The workforce optimization (WFO) solutions marketplace is shining in the economic gloom thanks to a near-unassailable set of value propositions of delivering productivity gains while helping firms to retain customers and revenue and at the same protecting them from liability issues.
A new study by DMG Consulting
predicts that the quality management/liability recording WFO market will exceed $2.5 billion for 2008, once all year-end reporting is completed. In the first half of 2008, total revenue reached $1.336 billion, an 18.3 percent increase over the $1.23 billion reported in the same period 2007.
The study, 2008-2009 Quality Management/Liability Recording Product and Market Report, showed that the contact center segment also grew. Demand for solutions serving the centers exceeded $507 million in the first half of 2008, a 13.4 percent jump over same timeframe 2007 results.
DMG expects that despite the recession that it thinks will last through most of 2010, the QM/recording market will continue its growth. The consultancy believes it will outperform other contact center technology sectors. That is because these solutions are viewed as mission-critical, having proven their ability to improve productivity, customer retention, the customer experience, and to generate incremental revenue.
Donna Fluss, president of DMG Consulting, says that despite the worldwide economic slowdown 2008 emerged as a unique year for the WFO market. With no mergers, growth was organic. WFO vendors have succeeded by listening to their customers and delivering solutions and capabilities that meet their needs, she reports. This is the market's ongoing formula for success. Responding to customer needs, vendors have enhanced core recording and quality assurance tools and have seen increased sales of high-value WFO analytical modules, such as speech analytics, surveying/feedback, contact center performance management, and coaching.
The 2008-2009 Quality Management/Liability Recording Product and Market Report features in-depth company profiles of leading and contending vendors including Aspect, Autonomy etalk, CallCopy, Envision, Interactive Intelligence, KnoahSoft, NICE, OnviSource, TDI, Verint (News
) Systems and VPI.
The report analyzes each company's strategy, products, functionality, technology, implementations, packaging, pricing, training, workshops, and customer satisfaction ratings. It examines all aspects of each company's strategy, ability to execute, revenue, market activity and share.
“The QM/Recording (WFO) market is amazing,” says Fluss. “It has grown steadily for the past five years and has continued to deliver very strong results throughout 2008, despite the recession. What makes this market so unique is that it's comprised of vendors who 'get it.' These are vendors, large and small, who listen to their customers and are delivering solutions and functionality that address their needs, at prices they can afford.”
Brendan B. Read is TMCnet’s Senior Contributing Editor. To read more of Brendan’s articles, please visit his columnist page.
Edited by Michelle Robart