DMG Consulting, a provider of contact center and real-time analytics market research and consulting services, has published the 2008 Quality Management/Liability Recording Market Share Report.
This annual report is recognized throughout the global economy as the most accurate, comprehensive and detailed financial analysis of this dynamic and aggressive growth market. With the opportunities that this market presents, vendors vying for market dominance can benefit from understanding trends in the market.
The financial data of both public and private companies was used by DMG to capture the overall Quality Management/Liability Recording market. This market grew by 13.1 percent in 2007, reaching $2.389 billion in sales.
The research firm reports that the market’s compounded annual growth rate over the past 4 years was 28.6 percent. The contact center segment of the market, also known as Workforce Optimization (WFO), continued to grow at a steady 19.2 percent, after achieving 47 percent growth in 2006.
As it is approaching $1 billion in annual sales, WFO is the fastest growing segment of the contact center market. Companies throughout the world are discovering the benefits that such technology can provide, enabling the contact center to become more efficient and reducing overall costs.
Emerging vendors, product innovation, organic growth, acquisitions, and the continued migration towards IP-based recording are continuing to fuel and sustain growth in this mature, yet dynamic market.
"Driven by new analytically-oriented applications, the Quality Management/Liability Recording market continues to re-invent itself and find a way to maintain momentum year after year," says Donna Fluss, president of DMG Consulting LLC, in a Wednesday statement.
"As many of the applications in this market are counter-cyclical and capable of weathering challenging economic times, we expect 2008 to be another year of significant market expansion."
This latest report from DMG Consulting provides a detailed revenue and market share analysis for the WFO market and its 45 competitors. It analyzes revenue and market share by application for recording and quality management solutions.
The report also analyzes revenue by application for all Quality Management/Liability Recording market segments, including recording (contact center, non-contact center, video and other), quality assurance, workforce management, speech analytics, performance management and surveying, coaching and eLearning.
Contact centers throughout the world are striving to improve performance by using such tool and call recording and other quality management applications. As performance continues to be a key driver for customer retention, the opportunities in this industry will continue to grow.