Speech Analytics Is on the Rise
Based on the market's rate of growth since 2004, contact center and analytics research firm DMG Consulting expects the speech analytics market to double in 2007 and then again in 2008, the firm concluded in a new report released Monday.
In the 2007 Speech Analytics Market Report, DMG explains that the market has grown from 25 implementations in 2004 to 603 in 2006. That averages out to a 391 percent annual growth rate. Worldwide, these implementations account for 1.47 percent, with 95 percent of all seats in North America.
"This report brings transparency to a new and emerging market. It takes the mystery out of a new and emerging market. It helps people understand how real this market is. By bringing transparency, we bring credibility to this market and any market that we cover due to the shear amount of time and energy we put into uncovering, understanding, analyzing, and explaining the technology market to the general marketplace," says Donna Fluss, president of DMG Consulting.
The report also contains eight customer success stories that demonstrate the quantifiable benefits of speech analytics implementations. The benefits for these case studies range from $290,000 to $4.5 million in savings per year. Enterprises that have implemented solutions have experienced productivity gains, new product identification, up-sell opportunities, reduced agent and supervisor staffing, and increased customer and employee satisfaction.
"When a market emerges there is generally a question of is this a real market, what is the value of the market, what are the applications, are they any good, what do they do. We are answering those questions for the marketplace. The reason we dedicate this kind of time—1,500 hours—is because we think speech analytics will contribute significantly to all areas of enterprises because it structures the unstructured. There is no similar application like this in enterprises today," she continues.
"In my almost 24 years, I have never seen an application that I thought could not only contribute to the contact center but to the enterprise overall. I have never seen anything as this application. The potential for this application is huge, and the market is clearly recognizing that potential," Fluss concludes.