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Audio Communication Monitoring Market

Audio Communication Monitoring Market

Audio Communication Monitoring Market

Audio Communication Monitoring Market by Enterprise Type (Small & Medium, Large), Industry (Banking, Financial Services, and Insurance) & Region – Forecast to 2022 - 2028

Audio Communication Monitoring Market Outlook (2022-2028)

[277 Pages Report] The global audio communication monitoring market is estimated at US$ 1.8 Bn in 2022, and is expected surge at a CAGR of 16.2% to close in on a valuation of US$ 4.5 Bn by 2028.

Audio Communication Monitoring Market Size (2022)

US$ 1.8 Bn

Sales Forecast for Audio Communication Monitoring Devices (2028)

US$ 4.5 Bn

Global Market Growth Rate (2022 to 2028)

16.2% CAGR

Share of Top 5 Audio Communication Monitoring System Providers

55%

Audio communication monitoring accounts for around 10% share of the global voice communication market. Demand for call recording solutions is likely to increase at a CAGR of 15% over the assessment period of 2022 to 2028.

Audio Communication Monitoring Demand Analysis (2013 to 2021) Vs. Future Market Projections (2022 to 2028)

“Audio Communication - A Significant Technology for Companies to Remain Competitive”

Market value of audio communication monitoring systems registered around 13.8% CAGR historically from 2013 to 2021.

Businesses are slowly discovering the need of being able to monitor and maintain audio monitoring capability centrally as audio communication technology becomes increasingly coupled with network management and IT infrastructure.

Audio communication monitoring systems analyze conversations and find structures in interactions, and provide insights to clients. Audio communication technology is used to extract important business intelligence data to relate it to the strategy for making strategic decisions for the company.

Audio communication monitoring solutions generally revolve around the call recording feature. The recording, processing, and then analysis are all part of the audio communication monitoring system market. Companies are also requesting audio communication monitoring as a result of the introduction of enhanced governance, risk, and compliance frameworks that they must adhere to.

Growing requirement for real-time analytics from call logs and communication data as well as the conversion of that data into proper formats across the business is fueling the expansion of the audio communication monitoring system market. Additionally, these solutions lower early acquisition and maintenance costs, resulting in increased demand from SMBs, which is fueling global market expansion.

Listening to live calls takes time and necessitates additional time for supervision and administration; hence, growing adoption of communications monitor in network management software is another key reason influencing market growth.

Moreover, as more high-tech options become available, the risk of cybercrime, telemarketing fraud, and phone hacking has increased significantly. Audio communication monitoring devices have become increasingly popular in recent years as a means of monitoring and controlling such crimes. Implementation by law enforcement agencies has accelerated the market growth. Main customers of audio communication monitoring platforms are BPOs and call centers.

The global audio communication monitoring market is forecast to expand rapidly at a CAGR of around 16.2% over the forecast period of 2022 to 2028.

What Makes North America a Prominent Regional Market for Audio Communication Monitoring Market?

“Rising Adoption of Network Management Software Driving Market Growth in North America”

The North America audio communication monitoring market is expected to witness highest growth in the global market owing to efficient network management and increasing number of operating BPOs in the region.

Presence of a high number of businesses, increase in ICT spending, and increased usage of advanced analytical solutions to improve customer service are expected to boost market expansion of audio communication monitoring systems and services.

Country-wise Analysis

How is the Market in the U.S. Shaping Up for Audio Communication Monitoring System Providers?

“End Users in the U.S. Prefer Advanced Audio Communication Technologies”

The U.S. audio communication monitoring market is considered as a leading market due to increased expenditure, rising use of audio communication technologies, and rapid expansion of companies researching the use of AI and NLP technologies for diverse applications.

In its commercial institutions and other verticals, U.S. businesses have widely used AI and NLP technology, enabling it to better cater to consumers and continue to accelerate corporate operations. The country has adequate systems, inventions, and activities needed to turn audio communication monitoring solutions into reliable solutions with novel features.

Development of advanced technologies for capable individuals and operational processes as well as network management across numerous industrial verticals is influencing the adoption of audio communication monitoring systems in the country.

Why is China Witnessing Positive Growth in Audio Communication Monitoring Systems?

“Growing Need for Audio Communication Monitoring Devices from Customer Support Vendors”

Demand for audio communication monitoring solutions in China is projected to expand due to increased competition among customer support vendors. In addition, massive target groups resulting from the large population in China are boosting the need for audio communication monitoring solutions to keep adequate records.

Because of its developing e-commerce sector, the market in China is expected to drive the need for audio communication monitoring devices.

Category-wise Insights

Which Solution Type is Driving Demand for Audio Communication Monitoring Equipment?

“Call Recording Solutions to Hold Highest Market Share”

On the basis of component, the market for audio communication monitoring equipment is segmented into solutions and services. The solutions segment is further divided into quality analysis, audio loudness, metering and monitoring call recording, and others.

Call recording and analysis are important procedures in BPO companies, and increase in the number of working BPOs is expected to fuel consumption of communications monitors.

