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Why businesses need to embrace $1bn voice data market

The global speech analytics market is expected to reach $1.6 billion by 2020, which will increase as Artificial Intelligence (AI) and machine learning evolve, according to a new Big Voice data report.

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Speech intelligence allows businesses to better understand trends occurring across its call history, drive better customer service, improve knowledge of client needs, internal pain points and increase business performance. But three out of five businesses are underutilising voice data in their business, the report found.

However, three out of five businesses are underutilising voice data with 64% of businesses not having a way to record phone conversations for work purposes. Further, almost one-third (32%) are capturing voice data but not applying the data for business intelligence.

Although many are not yet capturing voice data or using it for speech intelligence, the report found an increasing appetite for it. 56% said it would help reduce risk, monitor processes and eliminate errors, 40% said it would help to search conversations via keywords, 42% said it would help for dispute resolution and 25% said they would use the data for compliance matters and to reduce fraud risk.

The survey revealed that being recorded without consent was holding businesses back as 62% of businesses expressed concern about privacy. However, half of those surveyed said they didn’t mind if it would improve the quality of their products and services.

From those who do capture voice data, training purposes is the primary use (58%), followed by compliance reasons (38%) and dispute resolution (38%).

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But what are businesses missing out on by not using voice data? 52% of managers have experienced miscommunications with a colleague or client due to a lack of an information trail, while 33% have been unaware of an issue on a call that subsequently affected a customer relationship. Over one fifth (23%) of those in senior management had been unaware of an issue on a call that impacted an employee’s well-being such as bullying.