Contact Center Analytics Market size is analyzed to grow at a CAGR of 18.8% during the forecast 2022-2027 to reach $930.4 million by 2027. Call Center analytics is the process of gathering and analyzing customer data in order to gain important insights into the functioning of a service company. Customer satisfaction (CSAT), revenue, customer retention, customer effort score, and service level agreement (SLA) performance are all covered. The global Contact Center Analytics Market has been driven by the rising need for predictive analytics and real-time monitoring, as well as rising demand for enhanced customer experience management solutions. Increasing demand for text and speech analytics solutions, as well as the expansion of cloud computing, are projected to drive market growth throughout the forecast period. Text and speech analytics tools enable firms to answer client needs more effectively while also enhancing operations performance. Furthermore, the growing importance of real-time speech analytics solutions and the increasing emphasis on customer satisfaction are likely to fuel market expansion throughout the forecast period. Today’s contact centre technology is strong and sophisticated, relying on a wide range of evolving web, Interactive Voice Response (IVR), and other channels that must all work together to provide a smooth omnichannel customer journey. First call resolution (FCR) is an important contact centre metric that demonstrates the contact center’s capacity to resolve client concerns, requests, or inquiries on the first call, i.e. without any follow-ups. FCR, as a key component of customer relationship management (CRM), assists in successfully measuring customer satisfaction and driving the customer loyalty. This is projected to drive market expansion.
Contact Center Analytics Market Segment Analysis – By Solution
By Solution, the Contact Center Analytics Market has been segmented into Cross Channel Analytics, Performance Analytics, Predictive Analytics, Speech Analytics, Text Analytics. In the year 2021, Performance analytics accounted for the largest segment in the Contact Center Analytics market. Over the projection period, the performance analytics solution market is predicted to increase significantly. The performance analytics system is frequently used in contact centers since it enables agents to handle many communication channels at the same time, such as SMS, email, and phone. The incorporation of many communication channels into a single system enables agents to keep a consistent record of their communications regardless of channel format. Furthermore, a performance analytics system enables agents to automatically pull data from a variety of sources, reducing reaction time with consumers. Monitoring speeds and feeds used to be the only way to analyse system performance. Understanding the user experience (UX) is crucial today. In January 2020, Citrix Systems, Inc. announced the launch of Citrix Analytics for Performance, a next-generation service that enables IT administrators to identify performance issues at the individual user level and proactively address them to deliver a superior experience that engages employees and keeps them happy and productive. The announcement was made during the Citrix Summit in Orlando.
Contact Center Analytics Market Segment Analysis – By Application
By Application, the Contact Center Analytics Market has been segmented into Automatic Call Distributor, Log Management, Risk and Compliance Management, Real-time Monitoring and Reporting, Workforce Optimization, Customer Experience Management. The Customer Experience Management segment is expected to grow at a faster CAGR during the forecast period. Customer feedback, transactions, interactions, and agent data are aggregated in the customer experience management segment, allowing enterprises to assess the report for customer experience and agent performance. Furthermore, customer experience management solutions assist businesses in analysing customer data from various channels and generating insights to optimise contact centre operations. These systems also allow agents to monitor and discover cross-channel behavioural trends, assisting in the prediction of future calls, and reducing consumer effort. Through customer analytics, it can provide many paths for CEM. The ability to automatically assign a cause for every customer contacts based on speech, text, desktop, and transaction analytics is one of the most significant prospects. By recording customers’ interactions across numerous channels, customer journey analytics gives critical information. In January 2021, McKinsey & Company announced the launch of a new unique data analytics platform, Experience DNA, to help enterprises optimise the value of customer experience (CX) management and design. The platform, the first of its kind, enables CX leaders to use real-time customer, operational, and financial data to predict customer satisfaction, ultimately assisting businesses in targeting key customers.
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Contact Center Analytics Market Share Segment Analysis – Geography
By Geography, Contact Center Analytics Market has been segmented under North America, Europe, APAC, South America, and RoW. During the forecast period, APAC is expected to grow at the fastest CAGR of 21.3%. Rising disposable income and increased digitization have led to greater use of smartphones and other mobile devices. Furthermore, massive amounts of data are projected to be generated by these devices, necessitating the use of technologically advanced analytics solutions to improve the customer experience at contact centers and create money for many businesses. Because of the growing scale of SMEs in the region, there is a growing demand for cloud-based analytics solutions. As a result, APAC holds a significant share of 24% of the global market in 2021. As digitization has increased, so has disposable income, resulting in widespread use of smartphones and other mobile gadgets. Because of the massive volumes of data that these devices are projected to generate, there is a demand for sophisticated analytics solutions in contact centres across many industries to improve customer experience. The growing number of small and medium-sized businesses in the region is likely to drive regional market growth over the forecast period.
