering Point (PSAP), transportation industries, and other government agencies.
Audio Communication Monitoring Market Segment Analysis – By Geography
By geography, Audio Communication Monitoring Market has been segmented under North America, Europe, APAC, South America and RoW North America is analysed to be the major region with a share of 35% in 2021 for the Audio Communication Monitoring Market. Due to increased investments and a growing presence of vendors exploring the use of AI and NLP technologies for various applications, the United States has emerged as the largest market. The US market has widely adopted AI and NLP technologies in its business establishments and other verticals, allowing it to better cater to customers and continuously improve business efficiencies. The country possesses the advanced infrastructure, innovations, and initiatives required to transform audio communication monitoring into robust solutions with innovative benefits. One of the factors driving the growth of the audio communication monitoring system market is the proliferation of advanced devices for effective people and process management, as well as corporate governance across various industry verticals. However, the recent global pandemic COVID-19 outbreak and the announcement of lockdowns around the world, with the US economy reporting 701,000 job losses in the month of March 2020, as well as the shutdown of a few newly founded startups, may impede the growth of the Audio Communication Monitoring Market.
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Audio Communication Monitoring Market Drivers
The demand for audio communication monitoring systems is increasing as people become more concerned about Tele fraudulent:
The demand for audio communication monitoring systems is increasing as people become more concerned about telefraud. Over 300 people have been arrested in Delhi, India alone in the 2021 for operating at least ten bogus BPOs in the city’s south, west, outer, and eastern districts, swindling US citizens out of millions of dollars. These systems are installed and used by public safety and security firms to deter and track illegal activity. For example, for such malicious recognition, UAVs are outfitted with audio monitoring systems. Furthermore, advancement in the service industry, which relies heavily on these audio monitoring systems. As a result, the increased number of BPOs and call centres serves as a driving force in the audio communication monitoring system market. Furthermore, the use of these systems by business development to monitor employee skills and analyse consumer demand as part of strategy discovers a large scope for its future market.
AI, analytics, and natural language processing (NLP) capabilities are being implemented to add value to existing audio communication monitoring offerings is expected to boost market growth:
The increasing use of AI and NLP technologies has enabled businesses to develop robust communication strategies, add services, and perform tasks that are integrated with multiple platforms. Artificial Intelligence (AI) is being used in the audio communication monitoring space to improve user experience and make human workflow easier. Some collaboration platforms can dynamically add a person to a coworking environment because he or she was mentioned on a call, whereas others support real-time translations and accurate transcriptions. Audio communication monitoring solutions provide numerous opportunities for predictive learning to boost productivity and assist people in overcoming minor hiccups in their workflow.
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Audio Communication Monitoring Market Challenges
A lack of understanding about audio communication monitoring solutions may inhibit growth:
A lack of awareness about audio communication monitoring solutions may hinder the growth of the Audio Communication Monitoring Market. Audio communication monitoring solutions are becoming more popular across industries. Consumers, on the other hand, are unaware of how these solutions can benefit and complement their business objectives. Audio communication monitoring, like all emerging technologies, faces the challenge of a lack of awareness about the technology and the potential ROI it can provide to businesses. This is one of the major challenges that the audio communication monitoring market faces.
Audio Communication Monitoring Market Landscape
Technology launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Audio Communication Monitoring market. In 2021, the market of AS-interface industry outlook has been fragmented by several companies. Audio Communication Monitoring top 10 companies include
NICE
Cisco
IBM
AudioCodes
Avaya
Veritone
Relativity
Empirix
Nectar
Acquisitions/Technology Launches/Partnerships
In May 2020, NICE introduced NEVA@home, which enables organizations to easily provide continued service excellence to their employees even when they work remotely, resulting in an immediate impact on service excellence for work-at-home employees. NICE has made the NEVA Starter Kit available to assist organisations in getting NEVA up and running on every employee desktop and realising value within days.
In May 2020, NICE inConnect, a NICE business, collaborated with Zendesk to help contact centres respond to changing customer demands. Companies can now use NICE inContact CXone@home in conjunction with the Zendesk Support Suite and the free Zendesk Remote Support Bundle to assist remote contact centre and help desk teams in keeping up with increased interactions as a result of COVID-19. NICE inContact CXone@home and Zendesk Remote Support Bundle both support a fully virtual contact centre for business continuity, productivity, and service reliability. The collaboration ensures that agents have a complete view of the customer in an easy-to-use workspace.
In May 2020, Enghouse Interactive added converse360 to its EMEA partner programme, integrating their service automation and AI technology with Enghouse’s flagship Communications Center (CC) solution. converse360 will market, sell, and deliver Enghouse’s advanced customer experience solutions as part of the new alliance.
Key Takeaways
During the forecast period 2022-2027, the audio communication monitoring market by law enforcement agencies segment is expected to grow at the fastest CAGR of 9.5%. The growth is attributed to the need for 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 to personal safety and national security.
North America is expected to be the largest region in the Audio Communication Monitoring Market in 2021, accounting for 35% of the total. The United States has emerged as the largest market due to increased investments and a growing presence of vendors exploring the use of AI and NLP technologies for various applications.
Increasing telefraud and cybercrime, the need for real-time analysis of audio conversations, and the growing demand for risk and compliance management are the major factors adding value to audio communication monitoring offerings, which are expected to provide opportunities for enterprises operating in various verticals in the audio communication monitoring market. One of the major challenges in the audio communication market is data and information security.
The widespread use of audio communication monitoring in small and medium-sized businesses represents a growth opportunity for the global audio communication monitoring market.
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