GVR Report cover BFSI Contact Center Analytics Market Size, Share & Trends Report

BFSI Contact Center Analytics Market Size, Share & Trends Analysis Report By Solution, By Service, By Deployment, By Enterprise Size, By Application, By Vertical, By Region, And Segment Forecasts, 2021 - 2028

  • Published Date: Sep, 2021
  • Base Year for Estimate: 2020
  • Report ID: GVR-4-68039-621-1
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2019
  • Number of Pages: 150

Report Overview

The global BFSI contact center analytics market size was valued at USD 260.2 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 16.3% from 2021 to 2028. The market growth can be attributed to the increased demand for contact centers among banks, financial institutions, credit unions, and other businesses for improving their customer experience. According to Deloitte, in 2019, financial services accounted for a significant share of nearly 26% of global call centers usage. Benefits offered by contact center analytics to BFSI firms, such as reduced operational costs and call center volumes, are also major factors driving the market growth.

U.S. BFSI contact center analytics market size, by solution, 2018 - 2028 (USD Million)

Moreover, the disruption caused in the financial space by the emergence of several neo banks could also drive the adoption of digitalized solutions among traditional banking institutions. Neo banks provide services only on mobile apps and the web, thereby increasing the competition for credit unions and traditional banks. This is expected to create the demand for contact center analytics solutions to analyze the customer journey using enhanced technologies such as predictive analytics and machine learning.

Banks use artificial intelligence to better understand customer sentiments from the data obtained from contact centers. These capabilities are mainly applied to different types of texts such as social media conversations, customer reviews, and others to research customer needs. Various banks thereby leverage artificial intelligence technologies to identify customer intention and emotion regarding their services. For instance, in June 2021, Kore.ai, a conversational AI software company, announced its partnership with Mashreq Bank, a financial institution based in the UAE. The partnership is aimed to enhance digital support and engagement for customers through conversational AI. Additionally, Mashreq Bank will leverage Kore.ai’s BankAssist virtual assistant to enable a faster resolution to customer queries and provide personalized self-service.

The growing demand for speech analytics among BFSI firms is expected to create new opportunities for the market over the forecast period. Speech analytics enables banks to prevent customer attrition by analyzing and monitoring customer interactions. The benefits are encouraging the adoption of speech analytics across several banks to enhance customer experience. For instance, in November 2020, CallMiner, a provider of speech analytics solutions, announced that African Bank had selected the company’s CallMiner Eureka platform to extract information from voice-based customer interactions. This initiative has helped the bank enhance its digital transformation efforts.

BFSI firms are expected to comply with various stringent regulations imposed by government bodies worldwide. The Telephone Consumer Protection Act passed by the U.S. Congress in 1991 restricts outbound call centers from calling residential numbers before 8 am or after 9 pm. Insurance companies in the U.S. are also expected to abide by the Health Insurance Portability and Accountability Act. This act is mainly focused on ensuring the protection of individual health information. Failure to comply with these regulations may result in fines and financial losses for BFSI firms, which could hinder the market growth.

COVID-19 Impact Analysis

The COVID-19 pandemic adversely impacted the BFSI contact center analytics market in 2020. In the early stages of the pandemic, several banks worldwide were working with a limited staff to ensure employee safety amid the rising number of COVID-19 cases, impacting the market growth. However, the market is recovering since 2021 as customers are increasingly adopting digitalized banking services. According to deVere Group, a financial advisory organization, the use of mobile banking services and financial apps increased by 72% in Europe due to COVID-19. The growing use of digitalized banking services is expected to create increased demand for contact center analytics solutions among banks for resolving customers’ payment and billing issues.

Solution Insights

The speech analytics segment dominated the market in 2020 and accounted for over 24.0% share of the global revenue. This can be attributed to the rise in demand for speech analytics among banks to obtain information from recorded calls using data mining. Speech analytics also helps banks in call center reporting and monitoring, agent training and performance analysis, and crisis management, among others. The benefits offered by speech analytics to banks are expected to drive the segment growth.

The performance analytics segment is anticipated to grow at a promising pace over the forecast period. The segment growth can be attributed to the rise in demand for performance analytics among BFSI firms. Performance analytics enables BFSI companies to reduce customer attrition by reexamining their customer experience and monitoring the performance of their employees and company. These solutions also enable banks to monitor the speed of calls, status history, total calls received, and other such parameters that help them enhance their work efficiency.

