Global Voice of the Customer (VoC) Analytics Growth Opportunities

Global Voice of the Customer (VoC) Analytics Growth Opportunities

Future Growth Potential for Businesses Using Data-driven Tools to Capture Customer Sentiment during their End-to-end Digital Journey

RELEASE DATE
05-May-2022
REGION
Global
Research Code: PCEB-01-00-00-00
SKU: IT04512-GL-MR_26486
$2,450.00
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IT04512-GL-MR_26486
$2,450.00

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Description

Well-established businesses receive massive amounts of feedback every day, obtained through eCommerce platforms, customer support calls, emails, social media platforms, bots, and chats. This presents companies with an opportunity to collect remarkable volumes of customer data that they can use to enhance market intelligence.

VoC refers to the practice of collecting, analyzing, and distributing customer feedback to improve a product, solution, or service. With accurate VoC data, businesses can enhance customer experience (CX), meet unmet needs in the marketplace, and differentiate themselves from competitors. Companies can unlock VoC through technologies such as sentiment analysis, which uses natural language processing (NLP), machine learning (ML), text analysis, and computational linguistics to identify the opinion, intent, or emotion behind the customers’ words.

Sentiment analysis is redefining the VoC landscape, and it complements surveys and other traditional solicited feedback methods. The implementation of sentiment analysis brings several benefits to organizations, including the potential to increase RoI, revenue, and cost savings; the ability to boost customer retention; and the capability to offer an enhanced CX. In addition, VoC platforms can generate automated, complex, and actionable insights that will change how businesses operate. Advancements in AI and IoT paired with higher sentiment analysis adoption guarantees a bright future for VoC tools.

This report discusses noteworthy industry trends, key insights about technology optimization for VoC customers, industry growth drivers and restraints, VoC solution vendors’ focus for the next 3 years, and VoC growth opportunities. The report also profiles 7 leading VoC solutions providers.

In preparing this report, Frost & Sullivan conducted interviews with executives from the leading VoC solution providers across the globe. Unless otherwise noted, the opinions expressed in this assessment are those of Frost & Sullivan and have been developed through our research, interviews, and analysis. Frost & Sullivan has a global team of analysts and consultants who continuously research a wide range of markets across multiple sectors and geographies. As part of this ongoing research, we identify companies that are true industry leaders, delivering best practices in what we term growth, innovation, and leadership (GIL). These companies have a keen eye on the future and drive innovation that meets upcoming needs before they become commonly visible. They are often the first to market with new solutions. These service and solution providers focus on delivering the best products at optimal prices to maximize customer value and CX, and by doing so are growth leaders in their respective industries.

Author: Ankita Singh

Table of Contents

Why Is It Increasingly Difficult to Grow?

The Strategic Imperative 8™

The Impact of the Top Three Strategic Imperatives on the Global VoC Industry

Growth Opportunities Fuel the Growth Pipeline Engine™

Introduction to VoC—Why It Is a Crucial Perspective that Companies Must Account for Across Channels

Benefits of NLP and Sentiment Analysis for VoC

Benefits of NLP and Sentiment Analysis for VoC (continued)

VoC Data Analysis Process—From VoC Data to Action

Top CX Priorities, Global, 2021 to 2022

Interaction Channels Supported, by Industry, Global, 2021 to 2022

Priority of Technologies due to COVID-19, by Industry, Global, 2021 to 2022

Change in CSAT Score since Pandemic, Global, 2021 to 2022

Key Customer Perspective Insights

VoC Tools Boost Employee Experience and Customer Experience

Major Market & Technology Trends

Growth Drivers

Growth Restraints

VoC Provider Profiles Inclusion Criteria

CallMiner

Cisco

DataEQ (Formerly BrandsEye)

InMoment

NICE

SANDSIV

Verint

Wonderflow

VoC Vendors’ Focus Areas for the Next 3 Years

3 Steps to Optimize VoC Tool Deployment

VoC Market Growth Opportunities

Growth Opportunity 1—Partnerships, Acquisitions, and Mergers to Boost Capabilities and Expand Utility

Growth Opportunity 1—Partnerships, Acquisitions, and Mergers to Boost Capabilities and Expand Utility (continued)

Growth Opportunity 2—Enhancement of Visualization and Reporting Capabilities to Achieve Competitive Differentiation

Growth Opportunity 2—Enhancement of Visualization and Reporting Capabilities to Achieve Competitive Differentiation (continued)

Growth Opportunity 3—Emphasis on Security and Data Compliance to Deepen Customer Trust

Growth Opportunity 3—Emphasis on Security and Data Compliance to Deepen Customer Trust (continued)

Relevant Definitions

Relevant Definitions (continued)

List of Exhibits

Legal Disclaimer

Well-established businesses receive massive amounts of feedback every day, obtained through eCommerce platforms, customer support calls, emails, social media platforms, bots, and chats. This presents companies with an opportunity to collect remarkable volumes of customer data that they can use to enhance market intelligence. VoC refers to the practice of collecting, analyzing, and distributing customer feedback to improve a product, solution, or service. With accurate VoC data, businesses can enhance customer experience (CX), meet unmet needs in the marketplace, and differentiate themselves from competitors. Companies can unlock VoC through technologies such as sentiment analysis, which uses natural language processing (NLP), machine learning (ML), text analysis, and computational linguistics to identify the opinion, intent, or emotion behind the customers’ words. Sentiment analysis is redefining the VoC landscape, and it complements surveys and other traditional solicited feedback methods. The implementation of sentiment analysis brings several benefits to organizations, including the potential to increase RoI, revenue, and cost savings; the ability to boost customer retention; and the capability to offer an enhanced CX. In addition, VoC platforms can generate automated, complex, and actionable insights that will change how businesses operate. Advancements in AI and IoT paired with higher sentiment analysis adoption guarantees a bright future for VoC tools. This report discusses noteworthy industry trends, key insights about technology optimization for VoC customers, industry growth drivers and restraints, VoC solution vendors’ focus for the next 3 years, and VoC growth opportunities. The report also profiles 7 leading VoC solutions providers. In preparing this report, Frost & Sullivan conducted interviews with executives from the leading VoC solution providers across the globe. Unless otherwise noted, the opinions expressed in this assessment are those of Frost & Sullivan and have been developed through our research, interviews, and analysis. Frost & Sullivan has a global team of analysts and consultants who continuously research a wide range of markets across multiple sectors and geographies. As part of this ongoing research, we identify companies that are true industry leaders, delivering best practices in what we term growth, innovation, and leadership (GIL). These companies have a keen eye on the future and drive innovation that meets upcoming needs before they become commonly visible. They are often the first to market with new solutions. These service and solution providers focus on delivering the best products at optimal prices to maximize customer value and CX, and by doing so are growth leaders in their respective industries. Author: Ankita Singh
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Author Ankita Singh
Industries Information Technology
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Is Prebook No
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WIP Number PCEB-01-00-00-00