3rd Party Remote Call Monitoring Feature

Finding growth markets these days can be a tall order. Sometimes it seems like just about every market is in some kind of decline or a plateau state, barely holding its own in the face of pessimism. But there are some markets that are making some real advancements, and a new report from Micro Market Monitor suggests that the speech analytics market in North America is set for some fairly substantial growth.

The report in question, “North America Speech Analytics Market by Vertical -- Analysis and Forecast to 2019”, is forecasting some fairly impressive growth features. While the market itself was worth about $233.16 million in 2014, that number will nearly triple in 2019, hitting $614.13 million. That's a projected compound annual growth rate (CAGR) of 21.4 percent in that five year period, and no doubt a welcome development.

Dominance in the field, the report noted, was generally held by a few major names, like Verint Systems, NICE Systems, CallMiner, and HP Autonomy (News - Alert). NICE Systems currently has the highest market share in the North American market, and covers several major waterfronts ranging from video management to audio recording and intelligence solutions. NICE Systems (News - Alert) is hardly alone, however, as Verint Systems also has a wide array of options, an array it's been rapidly working to increase. Several major expansions have been part of a larger overall strategy to push up market share figures, and even on this front, Verint (News - Alert) isn't alone either.

The major firms in this market, the report notes, all appear to be pushing for greater market share, and the strategies being undertaken reflect that desire. Whether it's new product launches, partnerships and various agreements in the field, joint ventures or outright acquisitions, the major firms in the market are all seemingly tossing caution aside to go forth and claim as much territory as can be taken in this rapidly expanding market.

That's actually a note of good news. Speech analytics is part of a larger market, in a sense, specifically the contact center market. Speech analytics are part of a growing arsenal of tools designed to make the contact center as a whole better, including other tools like customer relationship management (CRM) systems, and a host of other analytics tools ranging from big data to social and beyond. Contact centers are often eager to put these tools to work in a bid to help get the most out of operations; speech analytics help determine how people are feeling, and how callers are responding to stimuli as expressed by the contact center itself. But beyond that, all the various analytics tools together are producing a better look at what's working, what isn't working, and how to make these revelations fit into current operations.

For those firms that don't already have a speech analytics system in place, it's likely going to be worthwhile to do so, especially if there are large numbers of incoming calls involved. But don't forget the rest of the analytics market, because it too will have valuable revelations afoot for the contact center. It's clear some markets aren't succumbing to pessimism in the field, and there's no shortage of opportunity waiting in analytics.