Michele Masterson

Study: Speech Analytics Applications Market Is Poised For Growth

According to new research from DMG Consulting, the speech analytics market is showing gains, and is expected to climb 20 percent this year versus 2012.

The study, 2012-2013 Speech Analytics Product and Market Report, also projects that the market will increase 18 percent in 2014, and 16 percent in 2015.

“With the emergence of real-time speech analytics solutions in 2012, companies across many industries, including collections and healthcare, are now looking to speech analytics to help them meet regulatory, compliance, service and sales goals,” said Donna Fluss, president of DMG Consulting. “These solutions are already helping contact center supervisors improve the outcomes of challenging customer conversations by enabling them to intervene while customers are still on the line, a critical capability in today’s social-media driven world.

DMG predicts that speech analytics is will continue to outperform most IT sectors, as more best practices emerge. While speech analytics has historically been sold primarily to contact centers, these enterprise applications can deliver benefits to all customer-focused departments, and DMG expects to see increasing adoption of speech analytics outside of contact centers in the coming years.

“The way we do business, the way our customers perceive their experiences with us, the way we interact on a moment-by-moment basis are all different today from what they were even a year ago, and they’re continuing to evolve,” said Fluss. “As a result, organizations must take advantage of technology like speech analytics to improve their business decisions and the outcomes of their customer interactions.”