According to Future Market Insights’ most recent estimate, the global contact center analytics market will generate $1.2 billion in sales by 2021. The market is expected to grow by 16.2% between 2022 and 2032, which is slightly higher than previous growth rates. BFSI is anticipated to be the highest revenue-generating industry, with a compound annual growth rate (CAGR) of more than 16% between 2022 and 2032.
The market’s expansion may be due to the growing demand for contact centers by banks, financial institutions, credit unions, and other businesses seeking to improve their client experiences. According to Deloitte, in 2019, the financial services industry accounted for around 26% of all contact centers used worldwide.
The IT and telecom industries make extensive use of contact centre analytics tools because of their powerful BPA capabilities. Additionally, these solutions enable IT and telecom staff to handle all incoming client communications and manage all service request phases. Additionally, these solutions provide a lot of advantages, such as increased customer satisfaction, reduced operating costs, and corporate intelligence. Additionally, IT and telecom businesses employ these technologies to pinpoint the elements affecting their customers’ experiences.
Due to the growing need for speech analytics among BFSI firms, the market is expected to expand throughout the predicted time range. Speech analytics helps banks stop customer attrition by monitoring and analysing client interactions. Due to their advantages, speech analytics is being used by several institutions to enhance the client experience. For instance, in November 2020, the provider of speech analytics solutions CallMiner announced that African Bank had selected the CallMiner Eureka platform to collect data from voice-based client engagements. This project has helped the bank’s efforts to quicken its digital transition.
Competitive Landscape
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:
- In January 2020, Microsoft announced its partnership with Genesys. After working together, the companies intended to launch Genesys Engage for Azure, a cloud service that would give contact centers a unified customer experience solution. Businesses will benefit from the new omnichannel customer experience solution by having a smoother shopping experience.
- In October 2019, Cisco bought Cloud Cherry with success by utilizing the potential of cloud data analytics to enhance real-time client interaction.
Key Companies Covered
- Oracle Corp
- SAP SE
- Verint Systems Inc
- Mitel Networks Corp
- Nice Ltd.
- Genesys Telecommunications Laboratories, Inc.
- Five9, Inc.
- 8×8, Inc.
- CallMiner
- Servion Global Solutions
- EdgeVerve Limited
Contact Center Analytics Market Segmentation
By Solution:
- Cross-channel Analytics
- Performance Analytics
- Predictive Analytics
- Speech Analytics
- Text Analytics
By Service:
- Integration & Deployment
- Support & Maintenance
- Training & Consulting
- Managed Services
By Deployment:
- Hosted
- On-premise
By Enterprise Size:
- Large Enterprises
- Small & Medium Enterprises
By Application:
- Automatic Call Distributor
- Customer Experience Management
- Log Management
- Real-time Monitoring & Reporting
- Risk & Compliance Management
- Workforce Optimization
- Others
By End Use:
- BFSI
- Consumer Goods & Retail
- Healthcare
- IT & Telecom
- Travel & Hospitality
- Others
By Region:
- North America
- Latin America
- Europe
- APAC
- MEA
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