13 Things You Didn’t Know About Speech Analytics

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Speech analytics, as we’ve written about previously, can significantly improve call center operations by unlocking valuable data that can help determine likelihood of conversion, drive better quality leads, and provide an opportunity to engage with missed opportunities. By immediately revealing insights from automated analysis of communications between agents and customers, speech technology also provides contact center managers and supervisors with data they can use to determine where their agents excel and where they need improvement, ultimately improving both their performance and the customer’s experience.

So that’s what we know about speech analytics. But what about some of the things we don’t know? We scoured the Internet and came up with a list of statistics to bring to light some of the lesser known facts about speech analytics. Enjoy!

 

History of Speech Analytics

1)     The first speech analytics products became available for commercial purposes back in 2002; subsequent years have been characterized by steady double-digit growth (Tweet This)

2)     There were only 25 traceable speech analytics implementations in 2004; by 2013, that number had jumped to 3,170 (Tweet This)

 

Speech Analytics Growth

3)     Speech analytics is estimated to be a $214 million market today (Tweet This)

4)     The speech analytics market is projected to grow by 20% in 2014 (Tweet This)

5)     90% of all customer conversations are still happening on the phone despite changes in the digital world (Tweet This)

 

Multi-Channel Speech Analytics

6)     Just 15% of call center agents report they’re able to easily track customers across multiple channels (Tweet This)

7)     65% of businesses today use at least six channels to engage their customers (Tweet This)

8)     Nearly all (94%) of businesses currently use or are planning to use voice as part of their multi-channel contact center efforts (Tweet This)

9)     There are more than 56 million hours’ worth of phone conversations that occur each day, equaling about 420 billion words spoken (Tweet This)

 

Speech Analytics Benefits

10)  94% of businesses consider voice interactions to be an integral part of their customer care programs (Tweet This)

11)  Research shows that 77% of speech analytics users can automatically monitor customer satisfaction results to identify and re-engage unhappy clients (Tweet This)

12)  Speaker separated audio in the cloud can lead to 45% more accuracy on speech recognition than using traditional call recording technologies (Tweet This)

13)  Nearly a quarter of organizations (24%) use speech analytics solutions (Tweet This)

 

Final Thoughts

If one thing’s clear from the above statistics, it’s this: Adoption of speech analytics technology, which can provide companies with tremendous business value, is on the rise. Jim Davies, research director at Gartner, confirms this point in a My Customer article:

“During a recent strategy day with a client, I was asked to document and report on what clients were asking about, and it blew me away the increase in calls related to speech analytics I had received in 2013,” he notes. “It has gone nuts. In that slice of what I do, about a quarter of calls are now linked to speech analytics, whereas a year or two ago it might only have been a couple of percent.”

What’s missing from our list of speech analytics statistics? What statistics would you add to this list?

 

Image Credit: ©iStockphoto.com/KIVILCIM PINAR

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