Market Research Report
2020 - 2021 Interaction Analytics Product and Market Report
|Published by||DMG Consulting LLC||Product code||950704|
Delivery time: 1-2 business days
|2020 - 2021 Interaction Analytics Product and Market Report|
|Published: July 23, 2020||Content info:||
This is DMG Consulting's 15th annual report on the speech analytics sector. The 2020-2021 edition has been renamed as the Interaction Analytics Product and Market Report to include the increasing number of solutions that provide integrated speech and text functionality to address voice and digital interactions. The focus of the Report is contact center and service-related uses of interaction (speech and text) analytics. The Report also explores the broader uses of interaction analytics throughout enterprises.
The COVID-19 pandemic has reinvigorated the interaction analytics (IA) market. Enterprises around the world have come to appreciate the advantages of these solutions, which capture and analyze voice and digital transactions on a historical, near-real-time and real-time basis. IA solutions provide insights into customer needs and wants, as well as their emotions and sentiment. During the coronavirus crisis, IA was often the only means for companies to know what was happening in their company, how well they were performing, and how customers perceived their brand.
As much of the workforce was forced to relocate to their homes, companies have relied on IA solutions to rapidly identify customer issues so that agents and self-service solutions could be prepared to handle the high volumes of interactions that they were receiving. IA solutions are also being used as oversight tools to keep track of employees' performance while they are working at home. A few companies with real-time IA capabilities have even been able to "take the pulse" of their customers and employees on an ongoing basis, which has allowed them to provide outstanding service during this unprecedented crisis.
Interaction analytics solutions give companies access to the unfiltered voice of the customer (VoC) and voice of the employee (VoE). IA provides a balanced view of what is happening with their customers across all channels, departments and media. These solutions can help reveal what is trending in each channel and on an overall basis, so companies can respond rapidly and accurately. Organizations can collect customer feedback passively, on a continuous basis. This can help companies achieve the goal of measuring the customer experience and sharing the data on a timely basis so that necessary changes can be made throughout the enterprise to optimize the overall customer journey, not just the quality of the service in the contact center.
Vendors are continuing to invest heavily in research and development (R&D) initiatives for IA solutions. The primary area of investment for the next few years will be in artificial intelligence (AI). Innovations in AI will be used to improve the accuracy and relevance of IA findings, to more fully automate the quality management (QM) and coaching process, to improve the effectiveness of gamification, and to generate the models required to apply predictive analytics to many functions, including customer and employee retention.
The 2020-2021 Interaction Analytics Product and Market Report provides an in-depth analysis of the IA market, the competitive landscape, product innovation, as well business and servicing trends and challenges. It closely examines market activity and presents 5-year market projections. The Report is intended to help leaders and managers in contact centers, back offices, IT departments and the executive suite select the best IA solution and vendor to meet their organization's current and future needs. The Report also examines customer satisfaction with vendors, products and pricing, and offers implementation best practices to help users succeed with their IA initiatives.
The Report features 7 leading and contending vendors who offer IA as a part of a broader workforce optimization (WFO) offering or as a best-of-breed solution. The 7 vendors are: Calabrio, Clarabridge, NICE, OnviSource, Sestek, Verint and Xdroid. An eighth vendor, CallMiner, is covered at a higher level.