"Rapid development in the BFSI Industry increases the demand for audio communication monitoring market"
Globally, the audio communication monitoring market is expected to grow with a CAGR of 16.1% during the forecast period from 2019 to 2027, starting from 2018 with a market value of US$1.50 Bn. Audio communications monitoring is defined as reviewing or analyzing the telephonic conversations and transactions, either manually or automatically, various regulated companies perform this monitoring. The audio communication monitoring technology is used by various industries especially by the BFSI industry to extract business intelligence data and make a strategic decision for the firm. Audio communication monitoring allows the organization to monitor and analyze the content of communication with efficiency. This also offers a better user experience by enhancing the productivity of the organization. There are various solutions, which are currently offered by audio communication, which includes media monitoring, voice biometric solutions, alarm surveillance monitoring, and others.
The global audio communication monitoring market is primarily driven by rapid technological advancements in the field of telecommunication. This industry is gaining traction based on high integration and implementation of advanced information technology tools. Additionally, an increasing number of call centers and BPOs, the growing risk of cyberattacks, and increased risk of telemarketing frauds are also driving the market for audio communication monitoring systems. However, limited awareness of advanced audio communication monitoring systems and lack of implementation in underdeveloped countries is likely to harm the growth of this market.
Market Synopsis
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"Audio Communication Monitoring With BFSI Industry its Vertical Segment Continue Dominating the Market"
In 2018, the overall audio communication monitoring market was led by the BFSI industry segment having a market share of over 38% of the total market revenue. The demand for audio communication monitoring is increasing among various banking and financial institutes and organizations due to the increasing demand for telephonic conversations. These organizations are using audio communication monitoring to extract important data and requirements from the clients or industry experts.
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"North America Dominates the Market by Region"
The global audio communication monitoring market was led by North America by holding around 40% of the overall market share. Consistent growth in the end-user industries such as BFSI, IT & telecom, healthcare and others in the region drives the growth of the market. The early adoption of audio communication monitoring in the region also plays a vital role in the highest market share of the region. The increasing data and analysis of the telephonic conversation is a major factor for driving the market in the region. However, the Asia-Pacific region is expected to emerge as the fastest-growing region due to the rapid adoption of mobile phones and increasing urbanization in the region.
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Some of the prominent players operating in the Audio Communication Monitoring market include Cisco Systems, ICE Systems, IBM Corporation, Nexidia, Inc., Nectar Services Corporation, Nuance Communications, Fonetic Solutions, Behavox Ltd., Tata Communications Ltd., Ameyo, NUGEN Audio, Intelligent Voice, and NICE System Ltd.
Historical & Forecast Period
This research report presents the analysis of each segment from 2017 to 2027 considering 2018 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segment calculated for the forecast period from 2019 to 2027.
Report Scope by Segments
The audio communication monitoring market report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of the global audio communication monitoring market based on component, application, organization size, vertical, and geography. Key segments covered in the report are as follows:
| ATTRIBUTE |
DETAILS |
| Research Period |
2017-2027 |
| Base Year |
2018 |
| Forecast Period |
2019-2027 |
| Historical Year |
2017 |
| Unit |
USD Billion |
| Segmentation |
Component Segment (2017–2027; US$ Bn)
• Solution
• Services
|
|
Vertical Segment (2017–2027; US$ Bn)
• BFSI
• Government
• Healthcare
• Media & Entertainment
• IT & Telecom
• Others
|
|
Organization Size (2017–2027; US$ Bn)
• Large Enterprise
• SMEs
|
|
Application (2017–2027; US$ Bn)
• Law Enforcement Agencies
• Sales and Internal Communication Monitoring
• Commercial and Sensitive Areas
• Employee/Agent Monitoring
• Multichannel Monitoring/Broadcast Monitoring
|
|
Geography Segment (2017–2027; US$ Bn)
• North America (U.S., Rest of North America)
• Europe (U.K., Germany, France, Rest of Europe)
• Asia Pacific (China, Japan, India, Rest of Asia Pacific)
• Rest of the World (Middle East & Africa, Latin America)
|
Key questions answered in this report
- What was the market size of audio communication monitoring in 2018 and forecast up to 2027?
- Which is the largest regional market for BFSI in Vertical?
- What are the major trends followed in audio communication monitoring market across different regions?
- Who are the key audio communication monitoring companies leading the market?
- What are the key strategies adopted by the leading audio communication monitoring companies in market?
Unique data points of this report
- Statistics on audio communication monitoring penetration and spending worldwide
- Recent trends across different regions in terms of adoption of audio communication monitoring for various applications
- Notable developments going on in audio communication monitoring market
- Attractive investment proposition for segments as well as geography
- Comparative scenario for all the segments for years 2018 (actual) and 2027 (forecast)
