Contact Center Analytics Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI2431
Contact Center Analytics Market size is anticipated to grow rapidly during the forecast period as it assists in identifying customer needs, solving customer problems, and improving the customer lifecycle. The change in demand from customers and retaining the customers are the major factors driving the contact center analytics market. Moreover, the increase in demand for improved customer experience management, cloud computing, demand for text and speech analytics, and increased compliance requirements foster the growth of the market.
Contact center analytics is majorly used by the call centers to evaluate the performance of the customer service representatives and gain a better understanding of the overall customer relationship management. The interactions between clients and customers are evaluated, allowing companies to take corrective action on unstructured data and gain rare insights about the customers. It also supports in gathering the huge customer-related information, which is used by the enterprises for decision making and provide quality customer feedbacks and services.
The proliferation of cloud computing in contact center analytics aids in providing a superior customer experience. The factors associated with cloud contact centers such as improved agent efficiency, greater scalability, and reduced costs and enhanced security together aid in providing an improved customer experience. Cloud solutions lack security of data compared to on-premise model. For instance, hybrid cloud gives enterprises the flexibility of storing sensitive data into the private cloud while less important data could be stored in a public cloud, helping the company in saving costs.
Speech analytics is the fastest growing segment of the contact center analytics market as it aids companies to understand its customers better and improving the overall customer experience. Speech analytics software analyzes various emotions from the audio data gathered such as tone, stress, reason for the call and satisfaction level, identifying the needs and expectations of the customers and addressing them. Hence, the demand for speech analytics in the contact center technology is rising and helps the companies entering this market gain a competitive edge over their competitors. Moreover, real-time speech analytics, AI, multi-channel customer interaction analytics, and emotional analytics are some of the other segments operating in this market.
BFSI accounts for the majority of shares in the contact center analytics market. Customers now conduct most of their banking transactions outside the branch through various contact centers. It enables them to organize their multichannel customer communication, which takes place through various channels such as video, chat, mobile, and social media.
The North America region dominates the contact center analytics market as major industries reside in this region, which has a huge customer base and contact call centers. Furthermore, due to advanced technology and the use of speech analytics and cloud computing, they provide a high customer satisfaction. APAC region is expected to gain the highest market share during the forecast period owing to rapid digitization and rising disposable income of the population. The demand for electronic gadgets, such as smartphones, tablets, and laptops, has increased in this region, generating a huge data and enhancing contact center analytics requirements.
Some of the major companies operating in contact center analytics market are Verint Systems, Cisco Systems, Genesys, Oracle Corporation, SAP SE, NICE inContact Ltd., Genpact Limited, and Servion Global Solutions. These players are engaged in the new product launches, partnerships, mergers and acquisitions, and expansion to acquire a higher market share and gain a competitive advantage. For instance, in June 2016, inContact released its second customer interaction cloud, which helps it in achieving better customer satisfaction customer experience and business potential.
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