A recent Future Market Insights analysis projects that the contact centre analytics market will earn US$ 1.2 billion in revenue in 2021 and expand at a CAGR of 19.1% from 2022 to 2032. By the end of 2032, the market is projected to have a US$ 6.5 billion valuation.
A contributing element to the market’s growth may be the increase in demand for contact centres from banks, financial institutions, credit unions, and other companies to enhance their client experiences. Financial services accounted for roughly 26% of all contact centres utilised globally in 2019, according to Deloitte.
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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.
The market is anticipated to grow throughout the anticipated time frame due to the BFSI organizations’ increasing demand for speech analytics. By analyzing and tracking customer interactions, speech analytics assists banks in preventing customer attrition. Speech analytics is being employed by several banks to improve the client experience owing to their benefits.
For instance, the speech analytics solution supplier CallMiner announced in November 2020 that African Bank had chosen the CallMiner Eureka platform to gather data from voice-based client engagements. The bank’s efforts to accelerate its digital transformation have benefited from this project.
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.
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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
- Asia-Pacific (APAC)
- Middle East and Africa (MEA)
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