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(Medical-NewsWire.com, November 17, 2022 ) 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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Top Key Players
Some major players in the contact center analytics market include Cisco (US), Genpact (US), SAP (Germany), Oracle (US), Avaya (US), NICE (US), 8x8 (US), Five9 (US), Talkdesk (US), CallMiner (US), Servion Global Solutions (US), Genesys (US), VirtualPBX (US), ChaseData (US), and Broadvoice (US).
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.
8x8 provides a communications cloud that combines team collaboration, unified communications, contact centers, and analytics on a single platform. 8x8 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. 8x8 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.
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.
Customer Experience Management application to have the largest market size during the forecast period
Contact centers leverage advanced analytics technologies such as speech and text analytics, customer analytics, sentiment analytics, performance analytics to improve its customer experience management (CEM). Customer experience management is nothing but the process of understanding customers and implementing strategic actions to improve customer experience (CX) through cross-functional initiatives and a customer-centric culture. It is surely one among the top priorities of the companies as it can directly affect the company revenue.
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APAC to have a higher CAGR during the forecast period
The contact center analytics market has been segmented into five major regions: North America, Europe, APAC, Latin America, and MEA. APAC is expected to have the highest CAGR during the forecast period. The region is growing at a good pace because of the major multinational players coming over and a lot of new entrepreneur setups, who are adopting advanced analytics technologies to have a competitive advantage over the established players. China, Japan, and India are displaying ample growth opportunities in the contact center analytics market.
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Mr. Aashish Mehra