New York, US, Jan. 11, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Global Contact Center Analytics Market, By Component, By Deployment, By Organization size, By Application, By End-users - Forecast 2030, the market is anticipated to acquire a valuation of approximately USD 7.8 billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 19.10% during the assessment timeframe.
Contact Center Analytics Market Key Players
Eminent industry players profiled in the global contact center analytics market report include-
- Cisco Systems Inc (US)
- Verint Systems Inc.(US)
- Genpact Limited (Bermuda)
- Genesys (US)
- 8X8 Inc (US)
- Mitel Networks Corporation (Canada)
- Oracle Corporation (US)
- SAP SE (Germany)
- NICE Ltd (Israel)
- Enghouse Interactive (US)
- Servion Global Solution (India)
- CallMiner (US)
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Contact Center Analytics Market Report Scope:
| Report Metric | Details |
| Contact Center Analytics Market Revenue forecast in 2030 | USD 7.8 billion |
| Contact Center Analytics Market Growth Rate | CAGR of 19.10% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | Integration of AI and ML in Contact Center Analytics to offer Robust Opportunities |
| Key Market Drivers | Increasing Usage of Social Media Platforms to Boost Market Growth |
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Contact Center Analytics Market Dynamics
Drivers
Increasing Usage of Social Media Platforms to Boost Market Growth
One of the key elements driving the demand for contact centre analytics is the rising use of social media platforms. Contact centre analytics solutions are used to analyze customer feedback shared on social media platforms through blogs, articles, and forums. This enables businesses to examine social media information in real time.
Opportunities
Integration of AI and ML in Contact Center Analytics to offer Robust Opportunities
Artificial intelligence & machine learning are being heavily integrated into contact centers throughout the world to improve automation and give customers a richer experience. This will offer robust opportunities for the market in the assessment period.
Restraints
Data Privacy Concerns to act as Market Restraint
Security and data privacy concerns may act as market restraints over the forecast period.
Challenges
High System Cost to act as Market Challenge
The high price of the system and implementation time may act as market challenges over the forecast period.
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Contact Center Analytics Market Segmentation
The global contact center analytics market is bifurcated based on component, deployment, organization size, application, and end-users.
By component, solutions will lead the market over the forecast period.
By deployment, on-premise will domineer the contact center analytics market over the forecast period.
By organization size, large will spearhead the market over the forecast period.
By application, customer experience management will steer the market over the forecast period.
By end-users, IT and telecommunications will hold the lions share in the market in the assessment period.
COVID-19 Analysis
The COVID-19 pandemic influenced the market favorably in 2021. The number of calls received by contact centers has increased as a result of people using it more frequently to protect their wealth by delaying loan payments, choosing lower interest rates by refinancing mortgages, extending credit card limits, and other strategies. Due to the rise in call volume, contact centre analytics solutions are now required for efficient customer data analysis. The pandemic has also inspired contact centers to enhance their technology with virtual capabilities, which may present a growth opportunity for the market throughout the projection period.
Contact Center Analytics Market Regional Analysis
North America to Sway Contact Center Analytics Market
In 2021, the North American region dominated the industry and generated over 31.0% of worldwide sales. The expansion of the market in North America can be ascribed to the presence of well-known companies there, like Oracle Corp., SAP SE, and Cisco Systems, Inc. Its expansion is anticipated to be fueled by the existence of numerous businesses in North America, which has a larger operating base and numerous customer contact centers. Additionally, the region is seeing an increase in the use of automated services by organizations, which is fueling market expansion. Up to 2021, the North American region held the biggest market share. The market is anticipated to grow strongly as a result of the presence of notable players in the North American area.
The market for contact centre analytics in this area is anticipated to expand strongly over the projected period as a result of an increased usage of automated services by various enterprises. Because businesses in the North American region are quickly adopting and progressing new technologies like cloud platforms, big data, and analytics, the region is likely to have a higher part of the global market for contact centre analytics. The effectiveness and scalability of contact centre analytics solutions are also expanding in this market.
Moreover, increased operational effectiveness, increased productivity levels, and business outcomes are the main drivers of the contact centre analytics market expansion. The market for contact centre analytics is also being driven by the rapid uptake of big data analytics and the cloud, as businesses have a pressing need to improve customer satisfaction. Additionally, it is anticipated that the widespread use of digital technologies like AI and ML as well as government organizations' support for automation will increase demand for contact centre analytics solutions in the North American region.
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APAC to Have Favorable Growth in Contact Center Analytics Market
Over the course of the forecast period, Asia Pacific is anticipated to become the region with the quickest rate of growth. The region's high adoption of smartphones and other mobile devices is a result of increasing digitalization along with rising disposable income levels. The need for advanced analytics solutions is being driven by the large amount of data produced by these devices as businesses across numerous industries look for methods to enhance the customer experience at their contact centers. The expansion of the regional market is anticipated to be driven via the burgeoning demand for contact centre analytics solutions among many SMEs in Asia Pacific to improve their customer experience. Smartphone use and rising levels of disposable income have fueled market expansion. In the Asia Pacific region, there is a rising need for contact center analytics solutions in many small and medium-sized businesses. The market is anticipated to expand strongly throughout the projected period as these businesses strive to improve the client experience.
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