First introduced into the contact center market in 2004, speech analytics is one of the fastest growing contact center technology sectors. The market grew from 25 commercial speech analytics implementations at the end of 2004 to 1,764 at the end of 2008, yielding a five-year compounded annual growth rate of 190 percent. Speech analytics continues to grow at a rapid rate, despite the recession, because of its ability to help enterprises provide an outstanding customer experience, cut costs, retain customers and minimize risk. DMG Consulting predicts that this market will continue to grow year-over–year—45 percent in 2009, 40 percent in 2010, 42 percent in 2011, 32 percent in 2012, and 25 percent in 2013.
•The speech analytics market outperformed the great majority of contact center and IT segments during 2008; stellar results are expected again in 2009.
•The number of speech analytics implementations increased by 42 percent, from 1,242 in 2007 to 1,764 in 2008.
•Vendors are responding to customers by developing and delivering practical, well-packaged and increasingly actionable solutions.
•There is an opportunity to speed up adoption of speech analytics by making these solutions easier to implement and manage without requiring a great deal of tuning or ongoing manual effort.
•The majority of current adopters of speech analytics are visionaries, although innovations and new simplified products are making it easier for smaller and less technically advanced contact centers to take advantage of the these solutions.
•As of the end of 2008, speech analytics solutions from NICE accounted for 37 percent of all contact center/enterprise speech analytics implementations, with Verint representing 31.7 percent and Autonomy etalk 14.3 percent. These workforce optimization vendors have a major sales advantage over the stand-alone speech analytics vendors because they have a large installed customer base to which they can up-sell.
•DMG predicts the market will grow 57 percent in 2009, 40 percent in 2010, 42 percent in 2011, 32 percent in 2012, and 25 percent in 2013.