The global contact center analytics market size is expected to reach USD 5.75 billion by 2030, expanding at a CAGR of 19.7% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growing need among contact center companies to track and measure business performance at each level is expected to drive market growth. Contact center analytics also enables companies to reduce overhead and operational expenses. The funding raised by contact center service providers is also expected to drive market growth. For instance, in May 2021, ASAPP, Inc., an Artificial Intelligence (AI) research-driven customer experience company, announced that it raised USD 120 million. The company would use this funding to expand its portfolio and market reach.
Contact Center Analytics Market Report Highlights
- The speech analytics solutions segment dominated the market in 2022 due to the wide usage of these solutions in improving service quality, customer experience, and reducing operating expenses
- The integration & deployment services segment dominated the market in 2022 and is expected to retain its dominance over the forecast period due to the high demand for these services among organizations to reduce data loss or theft
- The hosted deployment segment is expected to witness the fastest CAGR over the forecast period. Hosted deployment helps eliminate the need to regularly upgrade systems
- The SME segment is expected to witness the fastest CAGR during the forecast period. Analytics solutions are widely adopted by many SMEs as these solutions help track customer data and improve agent productivity
- The workforce optimization application segment is expected to register the fastest CAGR over the forecast period. Workforce optimization solutions offer several analytics capabilities, such as quality management and interaction analytics, which enable contact centers to improve their workforce operations
- The North American Customer Service Management Association (NACSMA) is focusing on promoting the use of advanced technologies in the contact center industry and helping enterprises in delivering enhanced customer experience. This is expected to drive the growth of the regional market
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Companies are entering into partnerships with technology solution providers to enhance their offerings. For instance, in July 2021, Clarabridge, Inc., a speech analytics provider, announced that it had joined Five9’s ISV Partner Program, a provider of intelligent cloud contact centers. This partnership provided Five9’s clients the ability to connect contact center analytics and management. The COVID-19 pandemic has positively impacted the market growth in 2021. The pandemic has driven automation and digitalization initiatives across contact centers due to changing customer needs and employee working structures. Contact center agents have shifted to a remote working model due to the pandemic to stem the spread of the virus, which creates the need for contact center analytics among contact centers of various companies.
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We have segmented the global contact center analytics market based on solution, service, deployment, enterprise size, application, end-use, and region.
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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