The global contact center analytics market revenue was around US$ 1.5 billion in 2022 and is estimated to reach US$ 8.09 billion by 2031, growing at a compound annual growth rate (CAGR) of 20.6% during the forecast period from 2023 to 2031.
The term "contact center analytics" describes the procedures and equipment used by businesses to obtain insights into their business performance. Call times, staff productivity, efficiency, and customer happiness are just a few of the service indicators that management may monitor and enhance.
Market Driving Factors
The increasing need for voice and text analytics solutions is expected to drive market growth. This is mainly due to the organizations can analyze formless data from consumer interactions, such as chat logs, call transcripts, and social media posts, with the assistance of text and voice analytics systems. As a result, organizations may improve their services, goods, and customer interaction initiatives by examining this data to acquire insights into consumer sentiment, famous topics, and preferences.
Increasing trends in Machine Learning (ML) and Artificial Intelligence (AI) are also estimated to boost market growth. This is mainly due to the organizations are now able to automate consumer interaction analysis, less down on manual work, and raise the precision of insights owing to integration of ML and AI technologies in contact center analytics systems.
Increasing competition in open-source analytics and lack of compatibility across different analytics systems limit the market growth.
Regional Analysis
North America dominated the market in terms of growth rate and is estimated to maintain its dominance. This can be attributed to various factors such as a surge in digitalization and the adoption of contact center analytics tools by end users such as retail and BFSI. Furthermore, the existence of key players offers lucrative opportunities for market growth in the region.
Asia-Pacific is expected to dominate the market in terms of rapid growth during the forecast period. This is mainly due to the rise in economic transformation, digitization, globalization, and the increase of cloud-based contact center analytics solutions. Additionally, surging digitization, coupled with an increase in levels of disposable revenue in the region, has resulted in high adoption of mobile devices and smartphones.
Segmentation Insights
Component Insight
The solution segment dominates the market in terms of the growth rate. Customer feedback posted on social media platforms via posts, blogs, and forums is analyzed utilizing contact center analytics solutions, allowing organizations to examine social media content in real time. In addition, this aids in enhancing business processes and creating competitive benefits. As a result, the surge in utilization of social media platforms is one of the main elements that boost the demand for contact center analytics solutions. Moreover, the increase in the adoption of cutting-edge contact center technologies and demand for more profitable consumer experience management solutions also propel the market.
The service segment is estimated to dominate the market in terms of the highest growth rate during the projection period. The high demand for deployment services and contact center analytics integration is due to the way businesses integrate cutting-edge technologies into their operations, allowing them to acquire unusual access to analytics and consumer data. It also creates growth prospects for the segment by concentrating on deployment and integration services, regulatory compliance, and data privacy requirements.
Deployment Model Insight
The cloud segment is estimated to dominate the market in terms of the highest growth rate. Cloud-based contact center analytics software has lower capital expense as well as less maintenance needs and is highly preferred by mid-sized financial institutions. As a result, growth in the adoption of cloud-based solutions among large and medium-sized enterprises drives market growth.
Industry Vertical Insight
The BFSI segment dominates the market in terms of the largest share. This is primarily due to the surge in efforts of BFSI companies to enhance their operational performance and fulfill consumer needs. Additionally, the increasing adoption of digital banking solutions and the cascade of complexity in managing transactional interactions are anticipated to surge the demand for the contact center analytics market.
Prominent Companies
Segmentation Outline
The global contact center analytics market segmentation focuses on the Component, Deployment Model, Industry Vertical, and Region.
By Component
By Deployment Model
By Industry Vertical
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL CONTACT CENTER ANALYTICS MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: CONTACT CENTER ANALYTICS MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL CONTACT CENTER ANALYTICS MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL CONTACT CENTER ANALYTICS MARKET, BY COMPONENT
