Contact Center Analytics Market Set to Witness an Uptick during 2019 to 2026

Posted by Mrudula Anil Karmarkar on January 13th, 2022

The global contact center analytics market size is expected to reach USD 2.66 billion by 2026, registering a CAGR of 16.8% from 2020 to 2026, according to a new report by Grand View Research, Inc. The growing demand for effective customer experience management solutions is expected to drive market growth over the forecast period. Various factors such as increased compliance requirements and growing social media analytics are further contributing to the market growth.

Numerous businesses are using automated services such as auto-attendant service that helps reduce the number of workforces required to provide a contact center service. The auto-attendant service also allows supervisors and agents to manage their time effectively. Furthermore, this service helps reduce call waiting time and agent idle time, thereby optimizing business productivity.

The contact center analytics solutions offer advanced call-routing, aided by Interactive Voice Response (IVR) and auto-attendant service, to ensure that clients and customers get to speak to a qualified agent as quickly as possible. Analytics solutions also enable supervisors to access high-level dashboards. These dashboards provide an overview of the average call duration and call waiting time, thereby allowing supervisors to make necessary business decisions for increasing contact center productivity.

Analytics solutions allow businesses to conduct an end-to-end analysis of numerous customer data points to proactively identify potential improvements in an agent’s responses. The analyzed output enables a company to design a solution that effectively caters to customer requirements. Furthermore, growing technological advancements in customer relationship management and artificial intelligence are further projected to propel the market growth over the forecast period.

The contact center analytics solutions offer the features of structuring, analyzing, and capturing the customer data to get a pattern or forecast future outcomes. The analysis of customer data enables companies to gain essential insights that eventually help them in enhancing customer experience. Furthermore, the increasing demand for improved customer experience management solutions is expected to drive market growth. Various factors such as increasing demand for text and speech analytics solutions and the proliferation of cloud computing are expected to fuel the market growth over the forecast period. Text and speech analytics solutions help businesses in effectively addressing customer requirements and improving operational performance.

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These solutions also help businesses in monitoring the service quality of every customer-employee interaction, thus helping streamline business and reduce operational issues. Numerous small and medium enterprises are adopting these solutions to improve customer experience. Numerous businesses across the globe are adopting contact center analytics solutions for streamlining processes. To effectively communicate with customers, businesses need to manage their workforces effectively. Contact centers use analytical tools such as Key Performance Indicators (KPIs) and other metrics to manage their workforces. This need for performance management of a contact center workforce is expected to fuel the market growth over the forecast period.

Contact Center Analytics Market Report Highlights

• Speech analytics helps improve service quality and customer experience, in addition to reducing operating expenses, thereby creating growth opportunities for the segment
• The integration and deployment services segment dominated the market in 2019 and is expected to continue to dominate over the forecast period, as these services are used to ensure that new systems are in-line with the existing systems and to integrate the new systems with the existing ones, thereby reducing loss or theft of data
• The hosted deployment segment is expected to witness remarkable growth over the forecast period as this method eliminates the need to regularly upgrade systems
• Analytics solutions are widely adopted in small and medium enterprises as these solutions help easily track customer data and improve an agent’s productivity
• A workforce optimization solution offers several analytics capabilities, such as quality management and interaction analytics, which enable contact centers to improve their workforce operations. This, in turn, is leading to a high growth rate of the workforce optimization segment over the forecast period
• The consumer goods and retail segment is projected to witness significant growth over the forecast period. The segment growth can be attributed to the wide adoption of contact center analytics solutions in the consumer goods and retail industry to provide a personalized experience to customers
• The North American Customer Service Management Association (NACSMA) is focusing on promoting the use of advanced technologies in the contact center industry for helping enterprises in delivering enhanced customer experience

The market is moderately concentrated in nature. The market players are focusing on innovation to personalize and differentiate their solution offerings for potential customers. Furthermore, they are aiming at integrating technologies such as Natural Language Processing (NLP), Artificial Intelligence (AI), and machine learning into their solutions to offer effective solutions to their customers. They are also focusing on effectively delivering training & consulting and support and maintenance services to retain their customers. New product development and partnerships are some of the key strategies adopted by the players to gain a competitive edge in the market. For instance, in June 2017, CallMiner expanded its analytics solutions portfolio by partnering with Nuance Communications, Inc. This collaboration enabled CallMiner to promote its solution Eureka with Nuance\'s Transcription Engine. The market players are investing in R&D activities for innovating and updating products and solutions. Some prominent players in the contact center analytics market include:

• 8X8 Inc.
• Cisco Systems, Inc.
• Enghouse Interactive
• Five9, Inc.
• Genesys
• Genpact Limited
• Mitel Networks Corporation
• Oracle Corporation
• SAP SE
• Verint Systems Inc.