DMG Consulting LLC, a provider of contact center and real-time analytics research, market analysis, business strategy, operations and technology consulting services, has published the 2008 Speech Analytics Market Report. A comprehensive and timely guide to this growing market, this report examines this technology and its impact on the market and customers. According to this report, the speech analytics market grew by a significant 106 percent in 2007, producing a four-year compounded annual growth rate (CAGR) of 268 percent.
DMG has forecasted continued market expansion at a rate of 70 percent in 2008 and 50 percent in 2009, regardless of the challenging economic conditions. The market is growing rapidly and there are now 22 competitors as well as many new entrants that are planning to introduce solutions within the next few months.
A great deal of attention has been placed on speech analytics as it has a proven ability to provide enterprises with insights into customer needs and wants. This ability is translating into significant productivity savings for contact centers, as well as increased customer retention and revenue for enterprises.
“The incredible growth in speech analytics usage is evidence of the growing realization that enterprises need more insight into their customers’ preferences and behavior,” says Donna Fluss, president of DMG Consulting, in a company statement.
“A better understanding of customer behavior will help enterprises enhance the customer experience and improve customer loyalty. Speech analytics solutions deliver quantifiable benefits that improve productivity, customer retention and loyalty, yielding one of the more rapid and compelling ROIs among contact center applications.”
Contact centers are growing in importance for organizations around the world as customers are demanding more in terms of customer service. The challenge is that these centers also cost money and in slower economic times, the organization must be able to extract more from this division than just…