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Voice of the Customer (VoC) Analytics Growth Opportunities

  • Report

  • 51 Pages
  • May 2022
  • Region: Global
  • Frost & Sullivan
  • ID: 5596031

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

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, the publisher 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 the author and have been developed through our research, interviews, and analysis. The author 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.

Table of Contents

1. Strategic Imperatives
  • 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™

2. Introduction to the VoC Market
  • Introduction to VoC - Why It Is a Crucial Perspective that Companies Must Account for Across Channels

3. Benefits of VoC Technologies
  • Benefits of NLP and Sentiment Analysis for VoC

4. VoC Data Analysis Process - From VoC Data to Action
5. Customer Perspectives
  • 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

6. Market Growth Analysis
  • VoC Tools Boost Employee Experience and Customer Experience
  • Major Market & Technology Trends
  • Growth Drivers
  • Growth Restraints

7. VoC Provider Profiles
  • 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

8. Growth Opportunity Universe
  • VoC Market Growth Opportunities
  • Growth Opportunity 1 - Partnerships, Acquisitions, and Mergers to Boost Capabilities and Expand Utility
  • Growth Opportunity 2 - Enhancement of Visualization and Reporting Capabilities to Achieve Competitive Differentiation
  • Growth Opportunity 3 - Emphasis on Security and Data Compliance to Deepen Customer Trust
  • Relevant Definitions
  • List of Exhibits
  • Legal Disclaimer

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • CallMiner
  • Cisco
  • DataEQ (Formerly BrandsEye)
  • InMoment
  • NICE
  • SANDSIV
  • Verint
  • Wonderflow