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Contact Center Analytics Market Report 2024 - Contact Center Analytics Market Growth, Share, And Segments
Contact Center Analytics Market
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According to The Business Research Company's, The contact center analytics market size has grown rapidly in recent years. It will grow from $1.95 billion in 2023 to $2.27 billion in 2024 at a compound annual growth rate (CAGR) of 16.8%. The growth in the historic period can be attributed to shift towards cloud-based solutions, customer-centric focus, multichannel communication analysis, operational efficiency optimization, speech and sentiment analysis adoption.
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.
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Market Drivers and Trends:
The rising adoption of artificial intelligence (AI) is expected to propel the growth of the contact center analytics market going forward. Artificial intelligence (AI) refers to a branch of computer science that focuses on building smart machines that can carry out tasks that generally require human intelligence. AI plays an important role in the contact center analytics market by automating data analysis, providing real-time insights, and enhancing customer interactions through predictive analytics, ultimately optimizing operational efficiency, and improving the overall customer experience. For instance, in May 2022, according to The International Business Machines Corporation (IBM), a US-based technology company, 35% of businesses worldwide used artificial intelligence (AI) in 2022, which is an increase of 4% from 2021 . Therefore, the rising adoption of artificial intelligence (AI) is driving the growth of the contact center analytics market.
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.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
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
Contact Center Analytics Market 2024 Key Insights:
• 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%.
• Predictive Analytics And Real-Time Monitoring Propel Contact Center Analytics Growth
• Innovative Solutions Transforming Contact Center Analytics
• North America was the largest region in the contact center analytics market share in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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