"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 2021 to 2029, starting from 2020 with a market value of US$ 1.98 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. 

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

In 2020, 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.

"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.

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 study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Audio Communication Monitoring market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Audio Communication Monitoring market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Audio Communication Monitoring market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Audio Communication Monitoring market?
• Which is the largest regional market for Audio Communication Monitoring market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Audio Communication Monitoring market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Audio Communication Monitoring market worldwide?