Key participants of the audio communication monitoring market are IBM Corporation, Intelligent Voice Ltd., Nexidia, Inc., Behavox Ltd., Fonetic Solutions, Cisco Systems, Ltd., Nectar Services Corporation, Tata Communications Ltd., and NICE Systems Ltd. These players are set to augment the development of audio communication monitoring market in the years to come.
According to analysts at Zion Market Research, the global audio communication monitoring market was capitalized at almost USD 926.62 Million in 2016 and is likely to cross almost USD 3,040.36 Million by end of 2022, developing at a CAGR of almost 22.02% from 2017 to 2022.
Elevation In The Number Of Working BPOs To Boost The Audio Communication Monitoring Market
As per analysts at Zion Market Research, rising employment of high tech solution system paired with increase in cyber crimes, risk for telemarketing fraud, and system hacking have boosted the development of audio communication monitoring market. Call centers and BPOs are major clients in the audio communication monitoring market. The elevation in the number of working BPOs is the main boost of audio communication monitoring market. Since call analysis and call recording are significant operations performed in these companies, the audio communication monitoring market is boosting drastically. The elevation in compliance and risk management boosts the audio communication monitoring market.
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Rise In Telemarketing Fraud And Cyber Crimes And Significance Of Audio Communication Monitoring To Foster The Audio Communication Monitoring Market
Due to rise in telemarketing fraud and cyber crimes, the significance of audio communication monitoring has been elevating and so is the growth of audio communication monitoring market. Lack of alertness of audio communication monitoring amongst the conventional BPOs and call centers leads to hindering of audio communication monitoring market. Audio communication monitoring systems are employed for observation and to monitor terrorist & criminal activities taking place all over the nation, thus bolstering the audio communication monitoring market. Increasing requirement in telecommunication industry for real time call monitoring has resulted in the growth of audio communication monitoring market. Real time call monitoring will certainly reduce difficulties and elevate the competence of operation in the company, which boosts the audio communication monitoring market.
In addition, different product launches are also one of the reasons responsible for the development of audio communication monitoring market. For example, in January 2018, TSL Products declared the roll out of the new MPA1 Mix SDI audio monitor, adding to the development of the global market.
Audio communication monitoring market is divided based on vertical, solution, and regional. Solution sector of audio communication monitoring market is divided into voice biometric access system, quality analysis, and loudness monitoring & metering. Vertical segment of audio communication monitoring market is divided into telecommunication, BPO, banking, IT, insurance, finance, media and entertainment, healthcare, and logistics & transportation.
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