Audio Communication Monitoring Market Worth 2,145.3 Million USD by 2020
PUNE, India, October 8, 2015 /PRNewswire/ --
According to a new market research report "Audio Communication Monitoring Market by Solution & Service (Reporting & Analytics, Call Recording Software & Quality Analysis, Audio Loudness, Metering & Monitoring Solution, Professional Service, Support & Maintenance) - Global Forecast to 2020", published by MarketsandMarkets, Audio Communication Monitoring Solution Market to grow from USD 795.4 Million in 2015 to USD 2,145.3 Million in 2020, at a CAGR of 21.9% during the forecast period.
Browse 69 market data Tables and 44 Figures spread through 128 Pages and in-depth TOC on "Audio Communication Monitoring Market"
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The market report defines and segments the audio communication monitoring market into various sub-segments with an in-depth analysis and market size estimation. The report also identifies the factors and opportunities driving the market and the restraints, and challenges impacting it, along with the technology roadmap and adoption trends. The report also emphasizes on key adoption trends, evolution of the audio communication monitoring market, future opportunities, and business cases in this market.
MarketsandMarkets broadly segments the Audio Communication Monitoring Solution Market in verticals, such as Banking, Financial Services and Insurance (BFSI), telecommunications and IT, outsourcing, transportation and logistics, government, healthcare, outsourcing services, media and entertainment, and others. Audio communication market is also broadly segmented by solutions and services that include reporting and analytics solution, call recording software and quality analysis solution, audio loudness, metering and monitoring solution, professional services, and support and maintenance services. Audio Communication Monitoring Solution Market is also segmented into various applications of audio communication monitoring, such as law enforcement agencies, internal and sales communication monitoring, commercial and sensitive areas, employee/agent monitoring and multichannel/ broadcast monitoring. The overall audio communication monitoring market has been segmented into regions which includes North America, Europe (EU), Asia-Pacific (APAC), and Rest of the World (RoW).
The major force driving this market is the risk and compliance management around the globe and across verticals. The increasing demand for real-time call monitoring and security has led to the increasing adoption of the audio communication monitoring solution by enterprises and small and medium businesses (SMBs) around the world. As real-time insights create value for businesses, audio communication monitoring help organizations in cutting preventable losses, generating more revenue by increasing operational efficiency, and creating new opportunities. These factors have resulted in an increasing demand for audio communication monitoring to analyze critical business situations as soon as they occur.
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Companies such as Nice Systems (Israel), Cisco Systems (U.S.), IBM (U.S.), Nectar Services Corp (U.S.), and Nexidia, Inc. (U.S.) are some of the active key players in the market. These players are strengthening their grounds in the highly competitive market through new product developments to build feature-rich solutions and attain better market visibility. Companies in this market are building up strategic partnerships to combine individual offerings into a multi-faceted solution suite for the expanding customer base.
There are various assumptions that have been taken into consideration for the market forecast and analysis. Few of the global assumptions include political, social, technological and economic factors; for example, exchange rates, one of the economic factors, are expected to have moderate rating of impact on this market. Therefore, dollar fluctuations are expected to not seriously affect the forecasts in the emerging APAC regions.
MarketsandMarkets forecasts the Audio Communication Monitoring Solution Market to grow from USD 795.4 Million in 2015 to USD 2,145.3 Million in 2020, at a CAGR of 21.9% during the forecast period. In terms of regions, North America is expected to be the biggest market in terms of revenue contribution, while APAC is expected to experience increased market traction, during the forecast period.
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