In a recent published report, Kenneth Research has updated the market report for Audio Analytics Marke for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Audio Analytics Marke products.
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The growth of the market can be attributed to the growing accessibility to internet amongst the households globally and the need for advanced technologies that promote effective communication between two distant geographies. In the United States, internet access to households grew from around 73% of the households in 2015 to close to 80% of the households in 2019. In Korea, it was around 98% in 2014 which grew to nearly 100% in 2020. On the other hand, in the Netherlands, internet access to households touched nearly 98% in 2019. Countries in the Latin America, such as Brazil and Mexico grew at a significant pace by about 1.45x and 1.63x respectively within a span of 4 years between 2015 and 2019.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
The Audio Analytics Market is expected to grow with a significant CAGR during the forecast period, i.e. 2021-2024, on the back of growing internet penetration around the world along with the rising adoption of smartphone. The statistics by the GSMA Intelligence stated that the total unique mobile subscribers as on May 2020 around the world was 5.24 billion.
Kenneth Research has recently added a market research study on Audio Analytics Market 2024 which provides a complete comprehensive analysis including the data by Segmentations, by Geography and as well as the competitive landscape of the top 10 Vendors in this market
The Audio Analytics market is likely to obtain substantial incremental $ opportunity between 2016 and 2024 as per the recent market study conducted by Kenneth Research. This Audio Analytics market strategic report has been produced emphasizing upon various growth factors contributing towards the growth of this market. This market study speaks about the relation between in-dependent variable such as the market and as well as the dependent variables which include the core macro-economic indicators such as population, GDP, personal disposable income and others. The business intelligence report also covers the challenges which may impact the growth of this market in the long-run. Several prevailing trends have been analysed in this report which have strengthened the growth of the market all across the globe.
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There are several industries where audio analytics can have a positive impact. Some of the major areas where audio analytics could be deployed are contact/support centres, BFSI, retail and eCommerce, telecom and IT, and healthcare. With its implementation, the industries can reduce the overall business process cost by leveraging technologies including artificial intelligence and machine learning. This will help the organizations in automation and improve business processes, thus resulting in enhanced customer’s experience.
Global audio analytics market is categorized based on the presence of diversified small and large vendors. Avaya, NICE, and Verint are some of the key vendors and are increasing their footprint, however small vendors are competing with them in the global market by maintaining competitive pricing and customized product offering. By entering into alliances and strategic partnerships with other players in the market, the global vendors are expected to grow further during the forecast period.
According to Research, the global audio analytics market will grow at a CAGR of 18.2% during the forecast period 2018–2024. The aim of this report is to define, describe, and forecast the audio analytics market on the basis of segments, which includes type, component, end-user, and regions. In addition, it helps the venture capitalists in understanding the companies better and make well-informed decisions. It is primarily designed to provide the company’s executives with strategically substantial competitor information, data analysis, and insights about the market, development, and implementation for an effective marketing plan.
In 2018, the worldwide GDP stood at USD 84,740.3 Billion as compared to the GDP of USD 80,144.5 Billion in 2017, marked a growth of 5.73% in 2018 over previous year according to the data quoted by International Monetary Fund. This is likely to impel the growth of Audio Analytics market over the period 2019-2026.
The Audio Analytics market report also focuses on the analysis on the basis of geography which includes North America (U.S. and Canada), Latin America (Mexico, Brazil, Argentina, Rest of Latin America), Europe (Germany, UK, France, Spain, Italy, NORDIC, BENELUX, Poland, Russia, Hungary, Rest of Europe), Asia Pacific (China, Japan, India, Australia, New Zealand, South Korea, Malaysia, Indonesia, Rest of Asia Pacific) and Middle East and Africa (GCC, North Africa, South Africa and Rest of Middle East and Africa).
In U.S., the GDP per capita was valued at USD 62,606 in 2018 as compared to USD 59,895 marked in 2017, observed a growth of 4.53% in 2018 over previous year. Rise in GDP per capita has intensified the growth of this market in the country.
The key offerings in the report:
- Evaluating the market size of the global Audio Analytics market as well as the market forecast.
- Analysing various market segmentations as well as forecasting the market on the basis of geography which includes North America, Latin America, Europe, Asia Pacific and Middle East and Africa
- Highlighting the factors impacting the growth of the market which includes growth drivers, challenges, opportunities as well as trends
- Examining competitive landscape of the leading companies on the basis of overview of the company, business strategy, product overview, risk analysis, recent developments and SWOT analysis.
Various statistical methods such as Covariance, Correlation, Regression and Coefficient of Determination (R square) analysis have been utilized to assess the market performance and analyse the future outlook of the market.
