Contact Center Analytics Market
Contact Center Analytics Market - By Component, By Deployment model, By Enterprise size, By Industry vertical & Global Region - Market Size, Trends, Opportunity, Forecast 2021-2026Request Sample Request Discount
Contrasting with the call centers, contact center uses different modes of communication such as e-mails and social networking to reach out to the customers. However, the contact center analytics solutions are involved in integration of data from manifold of customer channels and enterprise systems. The contact center analytics is the process of analysis of standard contact center metrics to identify trends, impacts, causes, and results. This solution enables data integration, data analysis, customer experience analysis, performance assessment, and business intelligence analytics. The contact center analytics solutions can be deployed on-premises as well as on cloud. It helps the service organization to collect and analyse customer data to extract valuable insights about their performance.
Covid Impact Analysis
The COVID-19 epidemic has significantly pushed demand for the Contact Center Analytics. This is attributed to the fact that the pandemic has led to an upsurge in call volumes at customer service centers across industries and geographies leading to the surge in demand for contact center analytics. For instance, contact centers providing travel related and medical information witnessed a significant increase in call volumes. In addition to this, there is major shift toward Internet of Things capabilities as well as contactless technologies & channels such as AI, virtual assistants, bots, and interactive voice response, fueling the need for contact center analytics solutions to extract valuable insights from the customer interactions.
Various countries around the globe have imposed a complete lockdown for more than two months as a result of the COVID-19 epidemic, which has had an impact on most of the industry verticals. However, the impact on the technology sector has been comparatively low. For instance, the manufacturing plants all across the world have been shut down, and automobile sales have plummeted. On the contrary, despite the downturn, the contact center analytics industry have experienced huge demand increase as a result of the shift towards automation techniques such as artificial intelligence, chatbots, and natural language processing.
On the other hand, several companies are launching new contact center analytics solutions during the pandemic, further boosting growth of the market. For instance, in October 2020, Hinduja Global Solutions (HGS), one of the leaders in business process management (BPM) and customer experience solutions launched HGS PULSE, a contact center analytics platform that offers business performance as well as customer insights by using real-time data.
Top Impacting Factors
Growth of the contact center analytics market is mainly driven by various factors such as a proliferation of cloud computing, increased compliance requirements, increasing demand for better customer experience management, and increasing demand for speech and text analytics. In addition to this, the demand for contact center analytics is propelled by its major benefit in monitoring the service quality of each employee-customer interactions and thereby helping the organization to streamline operational and business issues. Moreover, contact center analytics is rapidly being used by the call centers to gain a better understanding of the overall customer relationship management and evaluate the performance of the customer service representatives. It is helping to gather huge customer-related information, which is used by the enterprises in decision making and to offer enhanced customer services.
However, the factors such as high cost of investment along with the consumer data privacy rules and regulations may hamper growth of the contact center analytics market during the forecast period.
On the other hand, emerging trends such as social media analytics, real-time monitoring and analytics, predictive analytics creates lucrative growth opportunities for the market growth.
On the basis region, the Contact Center Analytics Market is segmented into North America, Asia Pacific, Europe, Latin America and Middle East and Africa. North America accounted for the largest share in the Contact Center Analytics Market. This is mainly attributed to the huge customer base and presence of contact call centers. In addition to this, contact centers in this region are rapidly using advanced technology as well as the speech analytics and cloud computing to provide a high customer satisfaction, further boosting growth of the north America contact center analytics market.
However, the Asia-Pacific is expected to grow at the highest growth rate during the forecast period. Growth of this region is mainly driven by increase in disposable income of the population along with the upsurge in digitization. In addition to this, the region has experienced extensive usage of electronic gadgets, such as tablets, smartphones, and laptops. However, large volumes of data is expected to be generated from such devices are leading to the rise in demand for advanced analytics solutions in the contact centers to improve customer experience.
The global contact centers are witnessing huge integration of artificial intelligence and machine learning to enhance automation and provide much deeper experience for customers. In addition, there is rising adoption of voice analytics in the contact center's. These contact center analytics solutions can convert conversations to data and applies logic and sentiment analysis, both from the agent perspective as well as the customer experience. These solutions are being used to track compliance, silence, frustration, conversation escalation, and to track overtaking.
Global Contact Center Analytics market segmentation is based on the component, deployment model, enterprise size, industry vertical, and region. Based on the component, the contact center analytics market is segmented into solution and services. Based on the deployment model, it is segregated into cloud and on-premise. According to the enterprise sized, the market is divided into large enterprises and small & medium enterprises. On the basis of the applications, the market is segmented into automatic call distributor, customer experience management, log management, workforce optimization, real-time monitoring & reporting, risk & compliance management, and others. According to the industry vertical, the market is categorized into BFSI, consumer goods & retail, government, healthcare, it & telecom, travel & hospitality, and others. Based on the region, it is segregated into North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
The global Contact Center Analytics market is consolidated with the presence of major players in the market such as Verint Systems, Cisco Systems, Genesys, Oracle Corporation, SAP SE, NICE inContact Ltd., Genpact Limited, and Servion Global Solutions and other players.
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