Contact Center Analytics Market by Component (Software and Services), Application (Log Management, Risk and Compliance Management, Real-Time Monitoring and Reporting, Workforce Management, Customer Experience Management) - Global Forecast to 2022
“Demand for better customer experience management solutions to gain crucial insights into customer data remains the major driving factor for contact center analytics market”
The contact center analytics market size is projected to grow from USD 709.5 million in 2017 to USD 1,483.6 million by 2022, at a Compound Annual Growth Rate (CAGR) of 15.9%. Proliferation of cloud computing, growing demand for speech and text analytics solutions, and increased compliance requirements are other key factors fueling the growth of this market. However, high cost of investment and consumer data privacy rules and regulations are a few restraints for the growth of contact center analytics market.
“Customer experience management application is estimated to have the largest market size in 2017 in contact center analytics market. The trend is expected to continue during the forecast period”
Customer experience analytics aggregates customer interactions, transactions, feedback and, agent data to provide an end-to-end picture of the customer journey. It can provide multiple avenues for customer experience management through customer analytics. Contact centers can leverage from contact center analytics by integrating and analyzing customer data from multiple channels and utilize generated insights to improve their contact center operations and find new opportunities to engage and serve their customers. Some of the major opportunities include automatically assigning a reason for all customer contacts based on speech, text, desktop and transaction analytics.
“Asia Pacific (APAC) is expected to record the highest growth rate in the contact center analytics market by region”
Rising disposable income and increasing digitization have resulted in higher adoption of smartphones and other mobile devices. Huge volumes of data generated from these devices would demand technologically advanced analytics solutions to enhance the customer experience at contact centers and help generate revenues for various industries. Companies operating in the region provide different solutions based on organization size and customer requirements. The highly competitive environment in the region drives the need to promote and manage sales and marketing activities to build brand awareness and increase overall profitability.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people. Break-up of profile of primary participants is as follows:
• By Company: Tier 1 – 20%, Tier 2 – 50%, and Tier 3 – 30%
• By Designation: C-level – 35%, Director level – 48%, and Others – 17%
• By Region: North America – 44%, Europe – 24%, and APAC – 32%
The contact center analytics market comprises the following major vendors:
1. Cisco Systems, Inc. (US)
2. Genpact Limited (Bermuda)
3. Verint Systems Inc. (US)
4. 8X8 Inc. (US)
5. Genesys (US)
6. Oracle Corporation (US)
7. Mitel Networks Corporation (Canada)
8. SAP SE (Germany)
9. NICE Ltd. (Israel)
10. Enghouse Interactive (US)
11. Five9, Inc. (US)
12. CallMiner (US)
13. Servion Global Solutions (India)
Scope of the Report:
The report segments the contact center analytics market on the basis of components (software and services); deployment models (on-premises and on-demand); applications (automatic call distributor, log management, risk and compliance management, real-time monitoring and reporting, workforce optimization, customer experience management, and other applications); industries (healthcare and life sciences, banking, financial services and insurance, manufacturing, retail and consumer goods, telecom and IT, travel and hospitality, energy and utilities, government and defense, academia and research, and other industries); and regions (North America, Europe, APAC, Middle East and Africa, and Latin America).
Reasons to Buy the Report:
• To get a comprehensive overview of the global contact center analytics market
• To gain comprehensive information about the top players in this market, their product portfolios, and key strategies adopted by them
• To gain insights into major countries/regions, in which the contact center analytics market is flourishing in various industries.
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