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DMG Consulting LLC Speech Analytics Market Report

DMG Consulting LLC

Presented By: DMG Consulting LLC

The 2017-2018 Speech Analytics Product and Market Report, DMG Consulting’s twelfth annual edition, provides the most comprehensive and thorough review and analysis of the competitors, products, features, pricing, payback, and trends and challenges in the speech analytics market. DMG’s coverage of this sector is unparalleled, and the Report is designed to enable end-user organizations to understand this complex market and make the right choice of product and partner for their unique environment. The Report focuses on applications of speech analytics in contact centers, but it also explores the broader use of this technology in a growing number of enterprise-wide activities.

The speech analytics market has reached maturity. These solutions are being used by contact centers to convert unstructured phone conversations into structured data that yields a wealth of information about customer needs and expectations. Speech analytics also uncovers enterprise-wide  trends and challenges, providing tactical and strategic information that can be used to enhance all aspects of an organization, beyond the contact center.  Currently, there are two categories of speech analytics vendors in the market: a large group of competitors who sell basic applications that focus on identifying key words and phrases, and a smaller set of feature-rich solution providers who offer extensive  business intelligence platforms that provide enterprise-level data.

The future of the speech analytics is positive. Adoption remains strong, and there is still a significant unpenetrated market for the stand-alone solutions. An even greater opportunity exists for vendors to deliver solutions that are cloud-based and address both speech and text interactions. These solutions make major contributions to enterprises when combined within other applications for sales, marketing, collections and the customer journey.

Analytics-enabled quality assurance (AQA) is another area where speech analytics can make valuable contributions. Using automation to evaluate and track agents’ activities in voice interactions is an effective way to improve contact center QA programs.  Having visibility into these transactions enables a company to monitor agents, understand why customers are contacting the company, and improve service quality and agent satisfaction. Traditional QA is people-intensive, subjective and expensive. Speech analytics has the ability to evaluate all voice contacts and provide statistically relevant results that can be used to identify and address customer and agent issues.

The next step for speech analytics is to enter the world of data science. DMG expects leading vendors to design new algorithms targeted at a variety of enterprise issues. In the future, artificial intelligence (AI) will be used to enhance the ability of speech analytics to identify issues and recommend ways to address them. Machine learning is starting to be used to enable these solutions to quantify the impact of new trends and issues with minimal human intervention. The opportunities and benefits are substantial for vendors and end users. Companies that take speech analytics seriously, and invest in the resources and best practices to build an effective program are realizing significant benefits.

The speech and text analytics offerings in the market are not all equal. Prospects must carefully evaluate the speech and text analytics solutions to be sure that they have all of the features and capabilities that are necessary for their specific environment. The 2017 – 2018 Speech Analytics Product and Market Report is intended to help contact center, IT and enterprise leaders and managers select the right partner to meet their organization’s current and future speech analytics needs.

Report Highlights:

The speech analytics market is mature: After 14 years in the commercial market, speech analytics has reached maturity, but the solutions have not become commoditized. Some solutions are business intelligence platforms that are feature-rich, while many others deliver basic functionality that concentrates on identifying  key words and phrases and finding rudimentary patterns.

There is still substantial opportunity for growth in the speech analytics market and an untapped market for text analytics: Although adoption of speech analytics solutions continues to be strong, the addressable market is still large. It’s time for a technology refresh cycle, and to open up the opportunity for solutions that address speech and text analytics.

The contributions of speech analytics will increase as these capabilities are incorporated into other applications: Speech analytics applications are highly valuable on a stand-alone basis, and their benefits increase as findings are incorporated into third-party applications and processes. This is particularly true for customer journey and interaction analytics solutions, where speech analytics can contribute great insights and provide context about customer needs and wants.

The next step for speech analytics is to enter the world of data science: Some speech analytics solutions have already begun to incorporate machine learning techniques to enhance their ability to identify and analyze findings with minimal human intervention. A new round of investments in artificial intelligence will also make significant contributions and improvements to speech and text analytics solutions.