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