The contact center analytics market size to grow from USD 1.7 billion in 2022 to USD 2.9 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 11.7% during the forecast period. Various factors such as rising adoption of advanced contact center technologies, demand for better customer experience management solutions , and increasing adoption of cloud-based contact center solutions during and after COVID-19 are expected to drive the adoption of contact center analytics technologies and services.
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Customers are the key to any organization’s growth. Therefore, it is very essential to have their feedback and interactions tracked on a real-time basis. A contact center meets this very purpose, recording interactions and addressing issues. By utilizing various technologies, such as machine learning, AI, and NLP, contact center analytics solutions offer better analysis results to various organizations for better decision-making and forming of business strategies. The contact center analytics solutions have shown significant growth across various industries, such as banking, financial services, and insurance (BFSI); healthcare and life sciences; manufacturing; retail and consumer goods; energy and utilities; telecom and IT; government and defense; travel and hospitality; academia and research; and others (media and entertainment, and transportation and logistics).
Banking, Financial Services, and Insurance vertical to account for the largest market size during the forecast period
BFSI companies these days prefer to deploy advanced contact cenetr solutions into the business for better monitoring, managing, and assisting remote agents’ selling and earning incentives based on the sale of insurance and banking products, such as credit cards and loans. By deploying contact center solutions, these companies are being able to attract talent, gain holistic visibility into entire customer service processes, and provide timely responses to customer complaints and queries, which is a top priority in the BFSI industry.
Some major players in the contact center analytics market include Cisco (US), Genpact (US), SAP (Germany), Oracle (US), Avaya (US), NICE (US), 8×8 (US), Five9 (US), Talkdesk (US), CallMiner (US), Servion Global Solutions (US), Genesys (US), VirtualPBX (US), ChaseData (US), and Broadvoice (US). These players have adopted various organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions, to expand their presence in the global contact center analytics market.
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Cisco offers industry-leading products and solutions in core development areas, such as routing and switching, as well as in advanced technologies, such as home networking, IP telephony, optical networking, security, storage area networking, and wireless technology. The company offers its products in various segments, such as networking, IoT, mobility and wireless, and security catering to different industries, which include BFSI, healthcare, energy and utilities, education, transport and logistics, government, manufacturing, and retailer. In addition to its products, Cisco also provides a broad range of service offerings, including technical support and advanced services. The company sells its products and services, both directly through its own sales force as well as through its channel partners, to large enterprises, commercial businesses, service providers, and consumers.
Avaya offers unified communications and contact center solutions, phones and devices, and related services. It operates its business in two major business segments: products and services. Its product category includes CX, team collaboration, and digital transformation products. In the contact center analytics market, the company offers Avaya OneCloud CCaaS. The solution offers an integrated and open CCaaS architecture with supporting features, such as scalability, security, and in-depth analytics across the customer journey. The company has a diverse clientele, ranging from mid-sized businesses and customers to large enterprises with a presence in all the major industries, such as financial services, manufacturing, retail, transportation, energy, media and communications, hospitality, health care, education, and government. Avaya offers professional services and global support services which, ensure contact center and customer experience approach achieves optimal business results.
8×8 provides a communications cloud that combines team collaboration, unified communications, contact centers, and analytics on a single platform. 8×8 caters to its solutions to varied global customers ranging from SMEs to distributed enterprise organizations. The company operates its business through two segments: services and products. The company’s portfolio includes a wide range of products and services, such as business phones, video conferencing, team chat, contact centers, APIs, and business services. 8×8 offers a contact center either as a standalone solution or a part of the X series, which combines it with the company’s UCaaS suite. The contact center solution includes ACD, IVR, digital channels, outbound dialer, reporting, customer experience analytics, quality management, speech analytics, customer surveys, and knowledgebase, all delivered on one unified, secure, and reliable platform featuring single sign-on and centralized administration. The company offers features, such as skill-based routing, multimedia management, real-time monitoring and reporting, voice recording and logging, historical reporting, WEM, contact center analytics, IVR integration with third-party CRM, Enterprise Resource Planning (ERP) solutions, and contact and case management tools. The company offers multiple editions of the contact center that can be scaled as per the user requirements.
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