Newly-released Contact Center Analytics Market analysis report by Future Market Insights shows that global sales of the Contact Center Analytics Market in 2021 were held at USD 1.2 Billion.
With 16.2%, the projected market growth from 2022 to 2032 is expected to be slightly higher than the historical growth. BFSI is expected to be the highest revenue-generating segment, projected to grow at a CAGR of over 16% from 2022 to 2032.
| Attributes | Details |
|---|---|
| Contact Center Analytics Market Size (2022) | USD 1.5 Billion |
| Contact Center Analytics Market Size (2032) | USD 6.5 Billion |
| Contact Center Analytics Market CAGR (2022 to 2032) | 16.2% |
| USA Market CAGR (2022 to 2032) | 14.9% |
| Key Companies Covered | Oracle Corp; SAP SE; Verint Systems Inc; Mitel Networks Corp; Nice Ltd.; Genesys Telecommunications Laboratories, Inc.; Five9, Inc.; 8x8, Inc.; CallMiner; Servion Global Solutions; EdgeVerve Limited |
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As per the Global Contact Center Analytics Market research by Future Market Insights - a market research and competitive intelligence provider, historically, from 2017 to 2021, the market value of the Contact Center Analytics Market increased at around 19.1% CAGR. With an absolute dollar opportunity of USD 5 Billion, the market is projected to reach a valuation of USD 6.5 Billion by 2032.
The benefits it offers, including improved service quality and the ability to measure service indicators from worker performance, call wait times, customer satisfaction, and efficiency, can be ascribed to the contact centers' growing need for analytics.
The increasing use of social media platforms is one of the key factors fuelling the demand for contact center analytics. Customer feedback given on social media platforms such as articles, blogs, and forums is analyzed using contact center analytics tools. Owing to this, businesses may review social media data in real time.
This creates a competitive advantage and enhances business operations. Additionally, it helps businesses understand user comments, particularly those made on social media in slang, jargon, and acronyms. It is projected that these factors will boost business demand for contact center analytics.
It is projected that the growing demand for artificial intelligence-powered contact center solutions would create new opportunities for market growth. The ability of these solutions to provide actionable data cut operating costs, customize the customer experience, and increase customer agent efficiency, is projected to be the driving force for contact center analytics demand.
To manage outgoing, inbound, and blended calls, web inquiries, chats, emails, and web inquiries, businesses equip their contact centers with strong analytics and software-based telephony technologies, such as APIs, ACDs, dialers, CTI, and Voice over Internet Protocol.
Advanced analytics tools are also used, including VoIP, ACDs, APIs, dialers and VoIP, CTI, real-time monitoring and analytics, social media analytics, and data and speech analytics.
Through instantaneous client preference adaptation, these technologies enable organizations to provide a better, more consistent experience. By enabling contact centers to communicate with their clients over computers, software-based telephony solutions do away with the need for a conventional phone infrastructure.
These tools provide features such as analysis of the interaction between customers and agents, real-time monitoring for the purpose of providing tailored responses, as well as video enablement for face-to-face video calls, advanced analytics technologies benefit modern contact centers.
These tools include customer analytics, text analytics, predictive analytics, and performance analytics. In the Cisco Contact Center Global Survey 2020, more than 80% of participants indicated that they preferred the incorporation of bots, data analytics, and AI robotic automation in contact center systems.
Contact center analytics solutions are widely employed in the IT and telecom sectors due to their strong business process automation capabilities. These systems also give IT and telecom personnel the ability to manage all phases of a service request and deal with all incoming client communications.
These solutions also offer a number of benefits, including improved client happiness, decreased operating expenses, and corporate intelligence. These technologies are also used by IT and telecom companies to identify the factors influencing the experiences of their clients.
Contact centers always encounter substantial issues with regard to data privacy and security due to the massive volume of sensitive customer data they store. Businesses were forced to respond with technologies created to identify suspicious calls in 2020 as a result of an alarming increase in call center fraud efforts.
