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By B

rittany Davis and

Lorri Cosentino

1CSO Insights2Hubspot3Forrester

Companies today are finding that focusing on the customer experience is a powerful strategy to distinguish their organizations, and speech analytics can help companies realize those efforts. Speech analytics has been used to improve customer satisfaction, analyze spoken words, and extract information and content. Further, speech analytics helps companies prevent and detect fraud while also identifying customer dissatisfac-tion through a customer’s pitch, all in an effort to improve customer retention, as well as upsell and cross-sell efforts. Below is a look at the past, present, and future state of speech analytics.

Past, Present, Future

To learn more about the Speech Analytics, read: “Everything’s Just Speechy: Exploring the Evolution of Voice and Text Analytics”

By B

rittany Davis and

Lorri Cosentino

The speech analytics market is projected to

continue to expand over the next several years

growing by 25% in 2013

and 20% in 2014.3

The Future ofSpeech Analytics

By 2020 the customer will manage 85% of their

relationship with an enterprisewithout interacting with

a human.4

U.S. contact centers spend $12.4billion annually verifying the callers are

who they say they are. 59% ofcalls require identity verification,

but only 3% of these arehandled entirely through automated processes.3

The Present state of Speech AnalyticsSpeech analytics solutions are currently in use in 24% of all organizations, predominantly used by services, outsourcing, and finance organizations.2

89%of consumers began doing business with a competitor following a poor customer experience, up from 59% four year ago.1

Why Companies are Using Speech Analytics

Speech Analyticsof

86%of consumers quit doing business

because of a bad customer

experience.1

1 Harris Interactive2 Contact Babel3 DMG Consulting4 Gartner