Contact Center Analytics Market Size, Share & Trends Analysis Report By Solution, By Service, By Deployment, By Enterprise Size, By Application, By End-use, By Region, And Segment Forecasts, 2020 - 2026

Report Overview

The global contact center analytics market size was valued at USD 930.4 million in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 16.8% from 2020 to 2026. The contact center analytics solutions offer the features of structuring, analyzing, and capturing the customer data to get a pattern or forecast future outcomes. The analysis of customer data enables companies to gain essential insights that eventually help them in enhancing customer experience. Furthermore, the increasing demand for improved customer experience management solutions is expected to drive market growth. Various factors such as increasing demand for text and speech analytics solutions and the proliferation of cloud computing are expected to fuel the market growth over the forecast period. Text and speech analytics solutions help businesses in effectively addressing customer requirements and improving operational performance. 

These solutions also help businesses in monitoring the service quality of every customer-employee interaction, thus helping streamline business and reduce operational issues. Numerous small and medium enterprises are adopting these solutions to improve customer experience. Numerous businesses across the globe are adopting contact center analytics solutions for streamlining processes. To effectively communicate with customers, businesses need to manage their workforces effectively. Contact centers use analytical tools such as Key Performance Indicators (KPIs) and other metrics to manage their workforces. This need for performance management of a contact center workforce is expected to fuel the market growth over the forecast period.

Multiple companies are focusing on improving their first call responses. This can be attained by training the workforce well enough to detail their customers about the new product and service offerings, in addition to addressing their concerns in minimal engagement time. This helps businesses in reducing operational costs and offering better customer experience. The need for improving first call response is anticipated to propel the market growth.

Factors such as the high cost of investment and consumer data privacy are expected to hinder market growth over the forecast period. The Payment Card Industry Data Security Standard (PCI-DSS) is developed to assure safe handling of customer information and to secure customers from identity theft. However, contact centers are not allowed to store sensitive cardholder data, even through the most secure method. These factors are restricting the market growth. Furthermore, the lack of a holistic and clear analytics approach in contact centers is also acting as a challenge to market growth.

Solution Insights

The speech analytics segment led the market and accounted for more than 22.0% share of the global revenue in 2019. Speech analytics solutions offer insights into the performance of contact centers and other functioning areas of a business. These solutions analyze recorded conversations and help agents identify solutions to resolve customers’ issues. Moreover, increasing focus on customer satisfaction and the growing significance of real-time speech analytics solutions are expected to fuel the segment growth over the forecast period.

The performance analytics solution segment is expected to witness significant growth over the forecast period. The performance analytics solution is widely adopted in contact centers as it allows agents to simultaneously handle multiple communication channels such as SMS, email, and phone. The integration of multiple communication channels into a single system allows agents to maintain a consistent record of their communications regardless of the channel format. Moreover, a performance analytics solution allows agents to automatically draw data from any number of sources and helps reduce response time with customers.

Service Insights

The integration and deployment segment dominated the market and accounted for more than 40.0% share of the global revenue in 2019. The segment is expected to continue its dominance over the forecast period owing to increased adoption of contact center analytics solutions. Integration and deployment services allow businesses to gain unique access to analytics and customer data by integrating advanced technologies into business operations. Furthermore, these services help meet regulatory compliance and data privacy needs, which is further driving the segment growth.

The managed services segment is expected to register the highest growth over the forecast period. Managed services allow businesses to focus on improving operational efficiency, increasing technology effectiveness, and creating a cohesive customer experience. These services offer contact centers with risk mitigation, secured integrity of customer data, and intellectual property-based tools. Additionally, they offer a comprehensive set of automated support solutions, which include monitoring of networks, customer databases, servers, and applications.

Deployment Insights

The on-premises segment led the market and accounted for more than 60.0% share of the global revenue in 2019. The on-premises solutions are widely adopted by contact centers owing to benefits such as less capital investment and easy deployment. The on-premises contact centers are managed and owned by an organization’s telephony group or internal IT department. On-premise solutions are widely adopted by businesses with specific business continuity requirements and data privacy needs.

The hosted deployment segment is expected to register the highest growth over the forecast period. Several organizations prefer the hosted deployment method, as it is completely hosted on a vendor’s server and hence, can only be accessed by authorized people. The vendor is responsible for software upgrades and maintenance. Hosted deployment enables businesses to manage their contact center’s technical and operational needs; however, it restricts them from managing the infrastructure.

Enterprise Size Insights

The large enterprise segment dominated the contact center analytics market and accounted for more than a 54.0% share of the global revenue in 2019. The large enterprise segment growth can be attributed to the increased adoption of analytics solutions in large enterprises to effectively manage high volumes of customer interaction data. In large enterprises, customer data is fragmented across all channels. Analytics solutions allow agents to filter the data as per a customer’s requirements and deliver the required information on time.

The small and medium enterprises segment is anticipated to register the highest growth over the forecast period. The rapidly growing and evolving expectations of customers are leading to the introduction of new communication technologies and devices. Furthermore, small and medium enterprises are focusing on adopting contact center analytics solutions to provide enhanced customer service. This factor is expected to drive the segment growth over the forecast period.

