Contact Center Analytics are primarily used to measure the performance of customer service representatives individually and as a whole. This analytics help to accelerate an organization’s capability to understand customer trends so as to enable customer interaction channels with operational, training and decision making analytics.
With the real-time access to insights and enhanced understanding of intent and reason, organizations can proactively respond to the trending needs of customers, while reducing costs and improving efficiencies. Over the past few years, businesses are rising in numbers, along with a growing demand for improved customer experience management solutions. Resultantly, the increasing uptake of contact center analytics is spurring the market growth.
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Recognizing the traction, the market is witnessing currently; Market Research Future (MRFR) has recently published a study report giving out the complete market insight up till 2023. According to MRFR, the global Contact Center Analytics market will reach approximately 1.5 Bn. USD by 2023, posting a CAGR of 16% during the assessment period 2017 – 2023.
Furthermore, factors such as increasing the proliferation of cloud computing, and the growing compliance requirements are estimated to bolster the growth of the market over the review period. Contact centers are continually improving the multichannel and cross-channel customer experience which in turn, is fostering the market growth, increasing the uptake of contact center analytics.
On the other hand, factors inhibiting the market growth include technical incompetence of developers and users due to this technology (contact center analytics) still being in the nascent stage, and the reluctance of the market players for investments inhibits the market growth.
The key players in the global Contact Center Analytics Market include Cisco Systems, Inc. (US), Verint Systems Inc. (US), Genpact Limited (Bermuda), Genesys (US), 8X8 Inc. (US), Mitel Networks Corporation (Canada), Oracle Corporation (US), SAP SE (Germany), NICE Ltd. (Israel), Five9, Inc. (US), Enghouse Interactive (US), Servion Global Solutions (India) and CallMiner (US) among others.
Global Contact Center Analytics Market – Segmentations
MRFR has segmented the market into six key dynamics for the convenience of understanding;
- By Components : Software and Solutions among others.
- By Deployment: On-premises and On-demand.
- By Organization Size: Small, Medium and Large
- By Applications: Workforce Optimization, Risk Management, Customer Experience Management, and Real-time Monitoring among others.
- By End-Users: BFSI, Government, Retail, Healthcare, Manufacturing, IT & Telecommunications, Hospitality, Defense, and Energy among others.
- By Regions: North America, Europe, APAC and Rest-of-the-World.
Global Contact Center Analytics Market- Geographical Analysis
The North America market leads the global contact center analytics market with the largest market share. The market is growing due to the technical advancements and the well-established infrastructures in the region.
North America will retain its dominance during the forecast period, witnessing augmenting uptake due to the government’s programmes encouraging the advancements. Also, factors such as advancements in the customer experience management, the presence of the large operation base and customer contact centers and augmenting uptake of cloud-based analytics solutions across various industries.
Whereas the Asia Pacific market for contact center analytics, emerging as one of the lucrative markets will register the highest CAGR in the next six years. The market growth in the region attributes to the extensive demand for the deployment of contact center analytics technologies with advanced Analytics solutions that provides comprehensive support and specialty in real-time access of data that can empower enterprises to make faster business decisions, comprehending business scenario quickly.
Also, the aggressively growing market in India, expanding due to the government’s efforts to promote programmes such as Digital India Program with the vision to transform India into a digitally empowered society is supporting the market growth in the region to an extent.
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