2023-2024 Interaction Analytics for the Enterprise

Description

List of Tables

The interaction analytics market is 20 years old, but instead of slowing down, enterprise-wide adoption is rapidly expanding as vendors offer more effective solutions that provide actionable insights about the customer journey.

The importance, value, and benefits of interaction analytics (IA) cannot be overstated and are well-known in contact centers, where these solutions are regarded as essential. Today, the use of IA applications is growing throughout enterprises due to their ability to deliver relevant findings that can be used to improve the customer and employee experience (CX, EX). IA vendors are investing in artificial intelligence (AI) technologies to provide advanced offerings that more effectively identify customer intents, provide real-time guidance (RTG) to agents, predict customer satisfaction and propensities, automatically evaluate interaction quality, and much more. It's no wonder the IA market is expected to continue its aggressive growth trajectory.

7 vendors offering IA as part of a broader WEM suite or as a best-of-breed solution are analyzed in the Report:

Calabrio
CallMiner
NICE
OnviSource

Sestek
Verint
Xdroid

KEY TAKEAWAYS

20 years and getting better every day as advancements in AI, automation, and integration move IA applications from practical to powerfully predictive.
Generative AI is making major contributions to IA solutions by improving findings, enhancing system usability, and simplifying and speeding up system implementation.
Real-time IA-enabled capabilities are providing in-the-moment guidance to customer-facing employees enabling them to take the correct actions during every conversation
Guidance, transcription, and after-interaction summarization are just the beginning for real-time IA as these solutions see broader enterprise-wide adoption.
The time is right for analytics-enabled quality management (AQM) , and companies need to replace traditional QM solutions with automated applications that can review, score, and provide insights on 100% of interactions to improve the CX, EX, and productivity.
IA is being embedded into third-party applications to extend the value and contributions of these solutions (e.g., marketing, sales, call tracking, collections, customer journey analytics, and more).

Comprehensive IA solutions can include:

Omnichannel recording
Indexing
Search, retrieval, and playback
Query builder tools
Automated categorization
Concept extraction
Speaker separation
Conversation analysis
Transcription
Emotion detection
Sentiment analysis
Automated discovery
Trend analysis
Root-case analysis
Redaction
Training/tuning for accuracy
Reporting and dashboards
Real-time/historical alerts
Analytics-enabled QM
Real-time guidance
Real-time coaching

Interaction Analytics Vendor Performance

The IA sector is experiencing the strongest growth in its 20-year history. This Report provides a detailed market share analysis for the past year, along with trends for the prior 7 years. The Report analyzes market activity based on seats and customers for 19 leading, contending, and emerging IA competitors.

This Report is intended to help contact center and enterprise leaders and managers in small, mid- size, and large companies select the right solution, technology, functionality, and partner to meet their organization's current and future interaction analytics needs.

Historical and Real-Time IA - What's the Difference?

Historical IA is primarily used to analyze results across the contact center or enterprise to identify high-level patterns and opportunities that impact company performance in a wide range of areas, e.g., products, services, procedures, employees, partners, and systems. It's generally utilized to analyze the contact center's performance at an aggregate level down to each agent.

Real-time IA applications provide interaction insights as they take place. This includes the ability to dispense real-time feedback, guidance, and coaching to employees while the interaction is ongoing, enabling them to take corrective action to alter the outcome of the conversation.

DMG Consulting LLC's “Interaction Analytics for the Enterprise” report focuses on enterprise-wide IA uses in addition to contact centers. This Report provides a comprehensive and insightful analysis of the IA market, competitive landscape, products, innovation, pricing, and more, as well as market and business trends and challenges.

The Report examines recent market activity and provides 5-year growth projections. It also explores customer satisfaction with vendors, product capabilities and product effectiveness, and offers implementation and operational best practices to help users realize an ongoing return on their investment.