Contact Center Analytics Market Drivers
The demand for better customer experience management solutions is expected to drive the market growth:Customer expectations for great customer care before and after any purchase have increased rapidly in recent years. Customers may now access a wide range of products and merchants online. They choose the one that best meets their expectations, which include not just product quality, price, and variety, but also customer service both before and after the sale. The contact centre analytics market is the second point of contact for customers after a store or eCommerce website, and it is a critical factor in making a positive or negative impression on the client. Contact centres may benefit from analytics by integrating and analysing consumer data from numerous channels, and then using the resulting insights to improve contact centre operations and discover new ways to engage and serve their customers. Customer experience analytics combines customer interactions, transactions, feedback, and agent data to create a complete picture of the customer journey. Contact centre analytics has shown to be a valuable option because it gives greater analysis to improve the customer experience. Contact centre analytics solutions have delivered analytical results and actionable insights by employing technologies such as machine learning, Artificial Intelligence (AI), and Natural Language Processing (NLP).
Increasing demand for text and speech analytics solutions, as well as the expansion of cloud computing, are projected to drive market growth throughout the forecast period:
Speech analytics systems provide insights into the performance of contact centres and other corporate functions. These technologies analyse recorded conversations to assist agents in identifying solutions to consumer difficulties. Furthermore, the growing importance of real-time speech analytics solutions and the increasing emphasis on customer satisfaction is likely to fuel expansion throughout the forecast period. The key data source for speech analytics is call recording. The information gleaned from speech analytics and interactions with consumers focuses on identifying some of the most common difficulties customers have by analysing the tone and intonation of the customer’s voice. Emotions are thus automatically recognised and categorised by the software. Despite the fact that this area of analytics for call centres is still relatively new, users are finding success with its application. Businesses can identify flaws in current scripts and replace them with more successful ones by analysing speech analytics. They can also create new processes to improve the client experience and achieve the desired outcomes. In February 2020, Ozonetel, India’s leading provider of on-demand cloud communication launched an AI-powered speech analytics dashboard for Call Centers.
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Contact Center Analytics Market Challenges
The high cost of investment, as well as consumer data protection standards and regulations, are the primary factors limiting the growth of the contact centre analytics industry:
The high cost of investment, as well as consumer data protection standards and regulations, are the primary factors limiting the growth of the contact centre analytics industry. Companies in industries such as finance, insurance, the public sector, and debt collection must comply with a variety of regulations, failing which can result in costly consequences such as significant fines and criminal prosecution. Contact centres have attempted to mitigate their risks with scripting, call monitoring, and call recording, however these provide no guarantee or confirmation of compliance. Payment Card Industry Data Security Standard (PCI-DSS) standards are being established to ensure the secure management of information and to protect customers from identity theft. Even using the most secure way, contact centres that adhere to this standard are unable to store certain elements of sensitive cardholder information. Furthermore, the practise of offshore has sparked consumer anxiety, as corporations have increasingly turned to outsourcing customer phone contact and back office processing to overseas companies in an effort to reduce costs and increase efficiency. This is anticipated to impede maket growth.
Contact Center Analytics Industry Outlook
Technology launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Contact Center Analytics market. In 2021, the market of Contact Center Analytics Market share has been fragmented by several companies. Contact Center Analytics top 10 companies include
X, Inc.
CallMiner, Inc.
Cisco Systems, Inc.
Enghouse Interactive
Five9, Inc.
Genesys Telecommunications Laboratories, Inc.
Genpact Ltd.
Mitel Networks Corporation
NICE Ltd.
Oracle Corporation
Recent Developments
In January 2021, Infosys Cortex, a platform for client engagement, has been launched. The platform supports the use of Genesys technology, a global leader in cloud consumer experience and contact centre solutions, as well as Google Cloud Contact Center AI services and managed artificial intelligence and monitoring services.In May 2021, Mitel Network Corporation, a global leader in business communications, announced a partnership with Five9, Inc., the largest provider of intelligent cloud contact centres, to provide customers and partners around the world with access to a leading contact centre as a provider system that integrates seamlessly with Mitel’s unified communications solutions.In November 2020, Cisco reimbursed $270 million in cash and assets to acquire Accompany. Accompany core value is AI-powered “relationship intelligence platform.” This is a small thing for Cisco, but it was the time constraints that made it so fascinating.
Key Takeaways
In the year 2021, Performance analytics accounted for the largest segment in the Contact Center Analytics Industry. The performance analytics system is frequently used in contact centers since it enables agents to handle many communication channels at the same time, such as SMS, email, and phone.
During the forecast period, APAC is expected to grow at the fastest CAGR of 21.3%. Rising disposable income and increased digitization have led to greater use of smartphones and other mobile devices. Furthermore, massive amounts of data are projected to be generated by these devices, necessitating the use of technologically advanced analytics solutions to improve the customer experience at contact centers and create money for many businesses.
Customer expectations for enhanced customer satisfaction and after any purchase have increased rapidly in recent years. Customers may now access a wide range of products and merchants online. They choose the one that best meets their expectations, which include not just product quality, price, and variety, but also customer service both before and after the sale. The contact centre analytics market is the second point of contact for customers after a store or eCommerce website, and it is a critical factor in making a positive or negative impression on the client.
Relevant Report:
Cloud-based Contact Center Market
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