Market Research Report
2019-2020 Contact Center Analytics Product and Market Report
|2019-2020 Contact Center Analytics Product and Market Report|
Published: August 28, 2019
DMG Consulting LLC
Delivery time: 1-2 business days
The 2019-2020 Contact Center Analytics Product and Market Report, formerly titled the Contact Center Speech Analytics Product and Market Report, is DMG Consulting's 14th annual report on this analytics sector. The Report was renamed this year to reflect DMG's expansion of its coverage to include interaction analytics (speech and text) along with the growing customer journey analytics (CJA) solution market. The focus of this Report is contact center analytics vendors and their offerings.
Speech and text analytics solutions (collectively known as interaction analytics) provide a consistent method for structuring and mining customer data across all voice and digital interactions. The goal is to obtain a comprehensive view of what transpires between customers and organizations at all touchpoints. This is an essential part of the digital transformation occurring in enterprises today - customers are communicating in a growing number of channels, and organizations need a standardized, consolidated view of customer activity, which is where CJA fits in.
Interaction analytics experienced its best year in 2018, when over 990,000 new seats were sold. In 2019, the market finally experienced a sustained adoption cycle of real-time speech analytics capabilities, driven by the need for immediate feedback from the customer journey, and the need for real-time guidance and input into third-party solutions to enable predictive analytics. These solutions provide institutional insights along with sentiment, to help understand customers' experience at every step of their interaction with an organization.
Interaction analytics finds patterns by individual customer or agent, as well as for contact centers, other departments, and for the enterprise overall. When applied on an omni-channel basis, these solutions can identify trends and opportunities anywhere in the organization. The challenge is to share these findings throughout the enterprise, and this is where CJA solutions come into play. CJA solutions allow businesses to leverage insights and intelligence from interaction analytics and other enterprise systems to identify and deliver relevant and personalized communications and recommendations to drive an enhanced customer experience. CJA solutions can also identify areas of improvement in an organization's policies and processes, and find the most effective ways to remove impediments and enhance relationships with customers.
DMG expects adoption of interaction analytics solutions to continue to pick up momentum during the next few years, as long as the economy remains strong. Sales will include new sites and replacements, driven by innovations in many areas, including artificial intelligence (AI), machine learning, scalability, and processing speed. International adoption of interaction analytics is contributing to the growth of this sector, another trend that is expected to continue. CJA is an emerging solution, still in its infancy, but its potential benefits are massive. Growth of the CJA sector is expected to be slow but steady for the next few years.
The 2019-2020 Contact Center Analytics Product and Market Report provides an in-depth analysis of the interaction analytics and CJA markets: the competitive landscape, product innovation, as well as market, business and servicing trends and challenges. The Report examines market activity and provides 5-year market projections. It is intended to help contact center, back-office, branch, IT and enterprise decision-makers in companies of all sizes select the right solution to meet their current and future analytics needs. The Report features 8 leading and contending vendors who provide interaction analytics and/or CJA applications as part of a broader workforce optimization (WFO) offering or as a best-of-breed solution. These vendors are: Calabrio, CallMiner, NICE, Pointillist, Sestek, Verint, Voci and Xdroid. Two other vendors, Allo-Media and VoiceBase, are covered at a higher level.