MarketsandMarkets forecasts the Voice Analytics Market size to grow from USD 657 million in 2019 to USD 1,597 million by 2024, at a CAGR of 19.4% during 2019–2024. The voice analytics market is said to have growth potential, due to the increasing use of emerging technologies to gain valuable insights and growing need to monitor the agent performance.
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.
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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.
According to MarketsandMarkets, Voice analysis technology is gaining momentum across different industries to monitor rep and customer interactions and derive real-time insights. Voice analytics solutions use speech-to-text and NLP technologies to analyze recordings or conversations to identify emotion and intent of the speakers. It analyzes the audio patterns for certain features, such as tone, stress, tempo, pitch, and rhythm. It helps enhance customer satisfaction and competitive intelligence, reduce customer churn by predicting at-risk customers, and identify risks and frauds.
Some of the major voice analytics vendors 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). These voice analytics vendors have adopted various organic and inorganic strategies to sustain their positions and increase their market shares in the global voice analytics market.
Verint Systems (US) was founded in 1994 and is headquartered in New York, US. The company offers actionable intelligent solutions and value-added services through its 2 operating segments, namely, customer engagement solutions and cyber intelligence solutions. It offers a broad range of services, including strategic consulting, managed services, implementation services, and training and maintenance services. Actionable intelligence solutions, provided by the company, majorly focus on capturing the unstructured speech data. In addition, the company also provides solutions for video, text, and machine data. The customer engagement solutions provided by the company help optimize customer engagement, increase customer loyalty, and maximize revenue opportunities while generating operational efficiencies, reducing costs, and mitigating risks.
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NICE (Israel) was founded in 1986 and is headquartered in Ra’anana, Israel. The company is a global software leader in omnichannel analytics and cloud solutions for customer engagement, and financial crime and compliance markets. It provides solutions that help enterprises better track their customers and employees and predict their needs to create exceptional customer experiences. It also offers customer engagement platforms that capture customer interactions and transactions across multiple channels and applies analytics tools to deliver real-time insights. The customer engagement management solution provided by the company offers cloud-based platforms that help the organization respond faster and handle more number of customers. Customer engagement solutions enable organizations to improve agent productivity, identify performance gaps, and effectively forecast workloads and schedule staff, thereby improving the overall performance at an effective cost.
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