Contact Center Analytics Market Growth & Trends
The global contact center analytics market size is expected to reach USD 2.66 billion by 2026, registering a CAGR of 16.8% from 2020 to 2026, according to a new report by Grand View Research, Inc. The growing demand for effective customer experience management solutions is expected to drive market growth over the forecast period. Various factors such as increased compliance requirements and growing social media analytics are further contributing to the market growth.
Numerous businesses are using automated services such as auto-attendant service that helps reduce the number of workforces required to provide a contact center service. The auto-attendant service also allows supervisors and agents to manage their time effectively. Furthermore, this service helps reduce call waiting time and agent idle time, thereby optimizing business productivity.
The contact center analytics solutions offer advanced call-routing, aided by Interactive Voice Response (IVR) and auto-attendant service, to ensure that clients and customers get to speak to a qualified agent as quickly as possible. Analytics solutions also enable supervisors to access high-level dashboards. These dashboards provide an overview of the average call duration and call waiting time, thereby allowing supervisors to make necessary business decisions for increasing contact center productivity.
Analytics solutions allow businesses to conduct an end-to-end analysis of numerous customer data points to proactively identify potential improvements in an agent’s responses. The analyzed output enables a company to design a solution that effectively caters to customer requirements. Furthermore, growing technological advancements in customer relationship management and artificial intelligence are further projected to propel the market growth over the forecast period.
Contact Center Analytics Market Report Highlights
- Speech analytics helps improve service quality and customer experience, in addition to reducing operating expenses, thereby creating growth opportunities for the segment
- The integration and deployment services segment dominated the market in 2019 and is expected to continue to dominate over the forecast period, as these services are used to ensure that new systems are in-line with the existing systems and to integrate the new systems with the existing ones, thereby reducing loss or theft of data
- The hosted deployment segment is expected to witness remarkable growth over the forecast period as this method eliminates the need to regularly upgrade systems
- Analytics solutions are widely adopted in small and medium enterprises as these solutions help easily track customer data and improve an agent’s productivity
- A workforce optimization solution offers several analytics capabilities, such as quality management and interaction analytics, which enable contact centers to improve their workforce operations. This, in turn, is leading to a high growth rate of the workforce optimization segment over the forecast period
- The consumer goods and retail segment is projected to witness significant growth over the forecast period. The segment growth can be attributed to the wide adoption of contact center analytics solutions in the consumer goods and retail industry to provide a personalized experience to customers
- The North American Customer Service Management Association (NACSMA) is focusing on promoting the use of advanced technologies in the contact center industry for helping enterprises in delivering enhanced customer experience