Speech Analytics--Technology Market Penetration and Roadmapping (Technical Insights)
This Frost & Sullivan research service titled Speech Analytics--Technology Market Penetration and Roadmapping analyzes and assesses the diverse factors influencing the developments in Speech analytics domain. It also offers an overview of the current trends related to the speech analytics domain, analysis of technologies behind speech analytics, the technology value chain pertaining to the speech analytics industry, demand-side analysis, analysis of future application scenarios, and insights into technology management and market penetration strategies. In this research, Frost & Sullivan's expert analysts thoroughly examine the following technologies: word spotting, call categorization, root cause analysis, and hybrid methodology.
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Speech Analytics to Emerge an Integral Part of Contact Center Business Intelligence Solutions
With speech analytics’ overwhelming benefits attracting considerable attention from the contact center market, technology developers have been responding to the demand by developing innovative solutions that can extract intelligent information from voice conversations. The technology’s nascence has catapulted market penetration and technology management strategies to the top of speech analytics vendors’ agenda. They will focus on helping contact centers analyze customer behavior and thereby, resolve consumer enquiries expeditiously to improve customer satisfaction and retention. Speech analytics has also received a shot in the arm with the rising importance of business intelligence in a fiercely competitive contact center market. “Speech analytics analyzes recorded calls to extract useful information, classify customer interactions into clusters of company-defined business functions, and ultimately, mine valuable business information,” says the analyst of this research. “This information can enhance operational efficiency, boost customer retention prospects, generate new sales/marketing leads, and launch targeted training programs for contact center agents.”
Being an emerging technology, speech analytics has been experiencing its share of teething problems. Low consumer awareness and the lack of clarity about the quantifiable return on investment (ROI) are dissuading contact centers from making substantial investments in this technology. Vendors could consider targeting different application segments, especially in the small-to-mid-market segments, and tailor their solutions accordingly to bolster adoption rates. Even though speech analytics is primarily a contact center tool for improving the quality of agents and customer support services, they can be used for other applications too, if designed the right way. For example, these solutions could be deployed in the marketing and sales cells of companies for gleaning relevant information. “Organizations can employ speech analytics solutions for analyzing the conversations their sales teams have with clients to gain business intelligence,” notes the analyst. “Using the extracted information, sales and marketing processes could be improved to meet customer expectations.”
Although product differentiation has taken precedence over technology innovation in the speech analytics market so vendors can package technologies around the core business processes of their clients, innovation is still critical. Initially, the focus of technology vendors was technology development and they mostly targeted large organizations. However, with adoption becoming sluggish, vendors are looking to tap new market segments and have been launching solutions stripped down to the needs of small-to-mid-market contact centers. These solutions have been well received, especially when they are innovatively packaged and priced for budget-conscious contact center operators. “Additionally, vendors could consider improving the usability of their products and offer post-sales assistance,” observes the analyst. “They also need to orient their product development and marketing efforts towards the small-to-mid-market contact centers.”
The following technologies are covered in this research:
- Word spotting
- Call categorization
- Root cause analysis
- Hybrid methodology
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