Report Highlights

Interaction analytics explained, top uses for historical and real-time IA, and a high-level overview of the primary functional capabilities
Market, business, and technology trends, challenges, and opportunities driving product innovation and influencing enterprise investments
Vendor innovation, including recently released and planned feature and functionality enhancements
A look at how AI is transforming IA into a business intelligence offering
How IA is uniquely positioned to capture many aspects of the customer journey, including how the EX directly impacts the CX
Why AQM is substantially better than traditional QM methods and how it enhances agent coaching and engagement
Market activity, market share analysis, and 5-year projections
Review and assessment of the IA competitive landscape
Implementation analysis and return on investment timeframes for historical IA, real-time IA, AQM, and RTG applications
Pricing comparison and analysis for a 250-seat cloud-based IA implementation
Comprehensive vendor satisfaction survey
Detailed company reports for the 7 IA vendors, analyzing their products, functionality, and future product development plans
IA vendor directory

1. Executive Summary

2. Introduction

3. DMG Consulting Research Methodology

3.1. Report Participation Criteria

4. Interaction Analytics Defined

4.1. Historical Interaction Analytics
4.2. Real-time Interaction Analytics
4.3. High-Level Functional Capabilities

5. Interaction Analytics Trends, Challenges, and Opportunities

5.1. Interaction Analytics Trends
5.2. Interaction Analytics Challenges and Opportunities

6. Interaction Analytics Market Innovation

6.1. New Features
6.2. Emerging Capabilities

7. Artificial Intelligence in Interaction Analytics

8. CX Management

8.1. Emotion Detection and Sentiment Analysis

9. AQM: Automate and Elevate QM with Interaction Analytics

10. Everything's Better with Interaction Analytics

10.1. Transcription

11. Interaction Analytics Market Activity Analysis

12. Interaction Analytics Market Projections

13. Interaction Analytics Competitive Landscape

13.1. Company Snapshot
13.2. Product Information Table
- 13.2.1. System Administration
- 13.2.2. Security and Compliance
- 13.2.3. Business Intelligence, Reporting, and Dashboards

14. Implementation and ROI Analysis

15. Interaction Analytics Vendor Satisfaction Survey

15.1. Summary of Survey Findings and Analysis: Vendor Categories
- 15.1.1. Vendor Satisfaction by Category and Customer
15.2. Summary of Survey Findings and Analysis: Interaction Analytics Product Capabilities
- 15.2.1. Interaction Analytics Product Capabilities Satisfaction, by Category and Customer
15.3. Summary of Survey Findings and Analysis: Interaction Analytics Product Effectiveness Categories
- 15.3.1. Interaction Analytics Product Effectiveness Satisfaction, by Category and Customer
15.4. Customer Background and Insights
- 15.4.1. Business Units Using Interaction Analytics Findings
- 15.4.2. Top 3 - 5 Contributions of Interaction Analytics
- 15.4.3. Interaction Analytics Improvements
- 15.4.4. Additional Comments