According to the 2021 State of Call Center Authentication survey, 57% of respondents preferred a thorough identification process before accepting calls.
Call validation becomes essential in light of security concerns. Customers may become irritated as a result, which could harm their overall satisfaction. IVAs, also known as intelligent IVRs, are being created to address this issue and provide several levels of security for user authentication.
Future privacy and security concerns can be reduced by offering options for choosing trustworthy and privacy-compliant contact center solution providers.
The majority of firms, especially small and medium-sized businesses, with limited resources, find it difficult to install analytics solutions and provide financing for a specialized analytics workforce as the initial setup cost for analytics solutions can be significant.
Smaller businesses are also constrained in their adoption of reliable PRI phone systems as they cannot afford the high implementation and upgrade expenses, pricey monthly phone services, and participation of long-term contracts with traditional telecom carriers for local and long-distance calling.
The viability of cloud-based analytics solutions for organizations with constrained resources will rely on the organization's business model and level of cloud readiness.
During the projection period, the Contact Center Analytics Market in North America is projected to lead throughout the analysis period. A large number of existing and upcoming contact centers in the region are the primary factors driving the regional contact center analytics market.
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The USA is expected to account for the highest market of USD 2 Billion by the end of 2032. Also, the market in the country is projected to account for an absolute dollar growth of USD 1.5 Billion. According to a government assessment, the federal government's budget for civilian IT in 2019 was USD 45 Billion.
The USA businesses are embracing hosted unified communication-as-a-service, which are managed by independent contractors using subscription-based packages that enable customers to purchase U.C. licenses and activate them as required.
Additionally, the cost-effective services and quicker product development cycles offered by smaller providers may be advantageous to SMEs. Due to this, there is an increase in demand for cloud-based services which is also influencing the demand for Contact Center Analytics Market.
Market revenue through BFSI is forecasted to grow at a CAGR of over 16.0% from 2022 to 2032. The market expansion may be connected to the increasing need for contact centers among banks, financial institutions, credit unions, and other organizations to improve their customer experience.
According to Deloitte, a significant portion nearly 26% of all contact centers used globally in 2019 were used for financial services. The two benefits that contact center analytics offers to BFSI businesses are reduced operational costs and greater call center volumes are the key growth drivers.
The market is estimated to expand over the course of the projected period as a result of the BFSI organizations' rising demand for speech analytics. Speech analytics helps banks prevent customer churn by analyzing and monitoring client interactions.
Owing to their advantages, speech analytics is being used by several banks to enhance the client experience. For instance, in November 2020, the provider of speech analytics solutions CallMiner stated that African Bank had selected the CallMiner Eureka platform to collect data from voice-based client engagements. This project has helped the bank to boost its digital transformation activities.
Players in the market are constantly developing improved analytical solutions as well as extending their product offerings. The companies in Contact Center Analytics market are focused on alliances, technology collaborations, and product launch strategies.
Some of the recent developments of key Contact Center Analytics providers are as follows:
Similarly, recent developments related to companies in Contact Center Analytics Market have been tracked by the team at Future Market Insights, which are available in the full report.
The global Contact Center Analytics Market is worth more than USD 1.5 Billion at present.
The value of Contact Center Analytics Market is projected to increase at a CAGR of around 16.2% from 2022 to 2032.
The value of Contact Center Analytics Market increased at a CAGR of around 19.1% from 2017 to 2021.
The demand for contact center analytics in BFSI has increased tremendously, which is a prominent market trend.
The growth of the Contact Center Analytics market in the US is projected to expand at a CAGR of around 14.9% from 2022 to 2032.
The growth of market for Contact Center Analytics in China is projected to expand at a CAGR of around 17.2% from 2022 to 2032.
While the market in South Korea is expected to grow at nearly 16.6%, the market in Japan is projected to register a CAGR of nearly 15.6% from 2022 to 2032.
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