Service Insights

The integration and deployment segment dominated the market in 2020 and accounted for over 42.0% share of the global revenue. Benefits offered by integration and deployment services, such as improved customer engagement and optimized agent performance, are driving the segment growth. Contact center analytics solutions are integrated with various CRM applications, agent desktops, and CTI connectors to enable seamless interactions. Their integration with agent desktops enables banks to view caller history and information for offering personalized experiences.

The managed services segment is expected to expand at the highest CAGR over the forecast period. The increasing demand for managed services among BFSI firms is driving the segment growth. BFSI firms adopt managed services to streamline their operations across applications, networks, and infrastructure. Companies operating in the contact center analytics space focus on providing both on-premise as well as cloud-based managed services to meet different customer needs, driving the growth of the segment.

Deployment Insights

The on-premise segment dominated the market in 2020 and accounted for over 59.0% share of the global revenue. The demand for on-premise contact center analytics is growing among BFSI firms as it allows easy customizations depending on the client’s banking activities. Additionally, on-premise contact center analytics offers benefits such as easy deployment and low capital investment. These factors are expected to drive the segment growth over the forecast period.

The hosted segment is expected to register the highest CAGR over the forecast period. The segment growth can be attributed to the increasing demand for cloud-based contact centers among banks as they enable banks to provide customer care services across any platform such as SMS and mobile. This enables customers to easily obtain bank statements through an SMS and analyze their accounts on the internet. At the same time, the shift of customers from live agent calls to self-service checks is also one of the major factors driving the segment growth.

Enterprise Size Insights

The large enterprise segment dominated the market in 2020 and accounted for over 58.0% share of the global revenue. The demand for contact center analytics solutions is growing among large banks that are constantly on the lookout for solutions that can improve their customer satisfaction and reduce operational costs. Additionally, big insurance companies also demand contact center analytics to reduce their fraud claims. According to BearingPoint, a consultancy company, the total cost of insurance fraud globally is estimated at around USD 40 billion per year. Several big insurance companies such as AXA and Allianz invest in advanced technologies such as speech analytics and text analytics to combat fraud.

The small and medium enterprises segment is expected to witness significant growth over the forecast period. Small banks and credit unions are finding new revenue opportunities by investing in banking-as-a-service platforms. This is helping banks to increase their productivity, transform customer contact centers, and develop new products and channels. Additionally, the COVID-19 pandemic is also driving the adoption of digital platforms among small & medium size banks, driving the segment growth.

Application Insights

The customer experience management segment dominated the market in 2020 and accounted for over an 18.0% share of the global revenue. Customer experience management solutions enable banks to optimize their customer experience by monitoring, managing, and designing banking service touchpoints. Customer experience can be gauged by the way customers perceive the services provided by financial institutions during their interaction with contact center agents. Customer experience management relies on data-driven analysis obtained from analytical tools for understanding customers’ needs and expectations.

The workforce optimization segment is expected to expand at the highest CAGR over the forecast period. Workflow optimization allows BFSI firms to leverage digital channels and modernize call center platforms and technologies as part of their efforts to enhance customer experience. Digital channels can typically help BFSI firms in increasing employee engagement and improving customer satisfaction. Call center workflow optimization involves the integration of all digital channels, technologies, and systems into a single point of management to gain deeper insights into employee performance, customer interactions, and business processes. These benefits offered by workflow optimization to BFSI firms are expected to drive the segment growth.

Vertical Insights

The banking segment dominated in 2020 and accounted for over 43.0% share of the global revenue. The adoption of contact center analytics in the banking sector is growing as contact centers are gradually emerging as the primary point of contact for banking customers to obtain specific advice and personal assistance. According to McKinsey, in 2020, 65% of consumers still preferred telephonic interactions to resolve their issues related to banking. Hence, banks are putting a strong emphasis on rolling out modern contact center solutions for streamlining their customer interactions.

Global BFSI contact center analytics market share, by vertical, 2020 (%) 

The credit union segment is expected to expand at the highest CAGR over the forecast period. Several credit unions are implementing contact center analytics solutions to enhance customer experience, which is driving the segment growth. For instance, in May 2018, Veridian Credit Union announced a partnership with CallMiner, a provider of speech analytics solutions, to implement CallMiner’s my Eureka and Eureka speech analytics. This helped the former to enhance operational efficiency, service quality, and sales performance while improving member satisfaction levels.

