Contact center analytics is a set of analytical tools that helps organizations in reducing operational cost while maintaining customer satisfaction. The primary objectives of these analytical tools are to identify and track key performance indicators (KPIs) and draw meaningful insights related to business intelligence (BI). Interaction analytics, one of the significant tools in contact center analytics automatically captures unstructured data from various sources such as social media interaction, emails, chat transcriptions and recorded calls and convert it into structured data. These solutions can be deployed at on-premise or over cloud infrastructures.
The Development of real-time monitoring and analytics solutions will fuel the Contact Center Analytics market is expected to grow at a CAGR of 17.25 % to reach USD 4,365.4 million in 2029.
Increasing demand for improved customer experience management solutions
Growing demand for improved customer experience management solutions is one of the major factors contributing to the growth of the global contact center analytics market. Over the past few years, the expectations of getting better customer service in almost every sector have increased. With the penetration of eCommerce businesses across the globe, customers have access to several products and sellers online. Nowadays, customers select their products and service not only based on their expected product price, quality and variety but also based on better customer service. Contact center analytics is one of the crucial elements in customer service as it is the second touchpoint after an eCommerce website or retailer.
Need for contact center workforce performance management
The increasing necessity of performance management of the contact center workforce efficiently is another factor driving the growth of the contact center analytics market around the world. Businesses across the globe facilitate their contact center operation by effective communication of its products and services. Thus, it is very essential to manage their contact center workforce effectively. Moreover, the rising adoption of speech and text analytics solutions is further expected to have a significant impact on the global contact center analytics market over the forecasted period. Organizations have deployed such analytical tools through a combination of social media and internal as well as external recorded data to develop innovative analytical solutions, which further help in gaining a better understanding of consumer requirements.
The customer experience management application holds a significant market share
Customer experience management, real-time monitoring and reporting, workforce optimization, risk and compliance management, and others are some of the applications analyzed in this market. Among these applications, the customer experience analytics segment is anticipated to have a significant market share during the analysis period. Customer experience analytics provides a complete view of the customer journey by collecting data from transactions, customer interactions, agent feedbacks, etc.
North America holds the largest share in the global market
Geographic regions included in the global contact center analytics market study are North America, Europe, Asia Pacific, South America, and Middle East & Africa along with its major countries. Among these, North America is expected to hold the largest share in the global contact center analytics market over the forecasted period. The strong presence of big companies such as SAP SE, Oracle, and Cisco and their customer contact centers is the reason behind the high adoption of on-premise and cloud-based analytics solutions in North America. These companies have adopted various analytics solutions in order to convert their customer data into revenue. Moreover, technological advancements and increased adoption of speech and text analytics are some of the factors contributing to the growth of the contact center analytics market in the region.
Key Market Players
• Cisco Systems, Inc.
• Genpact Limited
• Oracle Corporation
• Mitel Networks Corporation
• SAP SE
• Nice Ltd.
• Enghouse Interactive
• Verint Systems Inc.
• Servion Global Solutions
Key Segment Of The Contact Center Analytics Market
By Components, 2022-2029 (USD Million)
Deployment Model, 2022-2029 (USD Million)
Organization Size, 2022-2029 (USD Million)
• Large Enterprises
• Small and Medium-Sized Enterprises
Application, 2022-2029 (USD Million)
• Automatic Call Distributor
• Log Management
• Risk and Compliance Management
• Real-time Monitoring and Reporting
• Workforce Optimization
• Customer Experience Management
Industry, 2022-2029 (USD Million)
• Healthcare and Life sciences
• Financial Services and Insurance
• Retail and Consumer Goods
• Telecom and IT
• Energy and Utilities
• Government and Defense
• Travel and hospitality
• Academia and Research and Other industries
Regional Overview, 2022-2029 (USD Million)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
Middle East and South Africa