Voice Analytics Market to Be Worth $9.33 Billion in 2030
Adroit Market Research expects the voice analytics market to be worth $9.33 billion in 2030, growing at a compound annual rate of 20.38 percent.
Voice analytics, the firm said, are in high demand, particularly in the United States, in sectors including customer service, healthcare, banking, and telecommunications.
Voice analytics is useful in helping companies draw conclusions and useful information from audio data, like speech recordings, customer service contacts, or recorded phone calls, and employs a variety of technologies, including voice recognition, natural language processing (NLP), and machine learning, to examine and decipher the sentiment, content, and linguistic patterns in spoken language, the firm said.
Other uses for voice analytics technologies include the transcription and transformation of audio data into a format suitable for further analysis and processing. With it, organizations can learn more about the tastes and experiences of their customers; pinpoint areas where customer experiences can be enhanced by locating pain spots in customer journeys, spotting consumer annoyances, or gathering feedback on goods or services; manage risks and monitor compliance by automatically checking voice recordings for adherence to laws, industry standards, and corporate rules, locating possible breaches, spotting fraudulent activity, and making sure that quality standards are followed.
For preventing fraud, safeguarding sensitive information, and ensuring data security, organizations are putting more focus on risk management, according to Adroit, which noted that by examining speech patterns and voiceprints, voice analytics plays a key role in spotting abnormalities, spotting potential fraudulent actions, and boosting security measures.
Businesses, it said further, are always looking for insightful information on consumer preferences, market trends, and product reviews, and large amounts of voice data can be analyzed to gather useful information for market research, product development, and consumer feedback analysis.
Additionally, businesses can obtain knowledge and respond quickly during customer interactions or contact center operations in real time with cutting-edge speech recognition and natural language processing, according to Adroit, which also says that voice analytics enables them to provide individualized replies, rapidly attend to client demands, and maximize operational effectiveness.
Voice-enabled customer care solutions can be created by combining voice analytics with virtual assistant technology, it said further, noting that organizations can create intelligent virtual assistants that comprehend customer requests, deliver pertinent information, and address issues while providing a more comfortable and natural customer experience, increasing customer loyalty and happiness.
Businesses from all sectors are putting more emphasis on enhancing consumer experiences, and voice analytics helps them improve their customer-centric strategies and customize their offers by delivering insightful data on consumer interactions, attitudes, and preferences, the firm said. Furthermore, Voice analytics identifies contact center performance trends, patterns, and opportunities for improvement, resulting in increased effectiveness, lower costs, and more customer satisfaction.
Each industry, it said, has its own use cases and needs for speech analytics. Service providers offer solutions suited to certain industries, like healthcare, banking, retail, and telecommunications. These solutions can solve regulatory and security challenges and customer experience issues that are particular to each business, opening market prospects in specialized industries.
Businesses can acquire full insights into consumer behavior, market trends, and business performance by merging speech data with other data sources, Adroit said, adding that voice analytics can be coupled with various analytics platforms, including CRM, business intelligence, and predictive analytics.