Speech analytics is growing as a top contact center technology today, despite economic conditions because it helps enterprises provide an outstanding customer experience, cut costs, retain customers and minimize risk, market research firm DMG Consulting reported.
According to the “2009 - 2010 Speech Analytics Market Report,” the speech analytics market grew from 25 commercial implementations in 2004 to 1,764 by the end of 2008. This growth represents a five-year compounded annual growth rate of 190 percent.
"Speech/interaction analytics' ability to convert unstructured customer conversations and communications into actionable structured insights make these applications extremely beneficial for organizations of all size,” said Donna Fluss, president of DMG Consulting.
As for the future, Fluss noted that “DMG predicts at least 25 to 30 percent of all contact center seats will have speech analytics within the next five to seven years."
Also, DMG predicts the market continue grow year-over-year. Specifically, the market research firm predicts it will grow 45 percent in 2009, 40 percent in 2010, 42 percent in 2011, 32 percent in 2012 and 25 percent in 2013.
Speech analytics make use of speech recognition technology to assess the behavior of customers in traditional or automated call centers.
Loquendo (News - Alert), a Turin, Italy-based provider of speech technologies offers solutions that understand a large-scale vocabulary and are multi-lingual and speaker-independent. Currently available in 27 languages with 65 voices, the company’s speech offerings help improve customer satisfaction and reduce costs.
For more, check out the Speech Recognition and Text to Speech channel on TMCnet.
Stefania Viscusi is an assignment editor for TMCnet, covering voice and Voice over IP technologies. She also oversees production of TMCnet's e-Newsletters in the areas of Internet telephony and speech technology. To read more of Stefania's articles, please visit her columnist page.
Edited by Stefania Viscusi