The global contact center analytics market size was estimated at USD 1.8 billion in 2021 and is expected to hit around USD 9.1 billion by 2030, expanding at a compound annual growth rate (CAGR) of 19.73% from 2022 to 2030.
Contact center analytics is the analysis of or standard contact center metrics in order to identify the causes, results, trends and impacts. The major companies always have a clearview or for customers journey with the help of which there is an optimization of quality score, average handling time and contact resolution rates. Contact center analytics can supercharge the business operations of any company.
Contact centers which are often referred to as call centers at the core of extremely successful businesses today. It is powerful and complex which utilizes a broad range of technologies for IVR, web, and other channels. customer satisfaction is the main goal of any business. This cannot be measured through a contact center. Getting a complete picture offer business in terms of customer satisfaction is extremely difficult as not many people respond to surveys or feedbacks.
Pandemic has rendered many changes in the buying pattern of the consumers and how the businesses need to respond to the customer needs. During the pandemic there was an increase in the call volumes where people were trying to seek help in protecting their wealth. Majority calls were regarding the mortgage credit card limits and such other purposes.
There is an increasing demand for global contact center analytics due to an improved service quality and an ability to understand the service metrics on the basis of the call times, customer satisfaction and the efficiency. Demand for contact center analytics is also growing through the use of social media platforms. Various feedback forms that are posted through blogs posts or on various social media platforms are analyzed by the contact center analytics solution. This provides a competitive edge.
Artificial intelligence enabled contact center solutions is creating more opportunities for the growth of this market. The market for contact central analytics is also driven by the rising focus of telecommunication companies on improving their first call resolution and increasing call deflection. In order to provide first call resolution predictive analytics solutions are used which help the company.
Report Scope of the Contact Center Analytics Market
|Market Size in 2022||
USD 2.16 Billion
|Market Size by 2030||
USD 9.1 Billion
|Growth Rate from 2022 to 2030||CAGR of 19.73%|
|Forecast Period||2022 to 2030|
|Segments Covered||Solution, Service, Deployment, Enterprise Size, End User, and Geography|
|Companies Mentioned||8X8 Inc., CallMiner, Mitel Networks Corp., Nice Ltd., Oracle Corp, Cisco Systems, Inc., Enghouse Interactive, Five9, Inc., Genesys, Genpact Ltd., SAP SE|
On the basis of solution, the speech analytics segment dominated the market in the recent years and it shall have a larger market share of the global revenue during the forecast. This solution helps in improving the agent's performance and helps in achieving the goal. Owing to these benefits it is expected to drive the market. It helps in gathering information about the performance of contact centers and their functional areas. Recorded conversations are analyzed in order to help the agents to identify the solution. As the prime focus of all the businesses is customer satisfaction with the help of real time speech analytics solution this goal can be met. The real time speech analytics solution segment is expected to grow well during the forecast.
On the basis of deployment, the on-premise segment dominated the market and it shall grow well during the forecast period. There is a great demand for on premises deployment by the organization as it is extremely easy to customize the software as per their needs. On premise software are managed and owned by the organizations IT department. On premise solutions solves the need of data privacy.
The hosted deployment segment shall also have the fastest CAGR during the forecast period. But due to an adoption of work from home models post pandemic there is a great demand for hosted contact center analytics. The hosted deployment method provides access to authorized individuals and it is completely hosted on the vendor server. The upgrades and maintenance of this software is the vendor's responsibility.
The integration and deployment segment shall dominate the market during the forecast period. To ensure that the new systems are in line with the existing systems integration and deployment Services are helpful. In order to gain unique access to the analytics and customer data with the use of integrating advanced technologies in the operations, contact center analytics integration and deployment services have a great demand.
The segment focuses on the data privacy needs and the regulatory compliance. Due to all of these reasons the segment is expected to grow well during the forecast period. In order to improve the operational efficiency and to improve technological effectiveness managed services segment shall grow well during the forecast period. Managed services offer solutions which help in monitoring the network and monitoring the customer database.
Enterprise Size Insights
By enterprise size, the large enterprises segment has dominated the market in recent years and shall have high call volume during the forecast period. As large enterprises have high call volumes throughout the year this is the major factor which is driving the demand for contact center analytics.
The analytic solution helps the agent in order to filter the data which is scattered across all the channels as per the customers' requirements at a given time.
Telecom and IT segment shall have or major share of the global revenue during the forecast period. the IT and telecom industry is adopting contact center analytics solutions as they have extensive business processes. These solutions help in saving the cost on operations, business intelligence and provide better customer satisfaction.
Followed by the telecom sector the consumer goods and retail sector are also expected to be a fast-growing end users' segment during the forecast. These solutions are extremely helpful in the consumer goods and retail business as they help in tracking all the historical activities, competitive information and gives a complete order management.
Contact Center Analytics Market Share, By Region, 2021 (%)
|Regions||Revenuie Share in 2021 (%)|
North American region had the largest market share till the year 2021. Due to the presence of prominent players in the North American region the market is expected to grow well during the forecast period. Due to an increased adoption of automated services by various businesses the contact center analytics market is expected to grow well during the forecast period in this region.
Other fastest growing regional market is the Asia Pacific region. Increased disposable income levels and the adoption of smartphones have led to a growth in the market. There is a growing demand for contact central analytics solutions in many small and medium enterprises in the Asia Pacific region. As these companies are seeking an enhanced customer experience the market is expected to grow well during the forecast period.
Key Market Developments
Segments Covered in the Report
By Enterprise Size
By End User
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