Contact center analytics refers to the processes and tools that organizations use to gain business performance insights. Management is capable to track and improve various service metrics, including call times, employee performance, efficiency, and customer satisfaction. Contact center analytics provides data integration, customer experience analysis, data analytics, performance evaluation, and business intelligence analytics. Contact center analytics can be deployed as an on-premises and cloud-based solution. Increase in demand for advanced customer experience management contributes to the growth of the contact center analytics market.
In addition, increase in demand for predictive analytics and real-time monitoring and increase in requirements for better customer experience management solutions drive the global contact center analytics market growth. However, factors such as implementation time and the cost of the system restrain the market growth. Furthermore, integration of latest technology, such as artificial intelligence, speech analysis, and improved IT methods to meet customer’s dynamic requirements is expected to provide lucrative opportunities to the contact center analytics market.
The contact center analytics market is segmented on the basis of component, deployment, industry vertical, and region. On the basis of component, the market is segmented into solution and services. On the basis of deployment, the market is segmented into cloud and on-premise.
Depending on industry vertical, it is segregated into BFSI, healthcare, IT & telecom, retail and ecommerce, travel & hospitality, government & education, and others. Region- wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global contact center market is dominated by key players such as Cisco, Oracle, Genpact, SAP SE, Five9, Talkdesk, Inc., Nice Ltd., 8*8 Inc., Avaya Inc., and CallMiner.
In addition, increase in demand for predictive analytics and real-time monitoring and increase in requirements for better customer experience management solutions drive the global contact center analytics market growth. However, factors such as implementation time and the cost of the system restrain the market growth. Furthermore, integration of latest technology, such as artificial intelligence, speech analysis, and improved IT methods to meet customer’s dynamic requirements is expected to provide lucrative opportunities to the contact center analytics market.
The contact center analytics market is segmented on the basis of component, deployment, industry vertical, and region. On the basis of component, the market is segmented into solution and services. On the basis of deployment, the market is segmented into cloud and on-premise.
Depending on industry vertical, it is segregated into BFSI, healthcare, IT & telecom, retail and ecommerce, travel & hospitality, government & education, and others. Region- wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global contact center market is dominated by key players such as Cisco, Oracle, Genpact, SAP SE, Five9, Talkdesk, Inc., Nice Ltd., 8*8 Inc., Avaya Inc., and CallMiner.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the contact center analytics market analysis from 2021 to 2031 to identify the prevailing contact center analytics market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the contact center analytics market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global contact center analytics market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Component
- Solution
- Services
By Deployment Model
- On-premise
- Cloud
By Industry Vertical
- BFSI
- Healthcare
- Retail and E-Commerce
- Government and Education
- IT and Telecom
- Travel and hospitality
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Inda
- Japan
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Oracle Corporation
- Genesys
- Nice Ltd.
- Genpact Limiteds
- Mitel Networks Corporation
- SAP
- 8x8, Inc.
- CallMiner
- Avaya Inc.
- Talkdesk, Inc.
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: CONTACT CENTER ANALYTICS MARKET, BY COMPONENT
CHAPTER 5: CONTACT CENTER ANALYTICS MARKET, BY DEPLOYMENT MODEL
CHAPTER 6: CONTACT CENTER ANALYTICS MARKET, BY INDUSTRY VERTICAL
CHAPTER 7: CONTACT CENTER ANALYTICS MARKET, BY REGION
CHAPTER 8: COMPANY LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, titled, “Contact Center Analytics Market," the contact center analytics market was valued at $1.3 billion in 2021, and is estimated to reach $8.1 billion by 2031, growing at a CAGR of 20.6% from 2022 to 2031.Contact center analytics refers to processes and tools that organizations use to gain business performance insights. Management can track and improve various service metrics, including call times, employee performance, efficiency, and customer satisfaction.
The high demand for analytics among contact centers can be attributed to the benefits it offers, such as improved service quality and the ability to monitor service metrics from employee performance, call times, customer satisfaction, and efficiency. Moreover, increase in usage of social media platforms is also one of the major factors that boosts the market growth. However, factors such as implementation time as well as the cost of the system restrain the market growth.
In addition, adoption of cloud computing technologies and integration of artificial intelligence in contact center analytics solutions provide ample growth opportunities for the market growth.
On the basis of deployment, the on-premise segment dominated growth of the contact center analytics market in 2021. On-premise-based solutions are known for better maintenance of servers and continuous system facilitates implementation of contact center analytics solutions. However, the cloud segment is expected to witness highest growth rate during the forecast period. Cloud-based contact center analytics software has low capital expenditure as well as low maintenance requirements and is, therefore, highly preferred by mid-sized financial institutions. Growth in adoption of cloud-based solutions among large and medium-sized enterprises further fuels the growth of the market.
North America dominates the Contact Center Analytics Industry. Growth of the market in this region is attributed to several factors such as increase in digitalization and adoption of contact center analytics tools by end users such as BFSI and retail. Moreover, presence of key players provides ample growth opportunities for the market growth. However, Asia-Pacific is expected to witness the highest growth rate during the Contact Center Analytics Market Forecast period.
The global contact center analytics market was valued at $1,288.4 million in 2021, and is projected to reach $8,137.2 million by 2031, registering a CAGR of 20.6% from 2022 to 2031. The current estimation of 2030 is projected to be higher than pre-COVID-19 estimates. The COVID-19 pandemic has prompted every company and business to shift business operations toward a remote work environment. As a result of the dire situation, companies began to implement contact center analytics tools for better efficiency, customer satisfaction, and improved business agility. For instance, in 2021, during COVID-19, NICE launched a free work-from-home module for its employees to help them cope up with the increased call volumes and minimize rising handle times while staying safe from getting infected.
In addition, increase in demand for contact centers from people seeking help to protect their assets by deferring their loan payments, preferring lower interest rates through mortgage refinancing, increasing their credit card limits, increased the volume of calls registered by call centers. This increase in call volume has created the need for contact center analytics solutions to analyze customer data effectively. Also, the pandemic has spurred contact centers to upgrade their technology with virtual capabilities, which is expected to create an opportunity for the market growth during the forecast period.
Moreover, during the COVID-19 period, the demand for cloud-based solutions increased significantly due to WFH policies. This positively impacted the market growth. Incidentally, during the pandemic, contact center analytics and automation helped eliminate the dependency on staff availability, thus, supporting both remote working and ensuring business resilience.
Key Findings of the Study
- By Component, in 2021 the solution segment dominated the contact center analytics market size.
- Depending on deployment, the on-premise generated the highest revenue in 2021 of contact center analytics market share. However, cloud segment is expected to exhibit significant growth during the forecast period.
- Region wise, the Contact Center Analytics Industry was dominated by North America region. However, Asia-Pacific is expected to witness significant growth in the upcoming years.
- Some of the key Contact center analytics market industry players profiled in the report include are Cisco, Oracle, Genpact, SAP SE, Five 9, Talkdesk, Inc., Nice Ltd., 8*8 Inc., Avaya Inc. and CallMiner. This study includes market trends, Contact Center Analytics Market Analsysis, and future estimations to determine the imminent investment pockets.
Companies Mentioned
- Oracle Corporation
- Genesys
- Nice Ltd.
- Genpact Limiteds
- Mitel Networks Corporation
- Sap
- 8X8, Inc.
- Callminer
- Avaya Inc.
- Talkdesk, Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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