Contact Center Analytics Market to Grow at a CAGR 15.9% – Report by MarketsandMarkets

“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),”
The major driving factor for Contact Center Analytics Market remains high demand for better customer experience management solutions which can provide 360° view of customer data and enable companies to gain crucial insights into this data to enhance customer experience.

The global contact center analytics market has witnessed significant traction, and is projected to grow at a Compound Annual Growth Rate (CAGR) of 15.9% during the forecast period of 2017–2022, to reach a market size of USD 1,483.6 million by 2022. Demand for better customer experience management solution, proliferation in cloud computing, increasing demand for speech and text analytics, and stringent compliance requirements drive the contact center analytics market.

Increased inclination toward social media analytics, real-time monitoring and analytics, and predictive analytics is a major opportunity present in the contact center analytics market. High investment and consumer data privacy rules and regulations are among major factors restraining the market growth.

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Banking, financial services, and insurance (BFSI); healthcare and life sciences; manufacturing; retail and consumer goods; energy and utilities; telecom and IT; government and defense; travel and hospitality; academia and research; and others (media and entertainment, and transportation and logistics) are the major industries leveraging the benefits of contact center analytics tools and services.

On-premises deployment of contact center analytics tools is expected to hold the largest market size during the forecast period. This is mainly due to by large enterprises owing to various factors including data security, higher customization options, and control over the implementation process.

The retail and consumer goods vertical is expected to grow at the highest CAGR in the contact center analytics market during the forecast period. Using contact center analytics, companies can transform customer contact operations, with revised performance metrics, skill-based call routing and smart scheduling, supported by analytical forecasts. Natural Language Processing (NLP), predictive analytics, and dynamic workflows facilitated by contact center analytics solutions can help companies to gain 360° view of customer, and maximize value of customer relationships. Analytics enables companies to gain deeper insight into every physical, online and mobile customer interaction. This helps the companies to deliver differentiated customer experiences across every channel and touch point. Companies can proactively connect with customers using these insights and address concerns around authentication and security. Further, they can understand the reason for each contact and apply gathered insights to rapidly resolve issues on the customer’s preferred channel.

Asia Pacific (APAC) is estimated to grow at the highest CAGR during the forecast period. Rising disposable income and increasing digitization have resulted in higher adoption of smartphones and other mobile devices. Huge volumes of data generated from these devices would demand technologically advanced analytics solutions to help companies enhance customer experience at the contact centers and generate revenues. APAC is witnessing increasing demand for cloud-based analytics solutions, owing to the large number of SMEs. Companies operating in the region provide different solutions based on organization size and customer requirements. For instance, in May 2016, Fujitsu launched Fujitsu Business Application Operational Data Management & Analytics Digital Agent solution for call centers to automatically respond in a chat-based format to queries from users calling. Adoption of such contact center analytics solutions will have the potential to drive performance, establish a single version of truth and realize fast time-to-value. The highly competitive environment in the region drives the need to promote and manage sales and marketing activities to build brand awareness and increase overall profitability.

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