The rapidly diverse mobile channels in the workplace and changing regulations that require to record voice calls have been forcing companies in many sectors to invest heavily in enterprise call recording solutions. According to Zion Market Research, the global audio communication monitoring market was valued at approximately USD 926.62 million in 2016 and is expected to reach approximately USD 3,040.36 million by 2022, growing at a CAGR of around 22.02% between 2017 and 2022.
Such massive investments in call recording technologies are not only to ensure full adherence of the employees on corporate communication policies. With more stringent recordkeeping regulations from NARA, FINRA, and MIFID II, these technologies also help companies to avoid hefty charges and significant penalties which can run into hundreds of millions of dollars.
To give you a glimpse of the latest trends in voice call recording solutions market, we detail in this infographic the latest industry insights, statistics, and figures about call recording landscape.
Key Industry Insights
- North America is holding the largest market share of voice call monitoring and recording market in terms of revenue as well as volume due to the advancement of technology such as improved call recording system.
- Europe is the second largest market for voice call monitoring system due to the increase in adoption of an audio communication recording systems in healthcare and banking and financial services industry.
- In the U.K. more and more retail banks are on board,and others are seeking to improve their internal practices, resulting in a mobile phone recording market set to expand to a potential 1.2 million people.
Call Recording Compliance Trends
- 64% of companies deploy an archiving solution such as call recording software in order to efficiently respond to legal discovery requests and compliance audits.
- 62% of companies state that archiving mobile communications such as voice calls helps them ensure compliance with government and internal records retention policies.
- 32% of companies state that they are expecting to begin capturing and archiving voice call data within the next 2-5 years.
Record Voice Calls Challenges
- Despite having Mobile Device Management (MDM) in place, regulated companies are still facing challenges in recording real-time communications such as voice on devices, primarily due to limitations of their network-level archiving
- Non-EU companies that are required to capture and record voice calls by local regulators still struggle to understand whether or not the GDPR applies to them. This is partially due to some of them not being familiar with the broad notions of personal data and processing under the GDPR.
- Many companies are struggling to use mobile device apps that integrate voice calling with other mobile communications. Cited reasons include that these apps are clunky and hard for users to operate and use “over-the-top” VoIP that has poor quality audio when compared to enterprise-grade apps.
- Finding a call recording solution that is focused on mobile phones is a challenge for most companies with diverse mobile channels in the workplace.
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