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).
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).
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.
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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