According to the new market research "Contact Center Analytics Market by Component (Software and Services), Application (Log Management, Risk and Compliance Management, Real-Time Monitoring and Reporting, Workforce Management, Customer Experience Management) - Global Forecast to 2022", The contact center analytics market is expected to grow from USD 709.5 Million in 2017 to USD 1,483.6 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 15.9%.
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The major driving factor for this market remains high demand for better customer experience management solutions which can provide 360o view of customer data and enable companies to gain crucial insights into this data to enhance customer experience. Proliferation of cloud computing, growing demand for speech and text analytics solutions, and increased compliance requirements are other key drivers fueling the growth of contact center analytics market.
Customer experience management application is expected to grow at the highest CAGR during the forecast period
Customer experience analytics aggregates customer interactions, transactions, feedback, and agent data to provide an end-to-end picture of the customer journey. It can provide multiple avenues for customer experience management through customer analytics. Contact centers can leverage from contact center analytics by integrating and analyzing customer data from multiple channels and utilize generated insights to improve their contact center operations and find new opportunities to engage and serve their customers. Some of the major opportunities include automatically assigning a reason for all customer contacts based on speech, text, desktop and transaction analytics. Further, predictive analytics capabilities enable contact centers to detect and analyze cross-channel behavior patterns, facilitate pre-empt future calls, and reduce customer effort.
The on-demand deployment model to grow at the highest CAGR during the forecast period
The contact center analytics market by deployment model has been segmented as on-premises and on-demand. The on-demand contact center analytics solutions are cloud-based deployment of contact center analytics solutions and provide benefits, such as cost control, resource pooling, and less implementation time. This, in turn, is expected to help the on-demand deployment model to record a high growth rate during the forecast period.
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North America is expected to dominate the contact center analytics market during the forecast period
The contact center analytics market is segmented on the basis of major regions: North America, Asia Pacific (APAC), Europe, Middle East and Africa (MEA), and Latin America. North America is the home for most the industries with large operation base and customer contact centers, showing prominent adoption of cloud-based and on-premises analytics solutions in most of its industries. Leading companies such as Cisco, Oracle, and SAP SE, have a strong presence in the region. These companies have adopted several strategies to turn customer data into revenue and have enhanced their product portfolio that attracts major clients. Enterprises in the region have readily adopted predictive analytics and other similar solutions to enhance their customer experience. Companies also adopt speech analytics solutions to identify knowledge gaps and areas that require more training thereby enhancing the overall performance of the organizations.
Major contact center analytics vendors include Cisco Systems, Inc. (US), Genpact Limited (Bermuda), Verint Systems Inc. (US), 8X8 Inc. (US), Genesys (US), Oracle Corporation (US), Mitel Networks Corporation (Canada), SAP SE (Germany), NICE Ltd. (Israel), Enghouse Interactive (US), Five9, Inc. (US), CallMiner (US), and Servion Global Solutions (India).
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