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Audio communication monitoring is a solution that offers real-time monitoring and analysis of the client calls for providing insights regarding the structure of interaction. The software extracts important business data which helps in making better strategic decisions. Businesses across industries are implementing the software to enhance customer relationships and support systems. Industries focus on improving client collaboration, customer services, post-sale satisfaction, driving sales, and more are expected to boost the audio communication monitoring market growth.
The service-based industries such as travel & tourism, media, and entertainment, retail & e-commerce, IT, among others are witnessing continuous fraudulent activities. This is expected to lower the productivity and the capability of maintaining business operations. To monitor and detect fraud callers, improper communication, cause of customer dissatisfaction, and more, the organizations are shifting towards advanced monitoring solutions. This is expected to fuel the demand for audio communication monitoring software. During the unprecedented time of the pandemic, the demand for the software is expected to surge. Healthcare & life science, government, retailers, e-commerce are extensively adopting audio communication monitoring software to enhance customer satisfaction.
Key Market Driver -
• Growing focus on security and compliance is likely to drive audio communication monitoring market growth • Rising customer-centric organization is expected to boost audio communication monitoring market opportunities
Key Market Restraint -
• Growing concern for stored data security is likely to challenge the market growth
Some of the key players in the global audio communication monitoring are Nice Systems Ltd., Vyopta, IBM Corporation, Tata Communications Ltd., PathSolutions, Nexidia Inc., CloudTalk, Nectar Services Corp., Cisco Systems, Inc., Nuance Communications, Inc., Behavox Ltd., Elastix, Enghouse Interactive, Fonetic Solutions, Intelligent Voice, Servetel among others. The increasing strategic partnership and collaboration between provider and organizations is likely to expand growth opportunities. Similarly, the providers are focusing on integration of advanced technologies in analyzing the communication in real-time.
North America to dominate the largest share during the forecast period. The presence of leading players in the region is likely to drive the market. The growing adoption of advanced analytical solution to enhance customer services is expected to fuel the market in the region. Europe is expected to gain second most share of the market revenue. The presence of dominant service based industries such as healthcare, retail, e-commerce, BFSI and more is likely to boost audio communication monitoring market in Europe.
Asia Pasific is expected to gain rapid growth owing to the increasing competition in the customer service provider sectors. Also, the large target sets owing to the vast population in countries like China, India, South Korea among others is driving the demand for the audio communication monitoring soltution to maintain proper records. The region is also facing challenges in managing growing fraud cases. This is likely to drive market growth in the region. China is expected to lead the segment owing to its booming e-commerce industries. Similarly, Middle East and Africa and South America are expected to gain steady growth.
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