The most recent analysis from Future Market Insights projects that the worldwide contact centre analytics market will bring in US$1.2 billion in revenue by 2021. It is projected that the market will expand by 16.2% between 2022 and 2032, which is somewhat more than it has historically increased. BFSI is expected to be the industry that generates the most revenue, growing at a compound annual growth rate (CAGR) of more than 16% between 2022 and 2032.
The market’s growth may be attributed to the increasing need for contact centres from banks, financial institutions, credit unions, and other companies looking to enhance their customer experiences. Deloitte reports that in 2019, the financial services industry constituted roughly 26% of all contact centres utilised worldwide.
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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
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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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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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