Contact Center Analytics Industry Overview
The global contact center analytics market size was valued at USD 1.22 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 19.3% from 2022 to 2030. 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. The growing use of social media platforms is also one of the major factors creating the demand for contact center analytics. Customer feedback posted on social media platforms through blogs, posts, and forums is analyzed using contact center analytics solutions, allowing companies to analyze social media content on a real-time basis.
This helps improve business processes and generate a competitive edge. At the same time, it helps companies understand the opinions expressed by the users, including the jargon, abbreviations, slang, and acronyms on social media. These factors are expected to drive the demand for contact center analytics among organizations. The growing demand for Artificial Intelligence (AI)-enabled contact center solutions is expected to create new opportunities for market growth. The ability of these solutions to reduce operational costs, provide actionable analytics, personalize the customer experience, and increase customer agent efficiency is expected to drive their importance and adoption in contact centers.
Gather more insights about the market drivers, restraints and growth of the Global Contact Center Analytics Market
AI is used in various contact center solutions, such as predictive call routing, interactive voice response, conversational AI, and emotional intelligence. AI is used in predictive call routing for matching contact center customers to specific customer service agents capable of handling an issue. Contact centers are expected to comply with the requirements framed by the agencies, such as the Payment Card Industry Data Security Standard (PCI-DSS). According to the PCI-DSS, contact centers are prohibited from recording the CVV2 numbers of cards along with other sensitive data of customers during a call. At the same time, contact centers are expected to provide the right training to their employees regarding the regulations issued by organizations, such as Telephone Consumer Protection Act (TCPA), Health Insurance Portability and Accountability Act (HIPAA), and PCI-DSS.
The rising focus of telecommunication companies worldwide on improving their first call resolution rates and increasing call deflection is also driving the demand for contact center analytics. The use of contact center analytics solutions to analyze customer backgrounds helps reduce the total interaction volume. At the same time, predictive analytics solutions are used to understand customer queries, which help companies improve first call resolution rates. In addition, it is also used for understanding the customer behavior and preferences to better serve their requirements.
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Contact Center Analytics Market Segmentation
Grand View Research has segmented the global contact center analytics market on the basis of solution, service, deployment, enterprise size, application, end-use, and region:
Contact Center Analytics Solution Outlook (Revenue, USD Million, 2017 - 2030)
- Cross-channel Analytics
- Performance Analytics
- Predictive Analytics
- Speech Analytics
- Text Analytics
Contact Center Analytics Service Outlook (Revenue, USD Million, 2017 - 2030)
- Integration & Deployment
- Support & Maintenance
- Training & Consulting
- Managed Services
Contact Center Analytics Deployment Outlook (Revenue, USD Million, 2017 - 2030)
- Hosted
- On-premise
Contact Center Analytics Enterprise Size Outlook (Revenue, USD Million, 2017 - 2030)
- Large
- SME
Contact Center Analytics Application Outlook (Revenue, USD Million, 2017 - 2030)
- Automatic Call Distributor
- Customer Experience Management
- Log Management
- Real-time Monitoring & Reporting
- Risk & Compliance Management
- Workforce Optimization
- Others
Contact Center Analytics End-use Outlook (Revenue, USD Million, 2017 - 2030)
- BFSI
- Consumer Goods & Retail
- Government
- Healthcare
- IT & Telecom
- Travel & Hospitality
- Others
Contact Center Analytics Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
Market Share Insights:
September 2021: Service Management Group, a global patient, customer, and employee experience management company, announced the expansion of its partnership with CallMiner, a conversational analytics provider. Through this collaboration, the former company is delivering new insights to customer experience programs by pairing customer interaction and speech analytics with real-time customer feedback in the smg360 platform.
Key Companies profiled:
Some prominent players in the global Contact Center Analytics market include
- 8X8 Inc.
- CallMiner
- Cisco Systems, Inc.
- Enghouse Interactive
- Five9, Inc.
- Genesys
- Genpact Ltd.
- Mitel Networks Corp.
- Nice Ltd.
- Oracle Corp.
- SAP SE
- Verint Systems Inc.
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