Ability to hear the voice of their customer for the sake of providing enhanced experience is a never-ending need for many organizations. Since meeting this need requires listening and interpreting customer feedback, speech analytics continues to stand for a mainstay of successful voice of the customer programs. That is why it is not hard to guess that speech analytics is going to stand the test of time. The findings of a recent industry report also bear out this prediction.
The speech analytics market is estimated to grow from $589.2 million today to $1.6 billion by 2020, at an estimated compounded annual growth rate (CAGR) of 22 percent, according to the latest research from MarketsandMarkets.
The research points out to the fact that even voice is only a component of today’s multichannel world including several other channels like email, chat, social media and surveys; it still continues to be the most common one in terms of customer preferences which explains the reason behind rising demand in speech analytics market.
The increase in customer interaction data through various channels and pressures upon businesses to safeguard their intellectual assets to improve agility and efficiency in business operations are among other factors that contributes to the growth of the market.
According to the research, main application areas of speech analytics among call centers across the globe include customer experience management, agent performance management, compliance management, and to gain market intelligence.
Some other important findings of the research can be listed as;
- Healthcare and life sciences is expected to show the highest growth trends in the market space.
- The solutions segment is expected to have the larger market share than the services segment and is projected to dominate the speech analytics market from 2015 to 2020.
- North America is expected to have the largest market share and dominate the speech analytics market from 2015 to 2020.
- Asia Pacific has growth potential due to rise in technology penetration and larger investments in contact centers.
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