Information and Communication Technology Market
05 Jan 2022 • by Natalie Aster
Technological up-gradation and innovation in the Telecom & IT market has accelerated dramatically and it now encompasses a more diverse universe of players than ever before. In the current market environment to cope with competition, incumbent Telcos are undergoing sea change internally and externally by forces such as regulatory changes, changing trends in consumer demand, digital content and newer technologies. This transformation requires large investments in next-gen services deployment and also a primary shift in the Telco approach and business model.
Today, Telecom & IT market includes software, hardware, internet, telephony and content, application and support service provided by entities ranging from corporate top notch to startup entrepreneurs to individual developers and open-source networks. The relevant content & applications are integral parts of the value proposition. Every company in the Telecom and IT industry is looking for unmet markets, with newer products, with improved feature. Simultaneously, we see social data explosion being the number one concern of CIOs and CMOs worldwide. Social conversation and networking are giving marketers a continuous stream of inbound data, but marketers need sophisticated investigative and analytical capabilities to classify, examine and generate patterns from all the digital redundancy. Enterprises and product teams have to not just analysis market requirements but continuously track competitors for better awareness of the market.
Telecom & IT group at MarketsandMarkets conducts extensive market studies and delivers syndicated reports and undertakes consulting assignments for the dynamic ICT markets and industry needs. Our major focus areas are mobile & wireless technologies, communication services, telco operations, infrastructure, information and network security, high-tech, enterprise and consumer IT. Telecom & IT analysts also focus on analyzing emerging trends such as customer intelligence, social data, transformations, smart markets, convergence, mobile apps, Green IT and mobility. Our report expertise includes assessing new market opportunities & market sizing, identifying and evaluating complex global value chains (including key drivers, restraints and winning strategies).
We have also expertise in raw material tracking and analysis, cost, price trends & forecasting. We have a dedicated team for analyzing company profiles and competitive landscape on an on-going basis. All our reports cover major geographies like North America, Europe, Asia Pacific (includes Japan) and emerging economies in Asia and Latin America. With a wide range of ICT industry reports and expertise in tracking & analyzing the industry activities on regular basis, our research and analysis team makes comprehensive reports independently and also in collaboration with subject matter experts. We have access to industry recognized secondary databases which helps us to give accurate and authentic information about key industry trends. Our reports capture in-depth strategic insights on crucial topics which helps our clients make their informed decisions.
The new publications:
- Lawful Interception Market - Global Forecast to 2026
- Speech Analytics Market - Global Forecast to 2026
- Streaming Analytics Market - Global Forecast to 2026
- Data Center Infrastructure Management Market - Global Forecast to 2026
- Mobile Mapping Market - Global Forecast to 2026
- IoT in Smart Cities Market - Global Forecast to 2026
The global lawful interception market size is expected to grow USD 3.5 billion in 2021 to USD 12.9 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 29.3% during the forecast period. The Lawful interception market is growing due to the rapid adoption of advanced technologies.
COVID-19 impact analysis on the market
The pandemic has significantly impacted law enforcement agencies and their operations, the field of the patterns of preparedness, changes in operations, adjustments to training, and civilian workforce effects. The International Association of Chiefs of Police (IACP) and the Center for Evidence-Based Crime Policy (CEBCP) at George Mason University partnered on a multi-wave panel survey to document the impacts of COVID-19 on law enforcement agencies in the United States and Canada.
Speech analytics is a software tool that automates the overall process of delivering insights from customer interactions. It extracts valuable information from multiple customer conversations; decision-makers can use this real-time information to make better decisions. Nowadays, speech analytics solutions can sift through unstructured call data (human voice interactions) to identify the probable causes of failure and success as well as identify relationships. These solutions provide a complete analysis of speaker separation, customer discontent, root-cause analysis, call-topic, and visual context for enhanced customer experience.
The global Speech Analytics market size to grow from USD 1.8 billion in 2021 to USD 4.5 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 20.5% during the forecast period. The major factors driving the growth of the speech analytics market are the growing demand for monitoring and improving agent performance and the increasing demand for voice authentication in mobile banking applications during COVID-19. The use of AI and ML-based technologies to facilitate real-time actionable customer insights and the rise in the need to predict customer intent and behavior are the major factors adding value to speech analytics offerings. This, in turn, provides opportunities for enterprises operating in various verticals in the speech analytics market. Cloud adoption is said to have increased in recent times because vendors are using Software-as-a-Service (SaaS) to deliver cloud-based solutions. Business users are always on the lookout to ensure they provide the most effective yet economical solutions. Cloud-based solutions can outsource the operational IT work to another company. The complex data ecosystem leading to data breaches and security issues, and the lack of a skilled workforce to articulate business opportunities may hinder the overall growth of the speech analytics market.
During the pandemic, various companies experienced a significant increase in pressure from customers, while their number of available employees decreased. Various contact centers could not cope with the demand or closed because of lockdown restrictions leading to long delays in customer service queries, which significantly affected the customer experience. As businesses develop a more strategic approach that delivers resilience into operations through flexibility and scalability while at the same time working to improve operational efficiencies; hence, speech analytics is rising to the forefront of technology enablers. Data analytics application builders seek medical speech recognition capabilities that help them efficiently and accurately transcribe video and audio containing the COVID-19 terminology into text for downstream analytics. For instance, Verint offers a free COVID-19 category and 12 additional business impact categories for speech analytics.
COVID-19 impact analysis on the market
During the pandemic, various companies experienced a significant increase in pressure from customers, while their number of available employees decreased. Various contact centers could not cope with the demand or closed because of lockdown restrictions leading to long delays in customer service queries, which significantly affected the customer experience. As businesses develop a more strategic approach that delivers resilience into operations through flexibility and scalability while at the same time working to improve operational efficiencies; hence, speech analytics is rising to the forefront of technology enablers. Data analytics application builders seek medical speech recognition capabilities that help them efficiently and accurately transcribe video and audio containing the COVID-19 terminology into text for downstream analytics. For instance, Verint offers a free COVID-19 category and 12 additional business impact categories for speech analytics.
The streaming analytics size is projected to grow from USD 15.4 billion in 2021 to 50.1 USD billion in 2026, at a Compound Annual Growth Rate (CAGR) of 26.5% during the forecast period. The Streaming analytics industry is driven increased digitalization and emerging technologies such as big data, IoT, and AI to drive the market growth. However, Strategic shift toward accurate real-time forecasts and rising data connectivity through hybrid and multi-cloud environments further contributes to the growth of the Streaming analytics market.
Impact of Covid-19 on market
COVID-19 can have three major effects on the global economy: COVID-19 can have three major effects on the global economy: directly impacting production and demand, causing supply chain and market disruption, and having a financial impact on businesses and financial markets. The COVID-19 outbreak has a positive impact on the growth of the streaming analytics market, as the adoption of streaming analytics is increased to understand the impact of COVID-19 on the economy.
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