Global Contact Center Analytics Market By Deployment (On-Premise and Hosted) By Enterprise Size (Large Enterprises and SMEs) By End-Use (BFSI, Consumer Goods & Retail, Other End-Uses) As well as by Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast: 2023-2032

Contact Center Analytics Market Overview

The global contact center analytics market size was valued at USD 1,360 billion in 2021, and is projected to reach the valuation USD 8243.98 billion by 2032 at a CAGR of 17.8%, between 2023 and 2032.

Analytics is a popular service that contact centers are looking for. It offers many benefits, including improved service quality, monitoring service metrics, employee performance, call times, customer satisfaction, efficiency, and service metrics. One of the main key factors driving demand for analytics in contact centers is the growing popularity of social media platforms.

Contact center analytics allows companies to examine social media posts and customer feedback on blogs, posts, or forums. Companies are still using contact center analytics to manage customer experience, risk and compliance, real-time monitoring and reporting, risk management, workforce optimization and smart quarantining.

Market Scope:

Deployment Analysis

On the basis of Deployment, in 2021, the On-Premise segment was the dominant market and accounted for 56% of global revenues. As it allows for easy changes in software, organizations are using on-premises deployment solutions.

On-premise contact centers are managed by the telephony group of the company or the IT department. Businesses with data privacy and business requirements of continuity are likely to prefer on-premise solutions.

The ‘Hosted’ deployment segment is likely to grow at the fastest rate. This can be attributed to the increasing adoption of models of remote work by contact centers around the world; as such, the demand for hosted analytics has increased significantly.

Hosted deployment method is preferred by many organizations because it is hosted on a vendor’s server, and it can be accessed only through authorized personnel. Hosted deployment allows industries to manage their contact center’s operational and technical requirements, but it restricts their ability to manage the organization.

Managed services enable businesses to concentrate on operational efficiency and technology effectiveness while creating a cohesive customer experience.

Integration & Deployment Services also focus on data privacy and regulatory compliance, which creates growth opportunities for this segment.

Enterprise Size Analysis

On the basis of ‘Enterprise Size’, the global contact center analytics market is divided into SMEs and large enterprises. In 2021, the Large Enterprises segment of the contact center analytics market was dominant and accounted more than 58% of global revenues.

Large enterprises have a significant call volume, which is one reason why they are so keen to use contact center analytics. Large enterprises have customer data that is spread across all channels. Moreover, analytics solutions enable agents to search data according to a customer’s requirements and provide the information they require on time.

SMEs is expected to grow at a rapid rate over the forecast period. Customers’ expectations are changing rapidly due to the robust adoption of various communication technologies and devices. Many SMEs are focusing their efforts on implementing contact center analytics solutions in order to improve customer service, in turn, driving segment growth in the future. These solutions offer many benefits, including the ability to track customer data and a faster growth rate.

End-Use Analysis

With respect to ‘End-Use’, in 2021, the IT & Telecom segment dominated and accounted for 28% of global revenues. Owing to their ability to automate business processes, these solutions are popular in this industry.

These technologies make it possible for the IT & telecommunications sectors to drive end-to-end processes for service request management and handle all inbound client interactions. These solutions can also provide a number of benefits for e.g., improved customer satisfaction, operational cost savings, business intelligence, and better customer service. IT and telecom industry can also use these solutions to identify customer experiences that are not optimal.

Over the forecast period, the Consumer Goods & Retail’ segment is expected to expand at an exponential pace in the coming years. Contact center analytics market are popular as they allow customers to quickly review their needs and provide relevant information.

Agents can provide consistent and fast support to customers to guide them effectively. These solutions are useful in the retail and consumer goods industry as they permit agents to keep track of major agreement participants, historical activity, competitive information, order management, and more.

By ensuring contact center agents are trained and monitored, the workforce optimization process improves efficiency and quality.

Contact center analytics is also used by consumer goods and retail companies to provide a more personalized experience for their customers. Customer expectations are constantly evolving and growing with the increasing adoption of new communications technologies and devices.

The telecom sector is closely followed by the retail sector and consumer goods sectors, which are expected to grow rapidly during the forecast.