Which Audio Communication Monitoring Application Has the Most Potential for Growth?

“Rise in Tele Fraudulent Activities Driving Demand from Law Enforcement Agencies”

The necessity for government and law enforcement agencies to detect and monitor illegal activities such as trafficking in human beings, drug smuggling, terrorist acts, piracy, pornography, scams, and other risks to physical safety and national defense is credited to the growth of the communications monitor market.

Mobile phones, smartphones, mics, and RF interfaces are among the gadgets used by law enforcement organizations to listen in on criminals. Multichannel tracking entails using an audio connection surveillance portfolio to continually supply features like loudness logging, Dolby decoding, and touchscreens, as well as meeting the needs of a variety of different timecodes.

Companies have become capable of capturing every call using telephony and VoIP recording thanks to network management software solutions. These systems enable a clearer view of all forms of attacks and occurrences to the Public Safety Answering Point (PSAP), the automotive industry, and other public authorities.

Audio communication monitoring has made police prosecutions easier since law enforcement officers can utilize the internet and manage their PCs with their voices, resulting in content receiving commands much faster via speech over the internet, enhancing the efficiency of police officers in a crisis situation.

Impact of COVID-19

COVID-19 is an unprecedented global public health crisis and has impacted practically every sector, with long-term consequences that are expected to stunt industrial growth to some extent.

Due to government-imposed lockdowns to prevent the spread of COVID, the worldwide voice communication market has seen a modest drop in sales in the short term. The pandemic has affected every aspect of the technology industry.

COVID-containment regulations have a significant impact on businesses and communities. Industries are increasingly searching for technology to help them get through these difficult times, including the shutdown of manufacturing units for an indeterminate period of time.

Specific cases have been examined using secondary information and recent knowledge about the scenario. The global audio communication monitoring system market is likely to rebound as respective regulatory agencies begin to lift these enforced lockdowns.

Competitive Landscape

Growing strategic partnerships and collaborations between audio communication monitoring solution providers and organizations are expected to increase market growth potential. Similarly, audio communication monitoring service providers are concentrating on integrating modern technology and network management software into real-time communication analysis.

For instance,

  • In May 2020, Daiwa Capital Markets Europe Limited (DCME) has chosen Intelligent Voice in collaboration with Relativity Trace for their modern communication tracking system. The two companies teamed up to develop a machine learning-based system for monitoring digital communications and audio in several languages.

Audio Communication Monitoring Industry Report Scope

Attribute

Details

Forecast Period

2022-2028

Historical Data Available for

2013-2021

Market Analysis

Value in US$ Mn

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa (MEA)

Key Countries Covered

  • U.S.
  • Canada
  • Mexico
  • Brazil
  • Mexico
  • Argentina
  • Germany
  • Italy
  • France
  • U.K
  • Nordic
  • Spain
  • Japan
  • China
  • India
  • Malaysia
  • Thailand
  • Australia
  • GCC Countries
  • South Africa
  • Turkey

Key Market Segments Covered

  • Component
  • Industry
  • Enterprise Type
  • Application
  • Region

Key Companies Profiled

Pricing

Available upon Request

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Key Segments of Audio Communication Monitoring Industry Survey

Audio Communication Monitoring Market by Component:

  • Solutions
    • Quality Analysis
    • Audio Loudness
    • Metering & Monitoring
    • Call Recording
    • Others
  • Services
    • Maintenance and Support Services
    • Professional Services

Audio Communication Monitoring Market by Industry:

  • Banking, Financial Services, and Insurance
  • Government
  • Telecommunication & IT
  • Media & Entertainment
  • Healthcare
  • Others

Audio Communication Monitoring Market by Enterprise Type:

  • Small & Medium Enterprises
  • Large Enterprises

Audio Communication Monitoring Market by Application:

  • Law Enforcement Agencies
  • Enterprise Employee Monitoring
  • Broadcast Monitoring
  • Sales and Internal Communication Monitoring
  • Others

Audio Communication Monitoring Market by Region:

  • North America Audio Communication Monitoring Market
  • Latin America Audio Communication Monitoring Market
  • Europe Audio Communication Monitoring Market
  • East Asia Audio Communication Monitoring Market
  • South Asia & Pacific Audio Communication Monitoring Market
  • Middle East & Africa (MEA) Audio Communication Monitoring Market

Key Questions Answered in the Report

How big is the audio communication monitoring market?

The global audio communication monitoring market is estimated at US$ 1.8 Bn at the end of 2022.
The global audio communication monitoring market is expected to rise at a CAGR of 16.2% from 2022 to 2028 to reach US$ 4.5 Bn by 2028.
AudioCodes Ltd., Behavox Ltd., Avaya Inc., Cisco Systems, Inc., and Enghouse Interactive Inc. are identified as leading players in the audio communication monitoring market.
North America is expected to hold the highest share in the audio communication monitoring market over the forecast period.
Concerns about data and information security and lack of awareness among BPOs are some of the challenges in the auto communication monitoring market.

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