QY Research valued the global speech analytics market at $950 million last year and expects it to grow at a compound annual rate of 13.8 percent through 2025. Speech analytics, QY Research says, has become increasingly popular among businesses because of the huge amount of data produced as a result of rising call volume.
In fact, Jeff Gallino, founder and chief technology officer at CallMiner, says basic speech analytics will be table stakes for companies in 2020.
The Year in Review
The past year saw speech analytics adoption move up significantly, with the solution being adopted much more than text analytics, according to Donna Fluss, founder and president of DMG Consulting. “More and more companies are using both digital and speech analytics as well as text analytics. It’s a highly valuable resource.”
Additionally, there was a noticeable increase in speech analytic applications, such as “next best action,” according to Fluss. Next best action can alert contact center agents when to escalate calls to managers, before callers get frustrated enough to ask for the transfer. By escalating calls more quickly, call times can be shorter and customer dissatisfaction can be kept at bay.