AI integrated Conversational Platforms Will Drive The Audio Analytics Market
Audio analytics market is expected to witness a CAGR of 18.2% to reach $4,833.34 million by 2024
Bangalore, India, February 26, 2019: With its recently published study “Global Audio Analytics Market – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2024”, Infoholic Research forecasts that the global audio analytics market will continue to grow due to adoption of AI integrated conversational platforms and demand for advanced security systems.
Widespread digital transformation initiatives have resulted in increased adoption of analytics solutions to further improve business productivity and enhance customer experience. While analytics solutions are predominantly text-data based, the customer support industry has shifted its focus to audio-based analytics solutions which is resonating with the rise in conversational platforms. As voice becomes the prominent user-interface, the market is expected to witness increased usage of audio analytics solutions across verticals. Customer support and contact centers have been the primary users of audio analytics to improve agent’s performance, support quality as well as gathering useful insights related to customer behavior, issues/concerns, and needs. Similar trends are expected to increase the market share for audio analytics within other industries for adoption including healthcare, telecom/IT and automotive. This trend is expected to continue during the forecast period to 2024, fueling the market growth at a CAGR of 18.2% to reach $4,833.34 million by 2024.
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Americas remains the largest contributor of revenue share within the global audio analytics market with much of the analytics support provided from onshore locations to offshore customer support counterparts. Asia Pacific is expected to dominate the growth within the global audio analytics market during the forecast period between 2018 and 2024 due to the large presence of customer support centers that need to improve customer satisfaction as well as adding real-time value for each customer support instance. With the competitive cost structures in the region, CIOs in customer support centers are struggling to improve their share of value-add analytics, specifically audio-based analytics is likely to provide an upward momentum to their businesses.
Due to the increase in audio data required for capturing and storage, speech engine accounted for a major share of the global audio analytics market. Vendors are providing automatic speech recognition and natural language processing software to fulfill the need for technologies that can manage these audio databases and can retrieve information based on need. Organizations can leverage self-service solutions and enhance customer’s experience by enabling these technologies to solve their problems quickly and effectively.
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“To reduce the overall business process cost, organizations are leveraging technologies including artificial intelligence and machine learning and deploying intelligent automation solutions for improving business processes, resulting in enhanced customer’s experience,” said Rahul Kumar Pandey, Research Analyst, Infoholic Research.
Key insights of the report include:
Major Application Areas:
- Contact/Service Centers
- Retail & eCommerce
- Telecom & IT
- Speech engine
- Indexing, Analysis & Query
- Reporting & Visualization
- Market trends