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Contact Center Analytics Global Market Report 2024 - By Demand, Size, Share, Report, Outlook By 2033
Contact Center Analytics Market
The contact center analytics market size is expected to see rapid growth in the next few years. It will grow to $4.26 billion in 2028 at a compound annual growth rate (CAGR) of 17.0%. The growth in the forecast period can be attributed to increasing emphasis on customer experience, rise in omnichannel communication analysis, demand for real-time insights, continued focus on operational efficiency. Major trends in the forecast period include scalability and cloud adoption, personalization and customer segmentation, employee performance enhancement, speech and sentiment analysis, compliance and security monitoring, advancements in ai and machine learning integration.
Market Overview -
Contact center analytics refers to the process and tools that firms like contact centers use to gain business performance insights by tracking, collecting, and managing various service metrics such as call times, employee performance, efficiency, and customer satisfaction. The data is used by organizations operating in call center analytics to formulate customer-centric strategies for business efficiency.
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Predictive Analytics And Real-Time Monitoring Propel Contact Center Analytics Growth
The increase in demand for predictive analytics and real-time monitoring is expected to propel the growth of the contact center analytics market going forward. Predictive analytics and real-time monitoring are the process of extracting useful information from various external and internal data sources in real-time to predict future outcomes and carry out efficient business operations. Predictive analytics and real-time monitoring help contact center analytics identify opportunities and enhance their business operations, such as better customer experience, improving customer retention rates, developing strategies, and others. For instance, in July 2021, an article published by Al Reyami Technologies LLC, a UAE-based IT Solutions company, approximately 52% of businesses use advanced and predictive analytics to offer better operational insights and contextual intelligence. Therefore, the increase in demand for predictive analytics and real-time monitoring is driving the growth of the contact center analytics market.
Competitive Landscape -
Major companies operating in the contact center analytics market report are Cisco Systems Inc., Genpact, Oracle Corporation, Avaya Holdings Corp., NICE Ltd., SAP SE, 8x8 Inc., Talkdesk, Genesys Telecommunications Laboratories Inc., CallMiner, Enghouse Interactive Inc., Five9 Inc., Verint Systems Inc., Mitel Networks Corporation, Servion Global Solutions, Aspect Software Inc., Clarabridge Inc., Calabrio Inc., ZOOM International, Clarify360, Sabio Ltd., Voci Technologies, Xdroid, Pindrop Security, Cognitivescale, Uniphore, Observe.AI, Gridspace, VoiceBase, Deepgram, Cresta AI, DIALPAD INC., Adastra Corporation
Innovative Solutions Transforming Contact Center Analytics
New product innovation is the key trend gaining popularity in the contact center analytics market. Major companies operating in the contact center analytics market are focused on innovating new products that could provide better solutions for contact center analytics used in call centers or businesses involving high volume calls and strengthen their position. For instance, in October 2022, Qualtrics, a US-based software company, introduced Real-Time Agent Assist and Automated Call Summaries solutions for call centers. These solutions use AI and machine learning to provide personalized coaching and suggestions to contact center agents during customer calls. The Real-Time Agent Assist solution helps agents improve their customer support skills by analyzing conversations in real-time and offering prompts for improvement. Automated call summaries generate summaries of each customer call, including sentiment, topics discussed, and action items. This information can be used to enhance agent performance and track the overall performance of the contact center.
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Key Segments -
The contact center analytics market covered in this report is segmented -
1) By Component: Software, Services
2) By Deployment Mode: Cloud, On Premise
3) By Enterprise Size: Large Enterprises, Small and Medium Enterprises
4) By Applications: Automatic Call Distributor, Log Management, Risk and Compliance Management, Real-time Monitoring and Reporting, Workforce Optimization, Customer Experience Management, Other Applications
5) By Verticals: BFSI, Healthcare and Life Sciences, Manufacturing, Retail and Consumer Goods, Energy and Utilities, Telecom and IT, Travel and Hospitality, Government and Defense, Other Verticals
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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