Hoboken, N.J., October 25, 2017 – NICE (Nasdaq:NICE) today announced that it has been recognized by DMG Consulting LLC, a leading research and consulting firm, as the clear market share leader for speech analytics. In a new report, NICE was noted for holding nearly half of the total market and the largest share of contact center seats.
DMG Consulting's 2017-2018 Speech Analytics Product and Market Report stated that NICE speech analytics solutions accounted for 45.4 percent of the market. This represents over 2.3 million seats – nearly twice as many as its nearest competitor. Moreover, in the space of 12 months NICE provided solutions for over 158,000 additional seats. Commenting on the market share data, DMG Consulting said it demonstrated the "dominance of NICE, the clear speech analytics leader."
According to the report, "There is great momentum in the speech analytics market…." However, assessing data from the past seven years, DMG Consulting notes that the market is also "highly competitive, with many vendors fighting to win new customers and seats." NICE, highlighted in the report as one of only two "clear market leaders" throughout that period, is shown to have maintained its market share position. For example, DMG analysts reported that the company was responsible for over 47 percent of all speech analytics seats in 2016, after acquiring Nexidia.
Contributing to the leading position NICE holds is its scalable, integrated and omnichannel offering. As a comprehensive solution, powered by artificial intelligence, the solution draws on a vast amount of interaction data from phone calls, web chats, customer surveys and more to generate faster and more accurate customer insights.
Miki Migdal, President of the NICE Enterprise Product group, commented on the DMG report, saying, "The results highlighted in the DMG Consulting report reflect our continuing leadership in bringing analytics with no limits to our clients. Our solutions navigate the complexities of modern customer interactions, extract implicit feedback across multiple channels, and draw actionable insights from all customer touchpoints. This is thanks to the artificial intelligence technology underpinning NICE's next generation analytics, which leverages neural networks and natural language processing across 100 percent of calls to become progressively more capable of identifying the drivers of customer satisfaction. There's no more powerful way to get to know customers, and make decisions that improve both their journey and our clients' success."
The 2017-2018 Speech Analytics Product and Market Report is DMG Consulting's twelfth annual report on the sector, which focuses primarily on contact center uses of speech analytics. The report's in-depth analysis provides a comprehensive picture and analysis of the market, its competitive landscape, current innovations, pricing, trends and challenges.