The contact center industry has long relied on quality management and liability recording solutions to ensure that they are not only following mandated procedures, but also that they are performing as expected to deliver measurable results.
As a result of the success such solutions have delivered to this industry, the demand has spread throughout multiple industries in a quest to prioritize strategic focus on customer service and streamlined processes.
DMG Consulting has reported that based on financial data of both public and private companies, the overall Quality Management/Liability Recording market grew by 13.1 percent in 2007 to reach $2.389 billion in sales.
This consulting firm has reported that the market’s compounded annual growth rate (CAGR) over the past four years was 28.6 percent. The contact center segment of the market, known also as workforce optimization (WFO), showed steady growth of 19.2 percent, after achieving 47 percent growth in 2006. WFO is the fastest growing segment of the market as it quickly approaches $1 billion in annual sales.
The sustaining growth in this mature and dynamic market is fueled by the migration towards IP-based recording, emerging vendors, product innovation, organic growth, acquisitions and the continue
“Driven by new analytically-oriented applications, the Quality Management/Liability Recording market continues to re-invent itself and find a way to maintain momentum year after year,” says Donna Fluss, president of DMG Consulting LLC, in a company statement.
“As many of the applications in this market are counter-cyclical and capable of weathering challenging economic times, we expect 2008 to be another year of significant market expansion.”
The “2008 Quality Management/Liability Recording Market Share Report” provides a detailed revenue and market share analysis for the WFO market and its 45 competitors. The report examines revenue and market share by application for recording and quality management solutions.
It also analyzes revenue by application for all quality management/liability recording market segments, including recording, quality assurance, workforce management, speech analytics, performance management and surveying, coaching and eLearning.
The vendors covered in the report include Aspect, Autonomy etalk, ASC, Cacti (News
), Calabrio, CallCopy, Cybertech, Envision, Higher Ground, Interactive Intelligence, Knoahsoft, Magnetic North, NICE, OnviSource, TantaComm, TDI/Wygant, Telrex, Verint (News
), VirtualLogger, VPI, and more than 25 others.
As the drive for improved quality in customer service continues to grow as a key differentiator in the contact center industry, the demand for quality management and liability recording solutions will also grow. This growth will also be fueled by increased regulations in the industry.
As the opportunity expands beyond the contact center industry, it is likely that this growth will be more substantial in other markets as the benefits become better known. For those vendors competing in this space, the opportunities are virtually endless.
Susan J. Campbell is a contributing editor for TMC (News - Alert) and has also written for eastbiz.com. To see more of her articles, please visit Susan J. Campbell’s columnist page.