Contact Center Analytics Market

Contact Center Analytics Market Research, 2031

The global contact center analytics market was valued at $1.3 billion in 2021, and is projected to reach $8.1 billion by 2031, growing at a CAGR of 20.6% from 2022 to 2031.

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, and increasing their credit card limits, increased the volume of calls registered by call centers. This increase in call volume created the need for contact center analytics solutions to analyze customer data effectively.

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.

Segment Review

The contact center analytics market is segmented into Component, Deployment Model and Industry Vertical. 

On the basis of component, the market is segmented into solution and services. On the basis of deployment, the Contact Center Analytics Market Analsysis 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.

By component, in 2021, solution segment dominated the Contact Center Analytics Industry. Customer feedback posted on social media platforms via blogs, posts, and forums is analyzed using contact center analytics solutions, allowing companies to analyze social media content in real time. This helps improve business processes and create competitive advantage. So, the increase in use of social media platforms is one of the main factors that drives the demand for contact center analytics solutions. Moreover, rise in adoption of advanced contact center technologies and demand for better customer experience management solutions also boosts the contact center analytics market. However, the service segment is expected to witness highest growth rate during the forecast period. The high demand for contact center analytics integration and deployment services can be attributed to the way businesses integrate advanced technologies into their operations, allowing them to gain unparalleled access to analytics and customer data. It also creates growth opportunities for the segment by focusing on integration and deployment services, regulatory compliance, and data privacy needs.

On the basis of industry vertical, BFSI segment dominated the Contact Center Analytics Market Share in 2021. Increase in efforts of BFSI companies to improve their operational performance and meet customer requirements is also one of the most important factors driving the market growth. In addition, the growing adoption of digital banking solutions and the cascade of complexity in handling transactional interactions are expected to increase the demand for contact center analytics. However, the others segment is expected to witness highest growth rate during the Contact Center Analytics Market Forecast period. Increase in demand for better customer experience management solutions, increase in demand for text and speech analytics, and increase in compliance requirements are some of the key factors that drive the growth of the contact center analytics market in the others segment.

North America dominates the Contact Center Analytics Industry in 2021. 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 growth of Contact Center Analytics Market Size. However, Asia-Pacific region is expected to register rapid growth during the forecasted period. This is due to increase in economic transformation, globalization, digitization, and rise of cloud-based contact center analytics solutions. In addition, increasing digitization, coupled with rise in levels of disposable income in the region, has resulted in high adoption of smartphones and other mobile devices.

COVID-19 Impact Analysis

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 cope up with the increased call volumes and minimize the rise in 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, and increasing their credit card limits, increased the volume of calls registered by call centers. This increase in call volume 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.

Top Impacting Factors  

Adoption of new age technologies such as artificial intelligence (AI), machine learning (ML), speech analytics, and text analytics

Combining advanced technologies with analytics quickly adapts to dynamic customer preferences, helping contact center organizations with improved and faster responsiveness and consistent experience. Software-based telephone technologies, on the other hand, allow contact centers to communicate with their customers through their own computer systems, without the need for a typical telephone system. Moreover, the addition of advanced analytics technologies, such as speech and text analytics, customer analytics, performance analytics, and predictive analytics benefits modern-day contact centers by offering features, such as real-time monitoring and analysis of interactions between customers and agents and providing customized responses and video activation to join face-to-face video calls.

Dynamic customer demand for robust self-service interactions

Customers prefer real-time communication with their contact center agents to find solutions to their questions. The waiting time involved in connecting to an agent ruins the overall customer experience. Improving customer satisfaction levels is a top priority for most organizations, as customer experience plays an important role in maintaining customer relationships. Combining advanced contact center technologies and powerful self-service bots, such as artificial intelligence, machine learning, and analytics enables organizations to deliver enhanced customer experiences. These technologies also helped call centers cope with the number of incoming calls during and after the COVID-19 crisis.

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.

 Contact Center Analytics Market Report Highlights