- With the growth of the internet and various technological applications that support its growth, it often difficult for organizations to analyze the huge volume of data to derive some meaningful insight. Over the years many analytical techniques and tools have been developed by organizations to analyze and obtain business insights in order to analyze and obtain business insight from data.

- Voice analytics is one such branch analytics that enables organizations to leverage the data to analyze spoken words, it is considered as one of the fastest-growing technologies owing to its sentiment analyses among others which amidst the conversation which helps organizations such as retail to understand users' inclination towards a product or service in real-time.

- Amongst others, the most widely used application of voice analytics is in call centers as it provides useful information leveraging both structured and unstructured calls between the agent and callers, other possible applications could be found in fields such as bioacoustics, mental healthcare, banking & finance markets among others.

- For instance, according to the case study published by Voicesense, that tested the company' voice analytics technology on the voice samples from debtors send by a European bank, on which the algorithm classified the recordings into low, medium and high risk and reported 6% to low-risk, 27% to high risk. Thereby voice analysis could helpsorganziations from BFSI sector to help prevent frauds.

- Furthermore, voice analytics could also be used in monitoring the audio voice notes by analyzing audio patterns for vocal elements such as syllable pitch, tempo, tone, rhythm, unlike speech analytics that only analyzes what is spoken but not on how it is spoken. for instance, In the customer care, scenario voice analytics would be able to identify profanity, the inappropriate language, pitch and algorithm would direct the call to a supervisor upon detection of such anomalies.

- As with the healthcare sector, voice analytics is used to monitor patients with depression and another mental health issue. for instance, According to the World Health Organization, more than 264 million people worldwide suffer from depression. Additionally, the economic burden of depression is estimated at USD 210.5 billion per year. This is attracting many vendors to invest in the voice analytics market to cater to the growing opportunity in the healthcare industry.

- Futhermore, according to a study published in the year, 2020 conducted by researchers at UCLA that followed 47 patients with serious mental illness, bipolar disorders, and major depressive disorders up to 14 months using an application called MyCoachConnect found that use of interactive voice applications and analysis of data using USC' Signal Analysis and Interpretation Laboratory (SAIL) was an effective way to monitor the wellbeing of patients.

- Owing to these instances many organizations across industries are considering deploying voice analytics leveraging data sources such as recorded data, social media data, and other syndicate data to understand its users. Also, there's been a trend with the demand for an on-premise solution as companies deal with complex IT structures that required integrated solutions such as marketing, CRM, sales support among other which allows them to mitigate compatability issues, however with the added scalability and flexibility of cloud solutions would leverage the growth of cloud deployments. 
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Key Market Trends

Applications driving the growth of the market

- Organizations across industries such as IT are leveraging their cutting-edge contact centers with analytical solutions such as Behavioral Predictive Voice Analytics (BPVA) that enable it to predict which potential job candidates are very likely to succeed. The BPVA technology relies on the vocal elements to provide a completely new data source from which insights can be gleaned leveraging its potential to characterize the behavioral and personality traits patterns through the innovation of combining voice analytics, AI, signal processing and psychology.

- Also, recent trends have shown the application of voice analytics to detect Parkinson's disease in patients as with most cases with people diagnosed with Parkinson‘s disease has speech or voice disorders. By analyzing the voice samples of the people, the solution would confirm whether or not the person suffers from the diseases. For instance, Cogita Corporation, using its Social Signal Processing platform developed an inexpensive, scalable voice analytics solution that is able to access cues from individuals' natural speech to provide non-invasive monitoring for psychological issues.

- Furthemore, as with the financial industry with many market participants including analyst, institutional investors failing in detection of financial frauds, there's been growing trends with organizations looking for solutions that can timely report such financial frauds, with the ability of voice analytics to analyze verbal-linguistic cues and non-verbal cues drives the growth of the Voice Analytics Market.

North America to Hold Major Market Share

- North America holds a major share for the voice analytics owing to factors, such as the increase in digital marketing spending, Central Intelligence Agency's increased technology spending, and increased focus on treating mental illness in the region among others.

- Agencies, like the CIA, are actively funding ideas that might help track terrorists and foreign spy activity. Thereby such instance opens the opportunity for Silicon Valley startups, that are actively innovating the existing voice analytics solutions to develop innovative and attractive solutions, VoiceBase, a startup based in the United States provides a voice analytics platform that analyses vocal data from calls and categorizes calls using AI predictive analytics and determines the user's intent. Additionally, it also predicts future behavior using its machine learning capabilities.

- According to National Institue of Mental Health(NIH), in the United States, nearly 1 in 5 of adults suffer from mental illness with varying degree of severity ranging from mild to moderate to severe, with many illnesses having no proper analytics tests that conclude the behavioral patterns among patients

- Owing to such prevalence of mental illnesses voice analytics technologies are playing an important role, aiding in the detection of these diseases by increasing the sophistication and accuracy of the illness detection by analyzing the vocal data of the conversation.

- Also, the growing investment by governments for the adoption of AI and machine learning technologies is further developing the market for interactive voice response technology that is able to perform sentiment analyses. For instance, San Mateo County’s tax collector’s office has adopted an advanced interactive voice response system that will allow callers to more efficiently review and pay their property taxes.

- However, with the recent outbreak of global pandemic COVID-19 and the announcement of lockdowns across the world with the US economy reporting 701,000 loss in job in month of March 2020 and additional shutdown of few newly found startups may hinder the growth of the Voice Analytics Market.

Competitive Landscape

As with the increase in number adoptions across industries, the importance of voice in a multichannel world, risk management, focus on compliance and competitive market intelligence had led to the upsurge in demand of voice analytics market. Vendors in the market are focusing on partnerships and product enhancements leveraging advanced algorithms and technologies to counter the demand and gain market share.

- November 2019 - VoiceBase, Inc announced added functionality to its existing voice analytics solution, the company reported that it will be adding text analytics component to its voice analytics solution to supplement its voice-driven insights. The solution leveraging the text analytics would allow users to ingest text data from sources including messaging, social platforms, email among others in order to generate a more accurate picture of customer interaction and sentiment

- November 2019 - Avaya announced the availability of Avaya IX Contact Center that has now been integrated with Google Cloud Center AI leveraging its partnership with Google, The solution would be able to provide interactive voice response features to Dialogflow including other capabilities such as local dual-tone multi-frequency (DTMF) detection, barge-in, local prompt among others.

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