Application Insights

The customer experience management segment led the market and accounted for more than 18.0% share of the global revenue in 2019. The customer experience management segment aggregates customer feedback, transactions, interactions, and agent data, which enables businesses to analyze the report for customer experience and agent performance. Furthermore, customer experience management solutions help enterprises analyze customer data from multiple channels and generate insights to improve contact center operations. These solutions also enable agents to analyze and detect cross-channel behavioral patterns, assist in pre-empt future calls, and reduce customer efforts.

The workforce optimization segment is expected to register the highest growth over the forecast period. A workforce optimization solution includes several components, such as quality management, interaction analytics, and performance management, which enable businesses to optimize their workforce operations. These solutions help agents in effectively monitoring and evaluating customer calls. The solutions also help improve employee performance across all communication channels by scheduling responses appropriately.

End-use Insights

The IT and telecom segment dominated the market and accounted for more than 25.0% share of the global revenue in 2019. The contact center analytics solutions are widely adopted in the IT & telecom segment owing to their extensive business process automation capabilities. Additionally, these solutions allow IT & telecom agents to manage all inbound customer interactions and drive end-to-end service request management. Furthermore, these solutions offer benefits such as improved customer satisfaction, savings in operational costs, and business intelligence.

The consumer goods and retail segment is expected to emerge as the fastest-growing end-use segment over the forecast period. The contact center analytics solutions are widely adopted in the consumer goods & retail industry as these solutions quickly review customer requirements and help resolve their requirements by offering relevant information. Furthermore, the solutions allow agents to deliver support speedily and consistently, making customer interactions more effective. They also allow agents to track key deal participants, historical activities, competitive information, and complete order management.

Regional Insights

North American region dominated the market for contact center analytics and accounted for over 30.0% share of global revenue in 2019. The growth of the regional market can be attributed to the presence of prominent market players such as SAP SE; Oracle Corporation; and Cisco Systems, Inc. in the region. The presence of a large number of enterprises in North America, in addition to a larger operation base and a large number of customer contact centers, is also expected to propel the regional market growth. Furthermore, the region is witnessing prominent adoption of on-premises and cloud-based analytics solutions in most industries.

The Asia Pacific is projected to emerge as the fastest-growing regional market over the forecast period. Increasing digitalization, coupled with growing disposable income, has resulted in the high adoption of smartphones and other mobile devices. The large volumes of data likely to be generated from these devices are creating the demand for advanced analytics solutions in the contact centers of multiple industries for improving customer experience. The increasing number of small & medium enterprises in the region is further expected to propel the regional market growth over the forecast period.

Key Companies & Market Share Insights

The market is moderately concentrated in nature. The market players are focusing on innovation to personalize and differentiate their solution offerings for potential customers. Furthermore, they are aiming at integrating technologies such as Natural Language Processing (NLP), Artificial Intelligence (AI), and machine learning into their solutions to offer effective solutions to their customers. They are also focusing on effectively delivering training & consulting and support and maintenance services to retain their customers. New product development and partnerships are some of the key strategies adopted by the players to gain a competitive edge in the market. For instance, in June 2017, CallMiner expanded its analytics solutions portfolio by partnering with Nuance Communications, Inc. This collaboration enabled CallMiner to promote its solution Eureka with Nuance's Transcription Engine. The market players are investing in R&D activities for innovating and updating products and solutions. Some prominent players in the contact center analytics market include:

• 8X8 Inc.

• Cisco Systems, Inc.

• Enghouse Interactive

• Five9, Inc.

• Genesys

• Genpact Limited

• Mitel Networks Corporation

• Oracle Corporation

• SAP SE

• Verint Systems Inc.

Contact Center Analytics Market Report Scope

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 2015 to 2026. For this study, Grand View Research has segmented the global contact center analytics market report based on solution, service, deployment, enterprise size, application, end-use, and region.

• Solution Outlook (Revenue, USD Million, 2015 - 2026)

  • Cross-channel Analytics

  • Performance Analytics

  • Predictive Analytics

  • Speech Analytics

  • Text Analytics

• Service Outlook (Revenue, USD Million, 2015 - 2026)

  • Integration & Deployment

  • Support & Maintenance

  • Training & Consulting

  • Managed Services

• Deployment Outlook (Revenue, USD Million, 2015 - 2026)

  • Hosted

  • On-premise

• Enterprise Size Outlook (Revenue, USD Million, 2015 - 2026)

  • Large Enterprises

  • Small & Medium Enterprises

• Application Outlook (Revenue, USD Million, 2015 - 2026)

  • Automatic Call Distributor

  • Customer Experience Management

  • Log Management

  • Real-time Monitoring & Reporting

  • Risk & Compliance Management

  • Workforce Optimization

  • Others

• End-use Outlook (Revenue, USD Million, 2015 - 2026)

  • BFSI

  • Consumer Goods & Retail

  • Government

  • Healthcare

  • IT & Telecom

  • Travel & Hospitality

  • Others

• Regional Outlook (Revenue, USD Million, 2015 - 2026)

  • North America

    • The U.S.

    • Canada

  • Europe

    • Germany

    • The U.K.

  • Asia Pacific

    • China

    • India

    • Japan

  • Latin America

    • Brazil

  • Middle East & Africa