Call Recording Featured Article

“It’s not what you say, but how you say it.”

That old saying (above) rings true for anyone who has ever worked in the call center industry; just the right turn of phrase, delivered in the right tone, can calm down even the most irate of callers, ensuring they stay a customer for at least another day.

Now new research has affirmed that belief. Analysis company ReportLinker says that the speech analytics market is estimated to grow from $589.1 million last year to $1.60 billion by 2020, at an estimated Compound Annual Growth Rate (CAGR) of 22 percent.

“The speech analytics market is driven by factors such as growing adoption of contact centers, increased importance of voice in the multichannel world, and increasing importance of compliance management in organizations,” the report noted.

Not surprisingly, North America – with call centers seemingly popping up daily -- captured the largest market share in 2015; Latin America was found to be the fastest growing region in terms of CAGR. But they’re not alone. Due to rapid industrialization, organizations are becoming more competitive and are focusing on better customer service.

“Thus, realizing the untapped potential of this region, business giants are investing in the speech analytics market into the APAC region,” the report says.

Also not surprising due to the ubiquity of cloud-based endeavors, the study goes on to note that the latest trends in speech analytics include cloud-based speech analytics solutions along with real-time speech analytics solutions.

“The availability of cloud deployment options for speech analytics solutions has further given a boost to the demand across many verticals,” the report stated. “In addition, the market in Asia-Pacific (region) is gaining high market traction due to increasing economic growth and cloud adoption in the region.”