Global Audio Communication Monitoring Market Forecast 2023-2032: Estimated Market Size And Growth Rate
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
According to The Business Research Company’s Audio Communication Monitoring Global Market Report 2023, The global audio communication monitoring market is expected to grow from $7.68 billion in 2022 to $9.33 billion in 2023 at a compound annual growth rate (CAGR) of 21.5%. The audio communication monitoring market size is expected to grow to $20.48 billion in 2027 at a CAGR of 21.7%.
North America held the largest audio communication monitoring market share, and Asia-Pacific was the fastest-growing region in 2022.
Audio Communication Monitoring Market Driver
An increase in risk for telemarketing fraud, cybercrimes, and system hacking is expected to propel the growth of the audio communication monitoring market going forward. Telemarketing fraud involves spam emails, spam calls, and spam messages, and similarly, cybercrimes and system hacking are occurred because of data breaches. Cybercrime operations include employing network-connected equipment, such as webcams or closed-circuit television (CCTV) cameras as well as audio monitoring communications, such as calls, emails, text messages, and instant chats, to spy on a targeted individual or group. For instance, in 2020, Cloud4C Services, a US-based operating in cloud managed services for public and private organizations, around 70% of organizations experienced at least one security incident while using public cloud platforms to host data in the year 2020. Additionally, for instance, in March 2021, Department for Digital, Culture, Media & Sport, Cyber Security Breaches Survey 2021, a UK-based official agency for Digital, Culture, Media, and Sports, four in ten businesses (39%) organizations have reported cyber security breaches or attacks in the last 12 months. Therefore, an increase in risk for telemarketing fraud, cybercrimes, and system hacking is driving the growth of the audio communications market.
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Key Audio Communication Monitoring Market Segments
The global audio communication monitoring market is segmented –
1) By Type: Wired Communication, Wireless Communication
2) By Component: Solutions, Services
3) By Deployment Mode: Cloud, On-Premises
4) By Organization Size: Large Enterprises, Small and Medium-Sized Enterprises
5) By Vertical: BFSI, Media and Entertainment, Retail and eCommerce, Telecom and IT, Government, Healthcare and Life Sciences, Other Verticals
Audio Communication Monitoring Market Prominent Players
Major players in the audio communication monitoring market are NICE, Cisco, IBM, Enghouse Interactive, Google, AudioCodes, Integrated Research, Martello Technologies, Nuance Communication, Tata Communications Ltd., Intelligent Voice Ltd., Fonetic Solutions, Nexidia, Behavox Ltd., Nectar Services Corporation, Nugen Audio, Ameyo, Avaya, Veritone, Relativity, PathSolutions, Empirix, Genesys, Vyopta, Elastix, Dashbase, Ribbon Communications, Deepgram, Haloocom, Toku, and Servetel.
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Prominent Audio Communication Monitoring Market Trend
The growing use of artificial intelligence (AI) and NLP (NLP) technologies is a key trend gaining popularity in the audio communication monitoring market. NLP is one of the branches of AI that make the machine understand the language of humans. Many companies operating in the audio communication monitoring sector are launching innovative technologies related to AI to meet consumer demand. For example, in July 2021, Tata Communications, an India-based telecommunications company launched the ‘IZO Financial Cloud’ platform. This platform enables open banking, provides digital services and strengthens customer trust by providing security through a cloud model involving artificial intelligence, blockchain, and machine learning.
The Audio Communication Monitoring Global Market Report 2023 provides comprehensive insights on the audio communication monitoring market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the audio communication monitoring market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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