Contact Center Analytics Market Expected to Reach $8.1 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, 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 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.