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, 2022 - 2030

Report Overview

The global contact center analytics market size was valued at USD 1.22 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 19.3% from 2022 to 2030. The high demand for analytics among contact centers can be attributed to the benefits it offers, such as improved service quality and the ability to monitor service metrics from employee performance, call times, customer satisfaction, and efficiency. The growing use of social media platforms is also one of the major factors creating the demand for contact center analytics. Customer feedback posted on social media platforms through blogs, posts, and forums is analyzed using contact center analytics solutions, allowing companies to analyze social media content on a real-time basis.

This helps improve business processes and generate a competitive edge. At the same time, it helps companies understand the opinions expressed by the users, including the jargon, abbreviations, slang, and acronyms on social media. These factors are expected to drive the demand for contact center analytics among organizations. The growing demand for Artificial Intelligence (AI)-enabled contact center solutions is expected to create new opportunities for market growth. The ability of these solutions to reduce operational costs, provide actionable analytics, personalize the customer experience, and increase customer agent efficiency is expected to drive their importance and adoption in contact centers.

AI is used in various contact center solutions, such as predictive call routing, interactive voice response, conversational AI, and emotional intelligence. AI is used in predictive call routing for matching contact center customers to specific customer service agents capable of handling an issue. Contact centers are expected to comply with the requirements framed by the agencies, such as the Payment Card Industry Data Security Standard (PCI-DSS). According to the PCI-DSS, contact centers are prohibited from recording the CVV2 numbers of cards along with other sensitive data of customers during a call. At the same time, contact centers are expected to provide the right training to their employees regarding the regulations issued by organizations, such as Telephone Consumer Protection Act (TCPA), Health Insurance Portability and Accountability Act (HIPAA), and PCI-DSS.

The rising focus of telecommunication companies worldwide on improving their first call resolution rates and increasing call deflection is also driving the demand for contact center analytics. The use of contact center analytics solutions to analyze customer backgrounds helps reduce the total interaction volume. At the same time, predictive analytics solutions are used to understand customer queries, which help companies improve first call resolution rates. In addition, it is also used for understanding the customer behavior and preferences to better serve their requirements.

COVID-19 Impact Analysis

The COVID-19 pandemic had a positive impact on the market in 2021. The increased use of contact centers by individuals seeking help for protecting their wealth by delaying payments on loans, opting for lower interest rates by refinancing mortgages, increasing credit card limits, among other purposes, increased the call volume recorded by the contact centers. This increase in call volume created the need for contact center analytics solutions for effectively analyzing customer data. Furthermore, the pandemic has encouraged contact centers to upgrade their technology with virtual capabilities, which could create an opportunity for market growth over the forecast period.

Solution Insights

The speech analytics segment dominated the market in 2021 and accounted for more than 24.0% share of the global revenue. The capability of speech analytics solutions to improve agent performance and goal attainment, reduce agent churn, among other benefits, is expected to drive the segment growth. These solutions collect insights into the performance of contact centers and other functioning areas within a business. These solutions analyze recorded conversations and help agents identify the solution to resolve customer issues. Moreover, increasing focus on customer satisfaction, coupled with the growing significance of real-time speech analytics solutions is further expected to fuel the segment growth.

The performance analytics segment is anticipated to register a significant CAGR over the forecast period. Contact centers are increasingly adopting these solutions for capabilities, such as allowing agents to handle multiple communication channels like messaging, emails, and phone calls at the same time. 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, these solutions allow agents to automatically draw data from any number of sources and help reduce response time with their customers.

Service Insights

The integration & deployment segment dominated the market in 2021 and accounted for more than 41.0% share of the global revenue. Integration & deployment services are required to ensure that the new systems are in-line with the existing systems of various departments. The high demand for contact center analytics integration & deployment services can be attributed to the fact that they allow businesses to gain unique access to analytics and customer data by integrating advanced technologies in their operations. Moreover, integration & deployment services focus on regulatory compliance and data privacy needs, thereby generating growth opportunities for the segment.

On the other hand, the managed services segment is expected to register the fastest CAGR over the forecast period. Managed services allow businesses to focus on improving operational efficiency, 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. In addition, managed services offer a comprehensive set of automated support solutions, which include monitoring of networks, customer databases, servers, and applications.

Deployment Insights

The on-premise deployment segment dominated the market in 2021 and accounted for more than 58.0% share of the global revenue. Organizations demand on-premises deployment as it offers easy customization of software as per their need. Contact center solutions deployed on-premise are managed and owned by the organization’s telephony group or the internal IT department. On-premise solutions are widely preferred by businesses with specific business continuity requirements and data privacy needs. The hosted deployment segment is expected to register the fastest CAGR over the forecast period.

The demand for hosted contact center analytics has been increasing substantially due to the growing adoption of work-from-home models among contact centers across the globe. A number of organizations are preferring the hosted deployment method as it is completely hosted on a vendor’s server and can only be accessed by authorized individuals. The vendor is responsible for software upgrades and maintenance. Hosted deployment enables businesses to manage the technical and operational needs of their contact centers but restricts them from managing the infrastructure.

Enterprise Size Insights

On the basis of enterprise size, the global market has been bifurcated into large enterprises and Small & Medium Enterprises (SMEs). The large enterprises segment dominated the market in 2021 and accounted for more than 57.0% share of the global revenue. The high call volume experienced by large enterprises is one of the major factors driving the demand for contact center analytics among them. In large enterprises, customer data is distributed across all the channels. Analytics solutions allow agents to filter the data as per the customer’s requirement and deliver the required information on time.

