Voice Analytics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Market Overview

The Voice Analytics Market is expected to register a CAGR of 15% over the forecast period (2021 - 2026)

• With the growth of the internet and various technological applications that support its growth, it often difficult for organizations to analyze the huge volume of data to derive some meaningful insight. Over the years many analytical techniques and tools have been developed by organizations to analyze and obtain business insights in order to analyze and obtain business insight from data.
• Voice analytics is one such branch analytics that enables organizations to leverage the data to analyze spoken words, it is considered as one of the fastest-growing technologies owing to its sentiment analyses among others which amidst the conversation which helps organizations such as retail to understand users' inclination towards a product or service in real-time.
• Amongst others, the most widely used application of voice analytics is in call centers as it provides useful information leveraging both structured and unstructured calls between the agent and callers, other possible applications could be found in fields such as bioacoustics, mental healthcare, banking & finance markets among others.
• For instance, according to the case study published by Voicesense, that tested the company' voice analytics technology on the voice samples from debtors send by a European bank, on which the algorithm classified the recordings into low, medium and high risk and reported 6% to low-risk, 27% to high risk. Thereby voice analysis could helpsorganziations from BFSI sector to help prevent frauds.
• Furthermore, voice analytics could also be used in monitoring the audio voice notes by analyzing audio patterns for vocal elements such as syllable pitch, tempo, tone, rhythm, unlike speech analytics that only analyzes what is spoken but not on how it is spoken. for instance, In the customer care, scenario voice analytics would be able to identify profanity, the inappropriate language, pitch and algorithm would direct the call to a supervisor upon detection of such anomalies.
• As with the healthcare sector, voice analytics is used to monitor patients with depression and another mental health issue. for instance, According to the World Health Organization, more than 264 million people worldwide suffer from depression. Additionally, the economic burden of depression is estimated at USD 210.5 billion per year. This is attracting many vendors to invest in the voice analytics market to cater to the growing opportunity in the healthcare industry.
• Futhermore, according to a study published in the year, 2020 conducted by researchers at UCLA that followed 47 patients with serious mental illness, bipolar disorders, and major depressive disorders up to 14 months using an application called MyCoachConnect found that use of interactive voice applications and analysis of data using USC' Signal Analysis and Interpretation Laboratory (SAIL) was an effective way to monitor the wellbeing of patients.
• Owing to these instances many organizations across industries are considering deploying voice analytics leveraging data sources such as recorded data, social media data, and other syndicate data to understand its users. Also, there's been a trend with the demand for an on-premise solution as companies deal with complex IT structures that required integrated solutions such as marketing, CRM, sales support among other which allows them to mitigate compatability issues, however with the added scalability and flexibility of cloud solutions would leverage the growth of cloud deployments.

Scope of the Report

• Voice analytics refers to the application of voice recognition tools to analyze and record spoken conversations unlike speech analytics that focuses on phonetic pronunciations to pick out individual words, it analyses the vocal elements such as tone, pitch, syllable emphasis, and tempo to classify the speaker behavior into emotions such as sadness, anger, fear, and happiness among other upon running it against emotional voice database leveraging the vocal data.
• This report on the Voice Analytics Market covers the emerging trends in the voice analytics market segmented by mode of payment, applications across different regions studied. ​

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Key Market Trends

Applications driving the growth of the market

• Organizations across industries such as IT are leveraging their cutting-edge contact centers with analytical solutions such as Behavioral Predictive Voice Analytics (BPVA) that enable it to predict which potential job candidates are very likely to succeed. The BPVA technology relies on the vocal elements to provide a completely new data source from which insights can be gleaned leveraging its potential to characterize the behavioral and personality traits patterns through the innovation of combining voice analytics, AI, signal processing and psychology.
• Also, recent trends have shown the application of voice analytics to detect Parkinson's disease in patients as with most cases with people diagnosed with Parkinson‘s disease has speech or voice disorders. By analyzing the voice samples of the people, the solution would confirm whether or not the person suffers from the diseases. For instance, Cogita Corporation, using its Social Signal Processing platform developed an inexpensive, scalable voice analytics solution that is able to access cues from individuals' natural speech to provide non-invasive monitoring for psychological issues.
• Furthemore, as with the financial industry with many market participants including analyst, institutional investors failing in detection of financial frauds, there's been growing trends with organizations looking for solutions that can timely report such financial frauds, with the ability of voice analytics to analyze verbal-linguistic cues and non-verbal cues drives the growth of the Voice Analytics Market.

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