5.1 OVERVIEW
5.2 SOLUTION
5.3 SERVICES
6 GLOBAL CONTACT CENTER ANALYTICS MARKET, BY DEPLOYMENT MODEL
6.1 OVERVIEW
6.2 ON-PREMISE
6.3 CLOUD
7 GLOBAL CONTACT CENTER ANALYTICS MARKET, BY INDUSTRY VERTICAL
7.1 OVERVIEW
7.2 BFSI
7.3 HEALTHCARE
7.4 RETAIL AND E-COMMERCE
7.5 GOVERNMENT AND EDUCATION
7.6 IT AND TELECOM
7.7 TRAVEL AND HOSPITALITY
7.8 OTHERS
8 GLOBAL CONTACT CENTER ANALYTICS MARKET, BY GEOGRAPHY
8.1 OVERVIEW
8.2 NORTH AMERICA
8.2.1 NORTH AMERICA MARKET SNAPSHOT
8.2.2 U.S.
8.2.3 CANADA
8.2.4 MEXICO
8.3 EUROPE
8.3.1 EUROPE MARKET SNAPSHOT
8.3.2 WESTERN EUROPE
8.3.2.1 THE UK
8.3.2.2 GERMANY
8.3.2.3 FRANCE
8.3.2.4 ITALY
8.3.2.5 SPAIN
8.3.2.6 REST OF WESTERN EUROPE
8.3.3 EASTERN EUROPE
8.3.3.1 POLAND
8.3.3.2 RUSSIA
8.3.3.3 REST OF EASTERN EUROPE
8.4 ASIA PACIFIC
8.4.1 ASIA PACIFIC MARKET SNAPSHOT
8.4.2 CHINA
8.4.3 JAPAN
8.4.4 INDIA
8.4.5 AUSTRALIA & NEW ZEALAND
8.4.6 ASEAN
8.4.7 REST OF ASIA PACIFIC
8.5 MIDDLE EAST & AFRICA
8.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
8.5.2 UAE
8.5.3 SAUDI ARABIA
8.5.4 SOUTH AFRICA
8.5.5 REST OF MEA
8.6 SOUTH AMERICA
8.6.1 SOUTH AMERICA MARKET SNAPSHOT
8.6.2 BRAZIL
8.6.3 ARGENTINA
8.6.4 REST OF SOUTH AMERICA
9 GLOBAL CONTACT CENTER ANALYTICS MARKET COMPETITIVE LANDSCAPE
9.1 OVERVIEW
9.2 COMPANY MARKET RANKING
9.3 KEY DEVELOPMENT STRATEGIES
9.4 COMPETITIVE DASHBOARD
9.5 PRODUCT MAPPING
9.6 TOP PLAYER POSITIONING, 2022
9.7 COMPETITIVE HEATMAP
9.8 TOP WINNING STRATEGIES
10 COMPANY PROFILES
10.1 MITEL NETWORKS CORPORATION
10.1.1 OVERVIEW
10.1.2 FINANCIAL PERFORMANCE
10.1.3 PRODUCT OUTLOOK
10.1.4 KEY DEVELOPMENTS
10.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.2 GENESYS
10.2.1 OVERVIEW
10.2.2 FINANCIAL PERFORMANCE
10.2.3 PRODUCT OUTLOOK
10.2.4 KEY DEVELOPMENTS
10.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.3 AVAYA INC.
10.3.1 OVERVIEW
10.3.2 FINANCIAL PERFORMANCE
10.3.3 PRODUCT OUTLOOK
10.3.4 KEY DEVELOPMENTS
10.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.4 8X8 INC.
10.4.1 OVERVIEW
10.4.2 FINANCIAL PERFORMANCE
10.4.3 PRODUCT OUTLOOK
10.4.4 KEY DEVELOPMENTS
10.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.5 GENPACT LIMITED
10.5.1 OVERVIEW
10.5.2 FINANCIAL PERFORMANCE
10.5.3 PRODUCT OUTLOOK
10.5.4 KEY DEVELOPMENTS
10.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.6 NICE LTD
10.6.1 OVERVIEW
10.6.2 FINANCIAL PERFORMANCE
10.6.3 PRODUCT OUTLOOK
10.6.4 KEY DEVELOPMENTS
10.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.7 ORACLE CORPORATION
10.7.1 OVERVIEW
10.7.2 FINANCIAL PERFORMANCE
10.7.3 PRODUCT OUTLOOK
10.7.4 KEY DEVELOPMENTS
10.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.8 CALLMINER
10.8.1 OVERVIEW
10.8.2 FINANCIAL PERFORMANCE
10.8.3 PRODUCT OUTLOOK
10.8.4 KEY DEVELOPMENTS
10.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.9 SAP
10.9.1 OVERVIEW
10.9.2 FINANCIAL PERFORMANCE
10.9.3 PRODUCT OUTLOOK
10.9.4 KEY DEVELOPMENTS
10.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.10 TALKDESK INC.
10.10.1 OVERVIEW
10.10.2 FINANCIAL PERFORMANCE
10.10.3 PRODUCT OUTLOOK
10.10.4 KEY DEVELOPMENTS
10.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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