According to a new market research report “Audio Communication Monitoring Market by Component (Solutions and Services), Type (Wireless Communication and Wired Communication) , Application, Deployment Mode, Organization Size, Vertical, and Region – Global Forecast to 2025″ published by MarketsandMarkets™, the market size expected 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.
The major factors driving the growth of the Audio Communication Monitoring Market are increasing tele fraudulent activities and cybercrimes, need for analyzing audio conversations in real time, growing demand for risk and compliance management, and rising demand for remote contact centres during COVID-19 pandemic. Furthermore, emerging need for audio communication monitoring solutions among SMEs, and implementation of AI, analytics, and NLP capabilities, that add value to existing audio communication monitoring offerings are expected to provide opportunities for enterprises operating in various verticals in the Audio Communication Monitoring Market.
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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.
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.
North America to hold the largest market size during the forecast period
North America is expected to hold the largest market size in the global Audio Communication Monitoring Market during the forecast period. The US has emerged as the largest market, due to the increasing investments and a growing presence of vendors who are exploring the use of AI and NLP technologies for various applications. The US market widely adopts AI and NLP technologies in its business establishments and other verticals, catering to customers in a better way and continually improving business efficiencies. The country has advanced infrastructure, innovations, and initiatives necessary to evolve audio communication monitoring into robust solutions with innovative benefits.
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Key and emerging Audio Communication Monitoring 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).
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