Speech Analytics: Soon to Be a $2.5 Billion Market
According to the new report Global Speech Analytics Market, published by KBV research, the international market size for speech analytics technology is expected to reach $2.5 billion by 2023, rising at a market growth of 17%.
Why is this happening? At the contact center the answer is obvious: merging call recording with speech analytics can significantly boost lead conversion rates, as well as increase customer retention levels. At the same time, it’s a way to be 100% assured that agents are always in compliance with federal and industry regulations.
Speech analytics generates automated alerts triggered by voice data, whether that’s the use of profanity, or the word “cancel,” or the mention of a specific new product or service. By being alerted to these calls in real time, managers can react in time to impact their outcome, which could mean the difference between keeping and losing a customer.
In addition, with speech analytics integrated into a call recording solution, the contact center can link customer feedback with specific customer interactions; that means you are not working from a random sampling, but with a subset of calls that have been flagged as important because of the key words or phrases used by the customer.
Sure, some of this data might eventually be collected through call recording alone. But time is money in business, and with speech analytics this vital information can be accessed far more quickly, and is more detailed as well. Now managers can delve into caller patterns that will further refine the company’s customer service efforts. What used to take weeks can now be achieved in just minutes.
These are just some of the reasons why the market is growing so quickly. If it’s time you took a closer look at this technology, please check out Monet Analytics. You can find more information here, or schedule a live demo to see Monet Analytics in action.
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