How can artificial intelligence help shape the future of collections?
AI can play a vital role in the collections strategy. CallMiner’s Rick Britt, VP of AI, will explore how at Credit Connects Online Collections Technol...
The Team at CallMiner
February 07, 2014
A new report from Frost & Sullivan indicates, while the cloud-based contact center market is at an early stage of growth in Australia, it is expected to experience a compound annual growth rate (CAGR) of 38.9% through 2019. According to Frost & Sullivan, this growth can be attributed to a small market base and an increased demand from organizations adopting cloud-based contact center solutions.
“Organizations are increasingly evaluating alternative solutions offering similar capabilities with more flexible deployment and payment models,” says Audrey William, head of research in Frost & Sullivan’s Australia/New Zealand ICT Practice, in a DestinationCRM article about the research findings. “This is driving demand for hosted and hybrid solutions.”
Despite the increased demand, DestinationCRM reports that many organizations have reliability, security, and availability concerns with regard to fully cloud-based contact center solutions. These concerns will be mitigated as the market matures, attracting new entrants, increasing competition, and improving market understanding of cloud-based solutions, claims Frost & Sullivan.
Frost & Sullivan’s research also predicts a CAGR of 6.2% for the on-premises contact center market through 2019, claiming performance optimization, quality management, and multimedia applications continue to be the primary drivers of growth.
Moving the contact center to the cloud can have several benefits – the most important of which relates directly to the quality of speech analytics: recording. When companies move to cloud-based recording, the voice signal is moving through the telco network, not an on-premise recorder, so the audio is much clearer and speaker-separated. Audio is captured and stored in a native format, meaning each speaker is in a separate file and each file is uncompressed. The difference of having speaker separated audio that is uncompressed is huge; upwards of 45% more accuracy on speech recognition than using traditional call recording technologies.
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