Speech Analytics Market Grows at 106% in Past Year
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West Orange, NJ – September 17, 2008 - DMG Consulting LLC, the leading 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. This is the industry’s most comprehensive and timely guide to this highly valuable and growing market.
The speech analytics market grew by a resounding 106% in 2007, producing a four-year compounded annual growth rate (CAGR) of 268%. DMG forecasts continued market expansion at a rate of 70% in 2008, and 50% in 2009, despite challenging economic conditions. This market is growing rapidly; there are now 22 competitors, and many new entrants are planning to introduce solutions within the next few months.
Speech analytics is attracting a great deal of attention because of its proven ability to provide enterprises with insights into customer needs and wants. This is translating into significant productivity savings for contact centers, and 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. “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.”
The 2008 Speech Analytics Market Report is the definitive guide to this dynamic and fast-growing market. This year’s Report, the third annual edition, features detailed information about the market, vendors, technology, products, capabilities, current and future uses, trends, competitive landscape, benefits and ROI, market share and pricing. It also features customer satisfaction scores and feedback about the vendors and their products, as well as implementation best practices to make your project a success. This Report provides everything you need to understand this important technology segment so that you can select the right product and rapidly realize significant and quantifiable benefits.
The 2008 edition of the Report provides an in-depth analysis of all 8 primary speech analytics solution providers: Autonomy etalk, CallMiner, eLoyalty, Nexidia, NICE Systems, SER, UTOPY, and Verint Systems. Additionally, DMG has expanded its coverage to include 14 other vendors that either partner with the primary solution providers, offer an emotion detection application, use speech analytics for broader customer experience analysis, or are planning to release a solution in the next few months.
The 2008 Speech Analytics Market Report is a must-have for all enterprises looking for a strategic advantage. This Report explains how to use the insights embedded in customer interactions to provide an outstanding customer experience, reduce operating expenses, increase customer loyalty and generate incremental revenue.
About DMG Consulting LLC
DMG Consulting LLC is an advisory and consulting firm specializing in contact centers and real-time analytics. We are a strategic advisor to end users and vendors, large and small and the financial community. Our mission is to help our clients build world-class contact centers by leveraging technology, process and people. We assist management in optimizing the performance of their contact centers by increasing operational efficiency, providing an outstanding customer experience, enhancing loyalty and increasing sales and profits. And, we help vendors develop products and services that deliver differentiated innovation and benefits that suit the current and future needs of end users.
DMG Consulting is also the leading provider of industry research for many segments of the contact center market, including: Quality Management/Liability Recording, Speech Analytics, Contact Center Performance Management, Surveying, Workforce Management, Contact Center Outsourcing and Hosted Contact Center Infrastructure Solutions. DMG Consulting is a leading contributor to contact center, CRM and general business publications around the world. DMG Consulting publishes 2 to 3 articles monthly that are read by over 1 million readers around the globe.