This market study is definitely going to be useful and can be utilized as a valuable source of assistance for the investors, manufacturers related to the product, suppliers, distributors, investment banks, management consulting companies, regulatory and government bodies, research organizations, and forums.
Table of Contents
1 Executive Summary 8
1.1 Audio Analytics Market Share by Type and by Component (2017 and 2024 ) 9
2 Industry Outlook 10
2.1 Industry Snapshot 10
2.1.1 Industry Overview 10
2.1.2 Industry Trends 11
3 Market Snapshot 12
3.1 Total Addressable Market 12
3.2 Segment Addressable Market 12
3.2.1 PEST Analysis 14
3.2.2 Porter’s Five Force Analysis 15
3.3 Related Markets 15
4 Market Characteristics 16
4.1 Market Evolution 16
4.2 Market Segmentation 17
4.3 Market Dynamics 17
4.3.1 Drivers 19
4.3.1.1 Increasing demand for conversational customer relationship management (CRM) services 19
4.3.1.2 Advancements in security systems 19
4.3.1.3 Proliferation of voice-enabled devices 19
4.3.2 Restraints 20
4.3.2.1 Demand for data scientist with adequate NLP skills 20
4.3.2.2 High initial setup cost 20
4.3.2.3 Integration of audio analytics technology with existing infrastructure 20
4.3.3 Opportunities 21
4.3.3.1 Growth of conversational platforms with AI across industries 21
4.3.3.2 Enhanced customer experience 21
4.3.3.3 Lower operational expenditure due to high levels of automation 21
4.3.4 DRO – Impact Analysis 22
5 Audio Analytics Market, By Type 23
5.1 Overview 23
5.2 Speech 24
5.3 Voice 25
5.4 Others 27
6 Audio Analytics Market, By Component 28
6.1 Overview 28
6.2 Speech Engine 29
6.3 Indexing, Analysis and Query 30
6.4 Reporting and Visualization 31
7 Audio Analytics Market, By End User 33
7.1 Overview 33
7.2 Contact / Support Centers 35
7.3 BFSI 36
7.4 Telecom & IT 37
7.5 Retail & eCommerce 38
7.6 Healthcare 39
7.7 Others 40
8 Audio Analytics Market, By Geography 41
8.1 Overview 41
8.2 Americas 42
8.3 EMEA 43
8.4 APAC 44
9 Competitive Landscape 45
9.1 Competitor Analysis 45
9.2 Product/Offerings Portfolio Analysis 45
9.3 Market Developments 46
9.3.1 Mergers & Acquisitions (M&A) 46
9.3.2 Product Launches & Exhibitions 46
10 Vendor Profiles 47
10.1 Avaya 47
10.1.1 Overview 47
10.1.2 Product Profile 48
10.1.3 Business Units 48
10.1.4 Geographic Revenue 49
10.1.5 Recent Developments 50
10.1.6 Business Focus 50
10.1.7 SWOT Analysis 51
10.2 Genesys 52
10.2.1 Overview 52
10.2.2 Product Profile 52
10.2.3 Recent Developments 53
10.2.4 Business Focus 53
10.2.5 SWOT Analysis 53
10.3 NICE 54
10.3.1 Overview 54
10.3.2 Product Profile 55
10.3.3 Business Units 55
10.3.4 Geographic Revenue 56
10.3.5 Recent Developments 56
10.3.6 Business Focus 56
10.3.7 SWOT Analysis 57
10.4 SESTEK 58
10.4.1 Overview 58
10.4.2 Product Profile 58
10.4.3 Business Focus 59
10.4.4 SWOT Analysis 59
10.5 Verint 60
10.5.1 Overview 60
10.5.2 Product Profile 61
10.5.3 Business Units 61
10.5.4 Geographic Revenue 62
10.5.5 Recent Developments 63
10.5.6 Business Focus 63
10.5.7 SWOT Analysis 63
11 Companies to Watch for 64
11.1 CallMiner 64
11.1.1 Overview 64
11.1.2 Product Profile 64
11.1.3 Analyst Opinion 64
11.2 Sound Intelligence 65
11.2.1 Overview 65
11.2.2 Product Profile 65
11.2.3 Analyst Opinion 65
11.3 Yactraq Online 66
11.3.1 Overview 66
11.3.2 Product Profile 66
11.3.3 Analyst Opinion 66
12 Annexure 67
12.1 Report Scope 67
12.2 Research Methodology 67
12.2.1 Data Collation & In-house Estimation 68
12.2.2 Market Triangulation 68
12.2.3 Forecasting 68
12.3 Study Declarations 69
12.4 Report Assumptions 69
12.5 Abbreviations 69
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