Key Маrkеt Segments:

By Deployment

• On-Premise
• Hosted

By Enterprise Size

• Large Enterprises
• SMEs

By End-Use

• BFSI
• Consumer Goods & Retail
• Government
• Healthcare
• IT & Telecom
• Travel & Hospitality
• Other End-Uses

Market Dynamics:

These solutions improve business processes and give users a competitive advantage. It also helps companies understand what users are saying, such as acronyms, slang, and jargon used on social media. These major factors are expected to drive the demand for contact center analytics within organizations.

contact center analytics market growth is also expected to be accelerated by the growing demand for AI-enabled contact center solutions. These solutions are expected to be adopted in contact centers due to their ability to lower operational costs, deliver actionable analytics, personalize customer experiences, and improve customer service efficiency.

AI is used in numerous contact centers solutions such as predictive call routing and interactive voice response. Conversational AI and emotional intelligence are all examples of AI. AI is used to match customers with customer service representatives who can handle their issues.

The Payment Card Industry Data Security Standard is a requirement for contact centers. The PCI-DSS states that contact centers cannot record the CVV2 numbers on cards or other sensitive information of customers while they are making a call. Contact centers must also provide training to employees about regulations such as the Telephone Consumer Protection Act, Health Insurance Portability and Accountability Act, and PCI-DSS.

Contact center analytics are being sought after due to the increasing focus of telecommunication companies around the world on bettering their call resolution rates and decreasing call deflection.

Contact center analytics can be used to understand customer histories and reduce interaction volume. Predictive analytics solutions can be used to analyze customer queries and help improve companies’ first-call resolution rates. It is used to understand customer preferences and behavior in order to better serve the customer’s requirements.

High demand for contact center analytics implementation & deployment services can be attributed in part to the fact they enable businesses to gain exclusive access to analytics and customer data by integrating advanced technologies into their operations. This contact center analytics market is growing faster because of the use of artificial intelligence to enable contact center solutions.

A client engagement platform supports Google Cloud Contact Center AI Services, Managed Artificial Intelligence and Monitoring Services, Genesys Technology. Market growth has led by adoption of smartphones and growing disposable income level.

Regional Analysis

In 2021, North America was the dominant market and accounted 32% global revenue of the contact center analytics market share. Major industry players like Oracle Corporation and SAP SE have contributed to this contact center analytics market’s annual growth rate in North American region.

It is expected that North America will grow due to its significant number of businesses and numerous customer contact centers. This contact center analytics market industry is also registering an increase in automated services adoption by businesses.

Over the forecast period, the contact center analytics market industry in the Asia-Pacific is anticipated to grow at the fastest rate. Due to the region’s growing digitization, and the number of cell phones and other communication devices being widely used.

The significant amount of information produced by these devices is fueling the demand for sophisticated analytics solutions as businesses across numerous industries explore methods to enhance customer service at their contact centers.

The increasing demand for contact center analytics solutions in the APAC, which many SMEs employ to enhance customer experience, is anticipated to be the primary driver for regional market expansion.

Key Regions and Countries Covered in This Report:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Competitive Landscape:

Market players continue to focus on innovations in order to differentiate and personalize their solutions for customers. To offer customers effective solutions, vendors are looking to integrate different technologies like AI, Natural Language Processing, and machine learning into their solutions. Several market players also focus on providing support and maintenance services, as well as consulting & training. To be competitive in this market, companies must use innovative product development solutions and partnership strategies.

The major players involved in contact center analytics market are Avaya Inc., Genpact Limited, Five9, Inc., 8×8, Inc., Cisco Systems Inc., Oracle Corp., Verint Systems Inc., CallMiner Cisco Systems and other prominent players.

Key Маrkеt Players:

• Oracle Corp.
• Cisco Systems Inc.
• Genesys
• Nice Ltd.
• Genpact Ltd.
• Mitel Networks Corporation
• Five9, Inc.
• Avaya Inc.
• SAP
• Verint Systems Inc.
• 8×8 Inc.
• CallMiner
• Other Key Players