This market contains all products and services relating to the analyzing and monitoring of communication techniques, which can be useful for business organizations to improve efficiency or for safety assessments. Different segments of the market include the Voice Biometric Access System segment and the Loudness Metering & Monitoring segment.
The global audio communications monitoring industry — as of 2020 — is worth $1.6 billion. Key players in this market include UK-based companies Behavox and Intelligent Voice; US companies Cisco Systems, Nectar Services Corp., and IBM; Spanish company Fonetic Solutions; Israeli company NICE Systems; and Indian company Tata Communications.
Many of these companies saw their revenues fall in their most recent earnings reports due to the immediate impacts of the coronavirus pandemic. IBM, for example, had a revenue decrease of 6% on an annualized basis, as revealed by its Q4 earnings report. Cisco Systems also saw its revenue decrease by 9% year-over-year in Q4 of 2020 vs. Q4 of 2019.
However, these struggles that the industry is currently facing are not anticipated to last too long. The market analysis report projects that the audio communication monitoring market will experience a compound annual growth rate (CAGR) of 18.8% over the next seven years. This will result in a value of $5.3 billion by 2027, a 231.25% increase.
Factors Driving Growth
So, where will this growth in the industry occur? There is expected to be a general increase in interest in this technology globally. However, the Quality Analysis sector in particular is predicted to boom in the near future. According to this report, Quality Analysis alone will grow by a CAGR of 18.7% to reach $2.5 billion by the end of this period. Furthermore, the coronavirus pandemic is projected to push growth in the Voice Biometric Access System segment, which is expected to see a 19.3% CAGR over the next seven years.
The report predicts that these companies will all recover — and then thrive — after the coronavirus pandemic. Broadened applications and interest in audio communication monitoring technology, particularly in Asia, will drive stunning growth in the near future.
About the Author
Jemima is a journalist who enjoys reporting on business, particularly small business and entrepreneurship.