According to the new market
research report "Contact Center Analytics Market by Component (Software and
Services), Application (Log Management, Risk and Compliance Management,
Real-Time Monitoring and Reporting, Workforce Management, Customer Experience
Management) - Global Forecast to 2022", The contact center analytics
market is expected to grow from USD 709.5 Million in 2017 to USD 1,483.6
Million by 2022, at a Compound Annual Growth Rate (CAGR) of 15.9%.
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The major
driving factor for this market remains high demand for better customer
experience management solutions which can provide 360o view of customer data
and enable companies to gain crucial insights into this data to enhance
customer experience. Proliferation of cloud computing, growing demand for
speech and text analytics solutions, and increased compliance requirements are
other key drivers fuelling the growth of contact center analytics market.
Customer experience management application is expected to grow at the
highest CAGR during the forecast period
Customer
experience analytics aggregates customer interactions, transactions, feedback,
and agent data to provide an end-to-end picture of the customer journey. It can
provide multiple avenues for customer experience management through customer
analytics. Contact centers can leverage from contact center analytics by
integrating and analyzing customer data from multiple channels and utilize
generated insights to improve their contact center operations and find new
opportunities to engage and serve their customers. Some of the major
opportunities include automatically assigning a reason for all customer
contacts based on speech, text, desktop and transaction analytics. Further,
predictive analytics capabilities enable contact centers to detect and analyze
cross-channel behavior patterns, facilitate pre-empt future calls, and reduce
customer effort.
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The on-demand deployment model to grow at the highest
CAGR during the forecast period
The contact center analytics
market by deployment model has been segmented as on-premises and on-demand. The
on-demand contact center analytics solutions are cloud-based deployment of
contact center analytics solutions and provide benefits, such as cost control,
resource pooling, and less implementation time. This, in turn, is expected to
help the on-demand deployment model to record a high growth rate during the
forecast period.
North America is expected to dominate the contact
center analytics market during the forecast period
The contact center analytics
market is segmented on the basis of major regions: North America, Asia Pacific
(APAC), Europe, Middle East and Africa (MEA), and Latin America. North America
is the home for most the industries with large operation base and customer
contact centers, showing prominent adoption of cloud-based and on-premises
analytics solutions in most of its industries. Leading companies such as Cisco,
Oracle, and SAP SE, have a strong presence in the region. These companies have
adopted several strategies to turn customer data into revenue and have enhanced
their product portfolio that attracts major clients. Enterprises in the region
have readily adopted predictive analytics and other similar solutions to
enhance their customer experience. Companies also adopt speech analytics
solutions to identify knowledge gaps and areas that require more training
thereby enhancing the overall performance of the organizations.
Major contact
center analytics vendors include Cisco Systems, Inc. (US), Genpact Limited
(Bermuda), Verint Systems Inc. (US), 8X8 Inc. (US), Genesys (US), Oracle
Corporation (US), Mitel Networks Corporation (Canada), SAP SE (Germany), NICE
Ltd. (Israel), Enghouse Interactive (US), Five9, Inc. (US), CallMiner (US), and
Servion Global Solutions (India).
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