Contact Center Analytics Market projected to grow at a CAGR of over 16% from 2022 to 2032

The Contact Center Analytics revenues were estimated at US$ 1.2 Bn in 2021 and is anticipated to grow at a CAGR of 16.2% from 2022-2032, according to a recently published Future Market Insights report. By the end of 2032, the market is expected to reach a valuation of US$ 6.5 Bn.  

The market’s growth may be related to banks, financial institutions, credit unions, and other organizations’ growing need for contact centers to enhance their client experiences. Deloitte estimates that financial services accounted for a sizeable portion nearly 26% of all contact centers utilized globally in 2019. Reduced operational expenses and increased call center traffic are two advantages that contact center analytics provides to BFSI companies, both of which are significant market growth drivers. 

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Contact center analytics solutions are widely employed in the IT and telecom sectors due to their strong business process automation capabilities. These systems also give IT and telecom personnel the ability to manage all phases of a service request and deal with all incoming client communications. These solutions also offer a number of benefits, including improved client happiness, decreased operating expenses, and corporate intelligence. These technologies are also used by IT and telecom companies to identify the factors influencing the experiences of their clients. 

The market is anticipated to grow throughout the anticipated time frame due to the BFSI organizations’ increasing demand for speech analytics. By analyzing and tracking customer interactions, speech analytics assists banks in preventing customer attrition. Speech analytics is being employed by several banks to improve the client experience owing to their benefits. For instance, the speech analytics solution supplier CallMiner announced in November 2020 that African Bank had chosen the CallMiner Eureka platform to gather data from voice-based client engagements. The bank’s efforts to accelerate its digital transformation have benefited from this project. 

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Competitive Landscape 

Players in the market are constantly developing improved analytical solutions as well as extending their product offerings. The companies in Contact Center Analytics market are focused on alliances, technology collaborations, and product launch strategies. 

Some of the recent developments of key Contact Center Analytics providers are as follows:  

  • In January 2020, Microsoft announced its partnership with Genesys. After working together, the companies intended to launch Genesys Engage for Azure, a cloud service that would give contact centers a unified customer experience solution. Businesses will benefit from the new omnichannel customer experience solution by having a smoother shopping experience.
  • In October 2019, Cisco bought Cloud Cherry with success by utilizing the potential of cloud data analytics to enhance real-time client interaction.

Key Companies Covered

  • Oracle Corp
  • SAP SE
  • Verint Systems Inc
  • Mitel Networks Corp
  • Nice Ltd.
  • Genesys Telecommunications Laboratories, Inc.
  • Five9, Inc.
  • 8×8, Inc.
  • CallMiner
  • Servion Global Solutions
  • EdgeVerve Limited

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Contact Center Analytics Market Segmentation

By Solution:

  • Cross-channel Analytics
  • Performance Analytics
  • Predictive Analytics
  • Speech Analytics
  • Text Analytics

By Service:

  • Integration & Deployment
  • Support & Maintenance
  • Training & Consulting
  • Managed Services

By Deployment:

  • Hosted
  • On-premise

By Enterprise Size:

  • Large Enterprises
  • Small & Medium Enterprises

By Application:

  • Automatic Call Distributor
  • Customer Experience Management
  • Log Management
  • Real-time Monitoring & Reporting
  • Risk & Compliance Management
  • Workforce Optimization
  • Others

By End Use:

  • BFSI
  • Consumer Goods & Retail
  • Healthcare
  • IT & Telecom
  • Travel & Hospitality
  • Others

By Region:

  • North America
  • Latin America
  • Europe
  • APAC
  • MEA