On the other hand, the SMEs segment is anticipated to register the fastest growth rate over the forecast period. With the increased adoption of new communication technologies and devices, customer expectations are rapidly growing and evolving. To overcome these challenges, several SMEs 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. At the same time, benefits offered by these solutions, such as the ease of tracking customer data, are also driving the growth of this segment.

Application Insights

The customer experience management segment dominated the market in 2021 and accounted for more than 18.0% share of the global revenue. The segment growth can be attributed to the benefits offered by the contact center analytics to customer experiences management processes, such as reduced customer churn rate, improved crisis management, and lower marketing costs. Customer experience management processes aggregate customer feedback, transactions, interactions, and agent data, which enable businesses to analyze the report for customer experience and agent performance.

Customer experience management solutions also help enterprises analyze customer data from multiple channels and generate insights to improve contact center operations. The workforce optimization segment is expected to register the fastest CAGR over the forecast period. The workforce optimization process enhances the efficiency and quality of contact center agents by ensuring that they are monitored, trained, and motivated. These solutions help agents effectively monitor and evaluate customer calls and help improve employee performance across all communication channels by properly scheduling responses.

End-use Insights

The IT & telecom segment dominated the market in 2021 and accounted for more than 25.0% share of the global revenue. Contact center analytics solutions are widely adopted in the IT & telecom industry owing to their extensive business process automation capabilities. In addition, these solutions allow IT & telecom agents to manage all inbound customer interactions and drive end-to-end service request management. Furthermore, these solutions offer a range of benefits, such as better customer satisfaction, operations cost savings, and business intelligence. These solutions are also used by IT & telecom companies to identify factors impacting their customer experience.

Consumer goods & retail is expected to emerge as the fastest-growing end-use segment over the forecast period. Contact center analytics solutions are widely adopted in the consumer goods & retail industry as they help quickly review customer requirements and resolve queries by offering relevant information. These solutions allow agents to deliver fast and consistent support that effectively guides customer interactions. In the consumer goods & retail industry, these solutions allow agents to track key deal participants, historical activities, competitive information, and complete order management. Consumer goods & retail companies also adopt contact center analytics for providing a personalized experience to their customers.

Regional Insights

The North American region dominated the market in 2021 and accounted for over 31.0% share of the global revenue. The market growth in North America can be attributed to the presence of prominent players, such as SAP SE, Oracle Corp., and Cisco Systems, Inc. in the region. The presence of a large number of enterprises in North America, which has a larger operation base and several customer contact centers, is expected to drive its growth. Furthermore, the region is witnessing the rising adoption of automated services among businesses, which is driving the market growth.

Asia Pacific is projected to emerge as the fastest-growing regional market over the forecast period. Increasing digitalization, coupled with the growing disposable income levels in the region, has resulted in the high adoption of smartphones and other mobile devices. The high volume of data generated from these devices is driving the demand for advanced analytics solutions as organizations across various industries seek ways of improving customer experience at their contact centers. The increasing demand for contact center analytics solutions among many SMEs in Asia Pacific to enhance their customer experience is expected to drive the regional market growth.

Key Companies & Market Share Insights

Market players are regularly focusing on innovations to personalize and differentiate their solution offerings for potential customers. Vendors are also aiming at integrating various technologies, such as Natural Language Processing (NLP), AI, and machine learning, into their solutions to offer effective solutions to their customers. Furthermore, numerous market players are focusing on effectively delivering training & consulting and support & maintenance services to retain their customer base. New product development and partnerships are some of the key strategies adopted by companies to gain a competitive edge in the market.

For instance, in September 2021, Service Management Group, a global patient, customer, and employee experience management company, announced the expansion of its partnership with CallMiner, a conversational analytics provider. Through this collaboration, the former company is delivering new insights to customer experience programs by pairing customer interaction and speech analytics with real-time customer feedback in the smg360 platform. Some of the prominent players in the global contact center analytics market include:

• 8X8 Inc.

• CallMiner

• Cisco Systems, Inc.

• Enghouse Interactive

• Five9, Inc.

• Genesys

• Genpact Ltd.

• Mitel Networks Corp.

• Nice Ltd.

• Oracle Corp.

• SAP SE

• Verint Systems Inc.

Contact Center Analytics Market Report Scope

Segments Covered in the Report

This 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 2017 to 2030. For the purpose of 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, 2017 - 2030)

  • Cross-channel Analytics

  • Performance Analytics

  • Predictive Analytics

  • Speech Analytics

  • Text Analytics

• Service Outlook (Revenue, USD Million, 2017 - 2030)

  • Integration & Deployment

  • Support & Maintenance

  • Training & Consulting

  • Managed Services

• Deployment Outlook (Revenue, USD Million, 2017 - 2030)

  • Hosted

  • On-premise

• Enterprise Size Outlook (Revenue, USD Million, 2017 - 2030)

  • Large Enterprises

  • Small & Medium Enterprises

• Application Outlook (Revenue, USD Million, 2017 - 2030)

  • Automatic Call Distributor

  • Customer Experience Management

  • Log Management

  • Real-time Monitoring & Reporting

  • Risk & Compliance Management

  • Workforce Optimization

  • Others

• End Use Outlook (Revenue, USD Million, 2017 - 2030)

  • BFSI

  • Consumer Goods & Retail

  • Government

  • Healthcare

  • IT & Telecom

  • Travel & Hospitality

  • Others

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

  • Asia Pacific

    • China

    • India

    • Japan

  • Latin America

    • Brazil

  • Middle East & Africa