Investment in speech analytics set to doubleby
In its report entitled ‘Emerging technology to business solution: the evolving speech analytics market’, the researcher predicted that the sector would grow in value from about $95 million in 2009 to $180 million by 2014, a compound annual rate of 13.5%.
Although the technology was still in the early adoption phase, it would grow in importance as businesses started understanding how they might use it to enhance their customer processes and boost loyalty.
Aphrodite Brinsmead, an analyst at Ovum and the report’s author, said: "Companies have shown significantly more interest in the technology as they begin to understand the business case. Consequently, they can now justify the costs despite tightening IT budgets."
The situation had been helped by vendor education programmes, the provision of flexible pricing options and scaled-down versions of systems, thus making the technology more accessible, she added.
But Brinsmead also pointed out that the high forecast growth levels would come from only a small base of early adopters and speech analytics was "unlikely to become a core, must-have technology like call recording or quality management any time soon".
"Although the principal uses for speech analytics – categorising calls and finding issues – could prove useful for any organisation, the technology is not yet essential for a call centre to function," Brinsmead said.