Contact Center Analytics Market Trends, Industry & Size 2031

Report Description

Contact Center Analytics Market Outlook 2031:

The global contact center analytics market size was valued at USD 1.70 Billion in 2022 and is projected to reach USD 4.60 Billion by 2031, expanding at a CAGR of 11.7% during the forecast period 2023 - 2031. The growth of the market is due to the rising demand for improved and better solutions for customer experience management.

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To get a forecast future outcome or pattern, contact center analytics solutions are used by numerous businesses to capture, analyze, and structure the customer data that improve the response management of customers by matching the thought processes of employees and the management.

Contact center analytics can also be defined as an integrated pack of tools acquired by the contact center segment of various businesses to achieve productive operational performances. These solutions integrate customer data from various enterprise systems and customer channels. These collected data on customers helps the companies to obtain important insights that help them to improve the customer experience.

Various operational performances and customer requirements are addressed and improved by the usage of text and speech analytics solutions. The service quality of the interaction between the customer and the employee can be monitored by using such solutions that eventually help in the reduction of operational issues occurring in the streamlined businesses. To enhance the streamlining processes, contact center analytics solutions are adopted by several businesses worldwide.

One of the major requirements of a business is the effective management of its workforce in order to achieve effective communication with customers. Key Performance Indicators (KPIs) and other metrics are the analytical tools that are used by contact centers to manage the workforce.

One of the major goals of numerous companies is to improve the first call response and this can be achieved by training the employees to address the concerns of the customers in a minimal amount of time along with providing insights into new service offerings and new products. The customer information can be secured from identity theft by using the Payment Card Industry Data Security Standard.

Contact Center Analytics Market Trends, Drivers, Restraints, and Opportunities

• Rising demand for text and speech analytics along with increasing usage of cloud computing is anticipated to propel the market growth over the forecast period.
• The obligation of businesses to improve first call response is estimated to drive the market expansion in the coming years.
• Increasing adoption of contact centers by the small and medium enterprises for improving customer experience and their need for management of performance is expected to boost the market growth.
• Contact center analytics needs high-cost investments and lacks privacy of consumers data which are key challenges that can restrain the market growth during the forecast period.
• Contact centers lack a clear and comprehensive approach which is expected to restrain the market growth over the forecast period.
• Increasing investments by major players in the research & development activities for the updating and innovating solutions and products is projected to create lucrative opportunities for the market.

Scope of Contact Center Analytics Market Report

The report on the global contact center analytics market includes an assessment of the market, trends, and segments. Overview and dynamics have also been included in the report.

Contact Center Analytics Market Segment Insights

Performance analytics segment is anticipated to register a significant growth

On the basis of solutions, the contact center analytics market is segmented into predictive analytics, cross-channel analytics, speech analytics, performance analytics, and text analytics. The speech analytics segment dominated the market in 2019 and is expected to continue its dominance over the forecast period owing to increasing real-time speech analytics solutions and rising focus on the satisfaction of customers.

Speech analytics solutions help in the analysis of recorded conversations to find the solution of customers’ issues and resolve them. On the other hand, the performance analytics segment is anticipated to register a significant growth attributed to its wide adoption among the contact centers. Performance analytics enables the handling of various communication channels simultaneously and keeps a consistent record of conversations amid the channel format.

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Managed service segment is expected to exhibit a high growth

Based on services, the market is divided into integration & deployment, training & consulting, support & maintenance, and managed services. The integration & deployment segment led the market in 2019 and is anticipated to continue its lead in the coming years due to the growing adoption of solutions provided by contact center analytics.

Integration & deployment services provide unique access to the businesses to access the customer data along with providing data privacy by the incorporation of advanced technology in various operations of the business. However, the managed service segment is anticipated to exhibit a high growth as it enables a business to focus on the improvement of operational efficiency, growing effectiveness of the technology. These solutions also provide tools based on intellectual property that helps to secure customer data.

Hosted segment is anticipated to register a high growth

On the basis of deployments, the contact center analytics market is bifurcated into on-premise and hosted. The on-premise segment held a high share of the market in 2019 owing to its wide adoption among the contact centers as it provides several benefits that include easy deployment and less capital investment.

On the other hand, the hosted segment is anticipated to register a high growth due to its preference over the other deployment solution as it is totally hosted by the server of the vendor and can be only accessed when an individual has authorization. The operational and technical needs of the contact center of a business can be managed by using hosted deployment.

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Small & medium enterprises segment is expected to grow at a rapid pace

Based on the enterprise sizes, the market is divided into small & medium enterprises and large enterprises. The large enterprise segment led the market in 2019 due to the increased acquisition of analytics solutions in such enterprises as they help in the management of data customer interactions that are available in high volume.

However, the small & medium enterprises segment is expected to grow at a rapid pace attributed to the increasing adoption of contact center analytics solutions among such enterprises in order to provide enhanced and effective customer services.

Workforce optimization segment is anticipated to exhibit a robust growth

On the basis of applications, the contact center analytics market is segmented into log management, automatic call distributor, real-time monitoring & reporting, customer experience management, workforce optimization, risk & compliance management, and others.

The customer experience management segment held a key revenue share of the market in 2019 as it provides various solutions that help in the analysis of agent performance and customer experience report. These solutions include customer interaction, transaction, feedback, and data of agent. These solutions also help the agents to detect and analyze the behavioral patterns that are cross-channel and reduce the efforts of the customers.

On the other hand, the workforce optimization segment is anticipated to exhibit a robust growth as it helps businesses to optimize the operations of their workforce by providing numerous solutions including performance management, interaction analytics, and quality management.

Consumer goods & retail segment is expected to expand at a fast pace

Based on the end-users, the market is divided into government, BFSI, healthcare, consumer goods & retail, travel & hospitality, IT & telecom, and others. The IT and telecom segment held a major share of the market in 2019 owing to the increased adoption of contact center analytics solutions in the segment as it bestows business with process automation capabilities.

However, the consumer goods & retail segment is expected to expand at a fast pace owing to its increasing acquisition in the segment as they quickly review the requirements or issues of the customers and provide relevant solutions to them.

Asia Pacific market is estimated to show a rapid growth

In terms of regions, the contact center analytics market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa.

North America led the market in 2019 owing to the presence of the majority of key players in the region along with the presence of a high number of customer contact centers. On the other hand, the market in Asia Pacific is estimated to show a rapid growth owing to various factors such as the rising adoption of smart phones, increasing disposable income, and growing digitalization. The further market growth is attributed to the rising number of small & medium enterprises in the region.

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