Region Insights

North America dominated the market in 2020 and accounted for over 32.0% share of the global revenue. The regional market's growth can be attributed to the presence of prominent players, such as Oracle Corporation, SAP SE, and Cisco Systems, Inc., in the region. Moreover, various conferences such as Annual Call Centre Week Canada are conducted in the country to provide insights on enhanced technologies and strategies for improving customer experience.

Asia Pacific is expected to emerge as the fastest-growing regional market over the forecast period. Rising disposable incomes, continued digitalization, and proliferation of smart devices are some of the key factors expected to drive the regional market's growth over the forecast period. As an increasing number of individuals prefer to carry out financial transactions over smart devices, the volume of financial transactions is growing. This is driving the adoption of contact center analytics solutions across BFSI firms for enhancing customer experience.

Key Companies & Market Share Insights

The competitive landscape of the market is highly fragmented. Companies operating in the market are focused on strategies such as partnerships, mergers, and acquisitions for improving their market positions. For instance, in May 2020, 8x8, Inc. announced its partnership with Virgin Media Business, a communications and data provider based in the U.K. Under this partnership, Virgin Media Business provided fully integrated cloud-based communication tools of 8x8 covering voice, chat, contact center, and video solutions to enterprise, public sector, and SME customers.

Companies are also focusing on improving their research and development efforts to develop differentiated products that can help them stay ahead of the competition. For instance, in August 2020, Genesys announced its partnership with Infosys, a provider of next-generation digital services. Under the partnership, Infosys offered the Genesys PureConnect contact center software to customers of both companies. Infosys is mainly focused on providing support for research and development, customer service, and operations for Genesys. Some of the prominent players operating in the global BFSI contact center analytics market are:

  • 8x8, Inc.

  • CallMiner

  • Genesys

  • Five9, Inc.

  • Cisco Systems, Inc.

  • Mitel Networks Corp

  • Oracle Corporation

  • NICE LTD

  • SAP SE

  • Stratifyd

BFSI Contact Center Analytics Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 293.4 million

Revenue forecast in 2028

USD 842.5 million

Growth rate

CAGR of 16.3% from 2021 to 2028

Base year of estimation

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million and CAGR from 2021 to 2028

Report coverage

Revenue forecast, company market share, competitive landscape, growth factors, and trends

Segments covered

Solution, service, deployment, enterprise size, application, vertical, region

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

U.S.; Canada; Germany; U.K.; China; India; Japan; Brazil

Key companies profiled

8x8, Inc.; CallMiner; Genesys; Five9, Inc.; Cisco Systems, Inc.; Mitel Networks Corp; Oracle Corporation; NICE LTD; SAP SE; Stratifyd

Customization scope

Free report customization (equivalent to up to 8 analysts working days) with purchase. Addition or alteration to region and segment scope

Pricing and purchase options

Avail of customized purchase options to meet your exact research needs. Explore purchase options


Segments Covered in the Report

The report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For this study, Grand View Research has segmented the global BFSI contact center analytics market report based on solution, service, deployment, enterprise size, application, vertical, and region:

  • Solution Outlook (Revenue, USD Million, 2016 - 2028)

    • Cross-channel Analytics

    • Performance Analytics

    • Predictive Analytics

    • Speech Analytics

    • Text Analytics

  • Service Outlook (Revenue, USD Million, 2016 - 2028)

    • Integration & Deployment

    • Support & Maintenance

    • Training & Consulting

    • Managed Services

  • Deployment Outlook (Revenue, USD Million, 2016 - 2028)

    • Hosted

    • On-premise

  • Enterprise Size Outlook (Revenue, USD Million, 2016 - 2028)

    • Large Enterprises

    • Small & Medium Enterprises

  • Application Outlook (Revenue, USD Million, 2016 - 2028)

    • Automatic Call Distributor

    • Customer Experience Management

    • Log Management

    • Real-time Monitoring & Reporting

    • Risk & Compliance Management

    • Workforce Optimization

    • Others

  • Vertical Outlook (Revenue, USD Million, 2016 - 2028)

    • Banking

    • Brokerage

    • Credit Union

    • Financial Institution

    • Insurance

  • Regional Outlook (Revenue, USD Million, 2016 - 2028)

    • North America

      • U.S.

      • Canada

    • Europe

      • Germany

      • U.K.

    • Asia Pacific

      • China

      • India

      • Japan

    • Latin America

      • Brazil

    • Middle East & Africa

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