The Market for Speech Analytics will grow 30% in India

In an exclusive interaction with Dataquest,  D.Daniel Ziv, Vice President Customer Analytics, Verint shares his views on speech analytics and text analytics.

Excerpt-

What is the size of the global Speech Analytics market?

A recent speech analytics report estimated that there are over 4 million speech analytics agent seats globally with growth of over 30% a year. Although the majority of those seats are still in North America, the most rapid growth is actually outside North America much of it across Asia-Pacific including India.

How big is it estimated to grow in India and what are the reasons for its increased adoption?

I would estimate the growth rate for speech analytics in India of at least 30% if not higher. It is becoming standard table stakes not just for the BPO market (which in many cases is being demanded by US and other clients to provide speech analytics insights) but also local players like the large banks and telecoms.

What role would the Speech Analytics solution play in the life of a BPO ?

BPO’s have gone through a significant transformation from simply providing a lower-cost service competing on price to providing expertise and proficiency at a higher level than the internal capabilities of their clients. Speech Analytics can take that transformation a step further by providing analytics expertise and deep customer insights. This positions BPO’s that have embraced speech analytics and built internal expertise as a trusted advisors and consulting partners to their clients. This transformation helps in 3 areas:

1. Creating competitive differentiation among other BPO’s
2. Generating new revenue streams by providing customer insights to marketing and customer experience departments within their clients’ base.
3. Improving the BPO’s operational efficiencies and metrics such as increasing sales conversion rates and NPS, reducing repeat calls and handle time.

This helps secure long-term relationships between the BPO and its clients.

Today a customer reaches out to a BPO via social media, email besides making a voice call – What role would Text Analytics play? Would the Speech and Text Analytics be integrated – how does it work?

Although the ways people speak and write it still significantly different and you do need solutions that are optimized for each channel, having a suite solution that can link together these channels and drive workflow and holistic reporting is a key competitive differentiator. By having the tools to mine both structured and unstructured customer input BPO's can also perform complex journey mapping and fundamentally disrupt the industries they are serving.

Firstsource and other Indian BPO's who have embraced a holistic VoC solution that include speech analytics, text analytics and customer feedback solutions has allowed them to not only optimize each channel but also understand the end to end customer journey and build predictive NPS models that drive corrective actions for reaching out and converting customer detractors to promoters. They have achieved significant improvement in customer satisfaction while reducing costs and improving sales conversion rates.

How is Verint doing in India with its Speech and Text Analytics engine?

Verint has successfully implemented speech analytics and text analytics in India, as well as the rest of its extensive Customer Engagement Optimization suite, for leading BPO's, banks and telecoms. Market demand and traction continues to grow. Verint not only provides these breakthroughs technologies but a full solution including consulting and managed services to make sure they are implemented in an optimal way and provide the highest return on investment.

Banking and Financial services, Telecom, BPO’s are leading the way for adoption of Speech and Text Analytics solutions and not leaving behind is Travel and hospitality vertical in India. Leading customers across the above verticals have adopted Verint Analytics solutions and have been able to provide differentiated services to their end customers and thereby also improving operational efficiency. Verint offers full stack of managed services, on-premise deployment and Implementation & consulting services in India for Analytics solutions through channel partners and direct engagement.