The speech analytics market has hit global headlines this month, as research into its growth has been released by multinational market research firm, MarketsandMarkets. Figures indicate that the speech analytics market is estimated to grow from USD 589.1 million in 2015 to USD 1.60 billion by 2020. This represents an estimated Compound Annual Growth Rate (CAGR) of 22.0% from 2015 to 2020.
Speech analytics solutions are expected to dominate the contact centre industry in the next four years. It’s likely that the rise in demand for speech analytics technology is due to the need to decipher customer interaction data; and the need to best utilise the hidden insights that this data can reveal.
Some other factors driving the demand for speech analytics solutions include:
• A global rise in the number of call centres
• The ongoing need for better Customer Relationship Management (CRM)
• The importance of customer feedback
• Product development
• Increasingly competitive organisations
• More stringent compliance regulations
This research suggests that the speech analytics market is expected to gain high traction during the forecast period. This is an extremely positive trend, and the Daviker team fully expect to see it realised in the coming years.
Competition and the importance of voice driving demand
The increased importance of voice in a multichannel world is driving demand for this technology, and technological advances are making it accessible to more and more organisations than ever before. Solutions can be tailored to a company’s size, needs and workforce, so that the software works efficiently and cost-effectively in every application.
Organisations worldwide are becoming more competitive, with an increased focus on improving customer service. Speech analytics can improve the customer experience in a number of ways, including uncovering and solving problems that create inefficient calls. The software can also reveal insights on customer behaviours and preferences, allowing agents to better target offers. Real-time speech analytics applications can be used to create personalized up-sell and cross-sell opportunities that meet a customer’s specific needs – improving customer service and also boosting a business’ bottom line.
If you would like to discuss speech analytics for your business, please contact the team on 0843 634 5846.