Used for analyzing audio conversations and find structures in interactions to reveal insights provided by employees to clients and customers- audio communication monitoring technology is being increasingly used by companies to extract important business intelligence data to make strategic decisions for businesses. According to an expert market analysis by Future Market Insights (FMI), across the globe, sectors including BFSI, governments, telecom and IT, media and entertainment, healthcare and various other enterprises- large and small have witnessed increased adoption of audio communication monitoring systems. Such systems have not only eased work and insights collection process but has also reduced the chances of sensitive data leaks.
Considered as a value creation system for enterprises, the global audio communication monitoring systems market is projected to reach a market valuation of over US$ 5.2 Bn by the end of 2028, registering an extremely aggressive CAGR of 15.7% over the forecast period 2018-2028. FMI also predicts that with the introduction of algorithms including natural language processing & understanding, machine learning, deep learning, and usage of advanced technologies, such as voice biometrics, will further solidify the audio communication monitoring systems market. Although mostly used for call recording purposes, enterprises are also adopting audio communication monitoring systems quality analysis processes, which is likely to grow further. However, challenges including lack of awareness among BPOs in some countries that still use traditional way of recording call and then scripting it later to create insights, is likely to hamper the growth of the audio communication monitoring systems market to some extent.
Key Findings of the Audio Communication Monitoring Systems Market Report by FMI:
- In terms of market attractiveness presented by various industries, the presence of telecommunication and IT-based companies provides the most lucrative opportunities for the audio communication and monitoring market as most of these companies have contact centers that need monitoring for different purposes.
- Rising security concerns related to data leaks and the risk of telemarketing fraud, cyber-crimes, and systems hacking will drive the audio communication monitoring market.
- Real-time call monitoring—largely being used by law enforcement agencies, contact centers, and BPOs is likely to be the key feature resulting in increased adoption of audio communication monitoring systems as it adds value to the already present features and helps in reducing losses incurred otherwise.
- The presence of several small and medium enterprises that mostly work with inputs from contact centres, BPOs and sales teams will create opportunities for the audio communication monitoring market.
- Geographically, North America is estimated to be the most attractive segment in the forecast period due to technological advancements including improved call recording systems and intelligent analytic algorithms, found in systems available in the region, followed by Western Europe. Latin America, on the other hand is expected to increase at the fastest rate corresponding to the highest CAGR of 20.6%.
- Among the key players including Cisco Systems, Inc., International Business Machines (IBM) Corporation, NICE Systems Ltd., Nexidia Inc., Nuance Communication, Inc., Tata Communications Ltd., and Intelligent Voice business expansion in terms of partnerships, keeping in mind the new technological innovations will remain the key differentiation market strategy.
- In terms of market opportunity, multichannel monitoring that involves continuous delivery of features from an audio communication monitoring portfolio including loudness logging, Dolby decoding & touchscreens, and addressing the requirements of various other time codes are anticipated to increase the revenue generation and boost the customer base- also, pushing the existing clients to upgrade their products.
Summary: Increasing demand for real-time call monitoring to remain the most dominant features driving the adoption of audio communications monitoring systems during the forecast period.
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