Audio Communication Monitoring Market By Component (Solution, Services), By Organization Size (Large Enterprise, SMEs), By Vertical (BFSI, Government, Healthcare, Media & Entertainment, IT & Telecom, Others ), By Application (Law Enforcement Agencies, Sales and Internal Communication Monitoring, Commercial and Sensitive Areas, Employee/Agent Monitoring, Multichannel Monitoring/Broadcast Monitoring) – Growth, Future Prospects and Competitive Analysis,2019 - 2027

Rapid development in the BFSI industry increases the demand for the 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 telephonic conversations and transactions, either manually or automatically. Various regulated companies perform this monitoring.

Audio communication monitoring technology is used by various industries, especially the BFSI industry, to extract business intelligence data and make strategic decisions for the firm. Audio communication monitoring allows the organization to monitor and analyze the content of communication efficiently. This also offers a better user experience by enhancing the productivity of the organization. There are various solutions that are currently offered by audio communication, which include media monitoring, biometric voice 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 the high integration and implementation of advanced information technology tools. Additionally, an increasing number of call centers and BPOs, the growing risk of cyberattacks, and the increased risk of telemarketing fraud are also driving the market for audio communication monitoring systems. However, limited awareness of advanced audio communication monitoring systems and a lack of implementation in underdeveloped countries are likely to harm the growth of this market.

Market Synopsis

Audio Communication Monitoring With the BFSI Industry and its Vertical Segment Continue Dominating the Market

In 2018, the overall audio communication monitoring market was led by the BFSI industry segment, which had 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 clients or industry experts.

North America Dominates the Market by Region

The global audio communication monitoring market was led by North America, which held 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 played a vital role in its having the highest market share.

The increasing data and analysis of telephonic conversations is a major factor 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.

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 and Forecast Period

This research report presents the analysis of each segment from 2017 to 2027,onsidering 2018as the base year for the research. The compound annual growth rate (CAGR) for each respective segment is 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:

Key questions are answered in this report.

• What was the market size of audio communication monitoring in 2018 and the forecast up to 2027?
• Which is the largest regional market for BFSI in Vertical?
• What are the major trends followed in the 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 on the market?

Unique data points of this report

• Statistics on audio communication monitoring penetration and spending worldwide
• Recent trends across different regions in terms of the adoption of audio communication monitoring for various applications
• Notable developments are going on in the audio communication monitoring market.
• Attractive investment propositions for segments as well as geography
• Comparative scenario for all the segments for years 2018 (actual) and 2027 (forecast)

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