Contact Center Analytics Market Expected to Double in Five Years

The contact center analytics market is expected to double in five years, growing from $709.5 million today to $1.48 billion by 2022, at a compound annual growth rate (CAGR) of 15.9 percent, according to new research from MarketsandMarkets.

The major driving factor for this market remains the high demand for better customer experience management solutions that can provide a 360-degree 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 this market, the firm concluded in its "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" report.

Of all the technologies involved, customer experience management is expected to see the most robust growth, according to the research. Customer experience analytics, the firm said, aggregates customer interactions, transactions, feedback, and agent data to provide an end-to-end picture of the customer journey from multiple channels. 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 future calls, and reduce customer effort.

Among deployment models, the on-demand deployment model is expected to record a higher growth rate during the forecast period.

Additionally, North America has shown the most activity in the area of contact center analytics. Companies in the region have readily adopted speech analytics solutions to identify knowledge gaps and areas that require more training, thereby enhancing the overall performance of their organizations. Predictive analytics have also seen a lot of interest, the firm said.

The major contact center analytics vendors singled out in the report include Cisco Systems, Genpact, Verint Systems, 8x8, Genesys, Oracle, Mitel Networks, SAP, NICE, Enghouse Interactive, Five9, CallMiner, and Servion Global Solutions.

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