Contact Center Analytics Market - Speech Analytics Segment to Observe Strong Development By 2025

Speech analytics is the fastest growing segment of the contact center analytics market as it aids companies to understand its customers better and improving the overall customer experience. Speech analytics software analyzes various emotions from the audio data gathered such as tone, stress, reason for the call and satisfaction level, identifying the needs and expectations of the customers and addressing them. Hence, the demand for speech analytics in the contact center technology is rising and helps the companies entering this market gain a competitive edge over their competitors.

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BFSI accounts for the majority of shares in the contact center analytics market. Customers now conduct most of their banking transactions outside the branch through various contact centers. It enables them to organize their multichannel customer communication, which takes place through various channels such as video, chat, mobile, and social media.

The North America region dominates the contact center analytics market as major industries reside in this region, which has a huge customer base and contact call centers. Furthermore, due to advanced technology and the use of speech analytics and cloud computing, they provide a high customer satisfaction. APAC region is expected to gain the highest market share during the forecast period owing to rapid digitization and rising disposable income of the population. The demand for electronic gadgets, such as smartphones, tablets, and laptops, has increased in this region, generating a huge data and enhancing contact center analytics requirements.

Some of the major companies operating in contact center analytics market are Verint Systems, Cisco Systems, Genesys, Oracle Corporation, SAP SE, NICE inContact Ltd., Genpact Limited, and Servion Global Solutions. These players are engaged in the new product launches, partnerships, mergers and acquisitions, and expansion to acquire a higher market share and gain a competitive advantage. For instance, in June 2016, inContact released its second customer interaction cloud, which helps it in achieving better customer satisfaction customer experience and business potential.

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Methodology used in this report: -
our researchers and domain experts use a unique blend of primary and secondary research, with validation and iterations at every stage, in order to minimize deviation and present the most accurate analysis of the contact center analytics market. The research process begins with extensive data mining, using authentic sources such as trade magazines, technical publications, independent studies along with paid avenues such as ICIS, Hoovers, etc. Primary objectives of data mining include:
• Definition and scope of research
• Market dynamics, growth drivers and industry pitfalls
• Regulatory and political guidelines for the industry
• Demographics and statistical data
All the above factors are identified and analyzed in detail, with their present and expected market impact, which is quantified and used to derive contact center analytics market growth expectation. Market forecast is built using statistical analysis with models built around time-variance, regression and correlation analytics.

Significant emphasis is put on primary research, which serves the dual role or not only validating our findings but also obtaining penetrating contact center analytics market insights, which help us gain more clarity regarding business environment and competitive leverage. Notable participants in our primary research process include:
• Leadership figures such as CEOs, CSOs, VPs etc. in key companies
• Supply-chain participants, distributors and domain experts
• Key customers and B2B clients

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