According to Adroit Market Research, the size of the Voice Analytics Market is expected to be worth USD 9.33 Billion in 2030, growing at a CAGR of 20.38% from 2021 to 2030.
The practice of drawing conclusions and useful information from audio data, like speech recordings, customer service contacts, or recorded phone calls, is known as voice analytics. It entails employing 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.
To translate spoken words into text, voice analytics uses speech recognition technology. Advanced speech recognition algorithms aid in the transcription and transformation of audio data into a format suitable for further analysis and processing. To analyse the emotional tone and mood portrayed in speech recordings, utilise voice analytics.
The growing customer service sector will be increasing the adoption of Voice Analytics.
Voice analytics will witness significant demand from the customer service industry, predominantly due to its ability to gather better knowledge about key behaviours of agents and customers. Furthermore, voice analytics enables users to create meaningful insights from voice data and communication trends to help companies operating in the BPO sectors. This results in improved services, reduce operational costs and increased revenue. However, due to the complexity of voice analytics, integration with existing systems is posing a significant challenge in its adoptions. Hence, limited compatibility with existing infrastructure is hindering the growth of the voice analytics market.