16. Pricing

16.1. Cloud-Based Pricing

17. Company Reports

17.1. Calabrio
17.2. CallMiner, Inc.
17.3. NICE
17.4. OnviSource
17.5. Sestek
17.6. Verint Systems
17.7. Xdroid

Appendix: Interaction Analytics Directory

Table of Figures

Figure 1: Standard Capabilities of a Full-Featured IA Solution
Figure 2.1: High-Level Functional Summary
Figure 2.2: High-Level Functional Summary
Figure 3: 2023 IA Trends
Figure 4: 2023 IA Challenges
Figure 5: New Product Features
Figure 6: Future Enhancements, by Category
Figure 7: Artificial Intelligence, Machine Learning, and Automation
Figure 8.1: CX Management
Figure 8.2: CX Management
Figure 9.1: Emotion Detection and Sentiment Analysis
Figure 9.2: Emotion Detection and Sentiment Analysis
Figure 10: Omnichannel AQM Improves Accuracy, Efficiency, CX, and EX
Figure 11.1: Analytics-Enabled Quality Management (AQM)
Figure 11.2: Analytics-Enabled Quality Management (AQM)
Figure 12: Enterprise IA Solution
Figure 13.1: Operationalizing IA
Figure 13.2: Operationalizing IA
Figure 14.1: Transcription
Figure 14.2: Transcription
Figure 15: Interaction Analytics Market Activity, as of March 31, 2023
Figure 16: Interaction Analytics Market Share Based on Seats, as of March 2023
Figure 17: Interaction Analytics Customers and Seats by Vendor, 2022 vs. 2021
Figure 18: Interaction Analytics Customer Trends by Vendor, 2016 - 2022
Figure 19: Interaction Analytics Customer Trends by Vendor, 2016 - 2022
Figure 20: Interaction Analytics Seat Trends by Vendor, 2016 - 2022
Figure 21: Interaction Analytics Seat Trends by Vendor, 2016 - 2022
Figure 22: Interaction Analytics Market Growth Projections Based on Seats, 2023 - 2027
Figure 23: IA Competitive Landscape
Figure 24.1: Company Information as of March 31, 2023
Figure 24.2: Company Information as of March 31, 2023
Figure 25: Product Information
Figure 26.1: System Administration/Configuration
Figure 26.2: System Administration/Configuration
Figure 27.1: Security and Compliance
Figure 27.2: Security and Compliance
Figure 28.1: Business Intelligence, Reporting, and Dashboards
Figure 28.2: Business Intelligence, Reporting, and Dashboards
Figure 29.1: Interaction Analytics Implementation and Payback Analysis
Figure 29.2: Interaction Analytics Implementation and Payback Analysis
Figure 30: Customer Survey Rating Categories
Figure 31: Average Vendor Satisfaction Ratings, by Category
Figure 32: Product Satisfaction Ratings, by Customer
Figure 33: Implementation Satisfaction Ratings, by Customer
Figure 34: Professional Services Satisfaction Ratings, by Customer
Figure 35: Training/Workshops Satisfaction Ratings, by Customer
Figure 36: Ongoing Service and Support Satisfaction Ratings, by Customer
Figure 37: Innovation Satisfaction Ratings, by Customer
Figure 38: Responsiveness to Product Enhancement Requests Satisfaction Ratings, by Customer
Figure 39: Communication Satisfaction Ratings, by Customer
Figure 40: Product Pricing Satisfaction Ratings, by Customer
Figure 41: Overall Vendor Satisfaction Ratings, by Customer
Figure 42: Average Interaction Analytics Product Capabilities Satisfaction Ratings, by Category
Figure 43: Speech Analytics Satisfaction Ratings, by Customer
Figure 44: Text Analytics Satisfaction Ratings, by Customer
Figure 45: Real-Time Interaction Analytics Satisfaction Ratings, by Customer
Figure 46: Real-Time Guidance Satisfaction Ratings, by Customer
Figure 47: Analytics-Enabled Quality Management Satisfaction Ratings, by Customer
Figure 48: Emotion Detection Satisfaction Ratings, by Customer
Figure 49: Sentiment Analysis Satisfaction Ratings, by Customer
Figure 50: Transcription Satisfaction Ratings, by Customer
Figure 51: Accuracy Satisfaction Ratings, by Customer
Figure 52: Artificial Intelligence and Machine Learning Satisfaction Ratings, by Customer
Figure 53: Average Interaction Analytics Product Effectiveness Satisfaction Ratings, by Category
Figure 54: Ability to Capture and Analyze Data from all Voice and Digital Interactions Satisfaction Ratings, by Customer
Figure 55: Ability to Identify Customer Intents Satisfaction Ratings, by Customer
Figure 56: Ability to Conduct Automated Discovery and Root Cause Analysis Satisfaction Ratings, by Customer
Figure 57: Ability to Provide Actionable Insights and Findings for all Customer-Facing Departments Satisfaction Ratings, by Customer
Figure 58: Ability to Automate Post-Interaction Wrap-Up and Follow-Up Activities Satisfaction Ratings, by Customer
Figure 59: Ability to Capture the Voice of the Customer Satisfaction Ratings, by Customer
Figure 60: Ability to Identify Pain Points in the Customer Journey Satisfaction Ratings, by Customer
Figure 61: Ability to Improve the Customer Experience Satisfaction Ratings, by Customer
Figure 62: Ability to Enhance Agent Performance Satisfaction Ratings, by Customer
Figure 63: Business Units Using the Findings from IA
Figure 64: Top 3 - 5 Contributions of IA
Figure 65: IA Improvements
Figure 66: Additional Comments about Your Experience with the Vendor and/or Product.
Figure 67: Pricing for a 250-Seat Cloud-Based Interaction Analytics and Real-Time Guidance Solution