Contact Center Analytics Market Growth & Trends
The global contact center analytics market size is expected to reach USD 5.75 billion by 2030, expanding at a CAGR of 19.7% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growing need among contact center companies to track and measure business performance at each level is expected to drive market growth. Contact center analytics also enables companies to reduce overhead and operational expenses.
The funding raised by contact center service providers is also expected to drive market growth. For instance, in May 2021, ASAPP, Inc., an Artificial Intelligence (AI) research-driven customer experience company, announced that it raised USD 120 million. The company would use this funding to expand its portfolio and market reach.
Gather more insights about the market drivers, restrains and growth of the Contact Center Analytics Market
Companies are entering into partnerships with technology solution providers to enhance their offerings. For instance, in July 2021, Clarabridge, Inc., a speech analytics provider, announced that it had joined Five9’s ISV Partner Program, a provider of intelligent cloud contact centers. This partnership provided Five9’s clients the ability to connect contact center analytics and management. The COVID-19 pandemic has positively impacted the market growth in 2021.
The pandemic has driven automation and digitalization initiatives across contact centers due to changing customer needs and employee working structures. Contact center agents have shifted to a remote working model due to the pandemic to stem the spread of the virus, which creates the need for contact center analytics among contact centers of various companies.
Contact Center Analytics Market Report Highlights
- The speech analytics solutions segment dominated the market in 2022 due to the wide usage of these solutions in improving service quality, customer experience, and reducing operating expenses
- The integration & deployment services segment dominated the market in 2022 and is expected to retain its dominance over the forecast period due to the high demand for these services among organizations to reduce data loss or theft
- The hosted deployment segment is expected to witness the fastest CAGR over the forecast period. Hosted deployment helps eliminate the need to regularly upgrade systems
- The SME segment is expected to witness the fastest CAGR during the forecast period. Analytics solutions are widely adopted by many SMEs as these solutions help track customer data and improve agent productivity
- The workforce optimization application segment is expected to register the fastest CAGR over the forecast period. Workforce optimization solutions offer several analytics capabilities, such as quality management and interaction analytics, which enable contact centers to improve their workforce operations
- The North American Customer Service Management Association (NACSMA) is focusing on promoting the use of advanced technologies in the contact center industry and helping enterprises in delivering enhanced customer experience. This is expected to drive the growth of the regional market
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List of Key Players in the Contact Center Analytics Market
- 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.
About Grand View Research
Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.
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