Contact Center Analytics Global Market Report 2024

The global contact center analytics market has grown rapidly in recent years. It will grow from $1.95 billion in 2023 to $2.27 billion in 2024 at a compound annual growth rate (CAGR) of 16.8%. The growth observed in the historical period can be ascribed to the transition towards cloud-based solutions, a focus on customer-centric strategies, analysis of multichannel communication, optimization of operational efficiency, and the adoption of speech and sentiment analysis.

The global contact center analytics market is expected to see rapid growth in the next few years. It will grow to $4.26 billion in 2028 at a compound annual growth rate (CAGR) of 17.0%. The projected growth during the forecast period can be attributed to a growing emphasis on enhancing customer experience, a surge in the analysis of omnichannel communication, a rising demand for real-time insights, and a sustained focus on operational efficiency. Key trends expected in this period encompass the adoption of scalability and cloud solutions, a heightened focus on personalization and customer segmentation, initiatives aimed at enhancing employee performance, the integration of speech and sentiment analysis, a stronger emphasis on compliance and security monitoring, and advancements in the integration of artificial intelligence (AI) and machine learning.

The contact center analytics market is poised for growth, driven by an increasing demand for predictive analytics and real-time monitoring. Predictive analytics and real-time monitoring involve extracting valuable insights from diverse data sources to predict future outcomes and optimize business operations. These tools are instrumental for contact center analytics, enabling businesses to identify opportunities, enhance customer experiences, improve retention rates, and formulate effective strategies. As reported by Al Reyami Technologies LLC in July 2021, approximately 52% of businesses leverage advanced and predictive analytics for operational insights and contextual intelligence, underscoring the market's growth driven by the heightened demand for these capabilities.

The contact center analytics market is set to expand further due to the rising adoption of artificial intelligence (AI). AI, a branch of computer science focused on developing intelligent machines, plays a pivotal role in automating data analysis, providing real-time insights, and optimizing customer interactions within contact center analytics. This results in improved operational efficiency and an enhanced overall customer experience. Notably, according to The International Business Machines Corporation (IBM) in May 2022, 35% of businesses globally utilized artificial intelligence (AI) - a 4% increase from the previous year. This surge in AI adoption is a key driver for the growth of the contact center analytics market.

A prominent trend in the contact center analytics market is the emphasis on new product innovation. Major players in the market are channeling efforts into developing innovative products that offer superior solutions for contact center analytics, particularly in high-volume call environments such as call centers. For instance, Qualtrics, a US-based software company, introduced Real-Time Agent Assist and Automated Call Summaries solutions in October 2022. These AI-driven solutions provide personalized coaching to contact center agents during customer calls, enhancing customer support skills and generating automated call summaries that aid in agent performance evaluation and overall contact center performance tracking.

In the pursuit of a competitive edge, major companies in the contact center analytics market are increasingly focusing on innovative technologies, particularly AI-driven call center platforms. These platforms leverage AI technologies like natural language processing and machine learning to automate and enhance various aspects of call center operations. A notable example is observe. AI, a US-based startup, which launched a comprehensive analytics tool for contact centers in September 2022. The tool utilizes a 30 billion-parameter contact center large language model (LLM) and generative AI engine to deliver accurate AI-based insights. These insights empower frontline teams, drive sales, ensure compliance, and enhance customer satisfaction.

Qualtrics, a US-based company operating in the contact center analytics market, made a strategic move in October 2021 by acquiring Clarabridge for $1.2 billion. This acquisition aims to strengthen Qualtrics' product portfolio in contact center analytics by enhancing omnichannel conversational analytics, ultimately positioning the company as a market leader. Clarabridge, the acquired US-based company, brings valuable expertise and capabilities to Qualtrics in the contact center analytics domain.

Major companies operating in the contact center analytics market report are Cisco Systems Inc., Genpact, Oracle Corporation, Avaya Holdings Corp., NICE Ltd., SAP SE, 8x8 Inc., Talkdesk, Genesys Telecommunications Laboratories Inc., CallMiner, Enghouse Interactive Inc., Five9 Inc., Verint Systems Inc., Mitel Networks Corporation, Servion Global Solutions, Aspect Software Inc., Clarabridge Inc., Calabrio Inc., ZOOM International, Clarify360, Sabio Ltd., Voci Technologies, Xdroid, Pindrop Security, Cognitivescale, Uniphore, Observe.AI, Gridspace, VoiceBase, Deepgram, Cresta AI, DIALPAD INC., Adastra Corporation

North America was the largest region in the contact center analytics market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the contact center analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the contact center analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The key components of contact center analytics include software and services. Software encompasses a collection of instructions, data, or computer programs used to operate machines and perform specific activities. It is employed by both large enterprises and small and medium enterprises, and can be deployed through cloud-based or on-premise models. The applications of contact center analytics span automatic call distribution, log management, risk and compliance management, real-time monitoring and reporting, workforce optimization, customer experience management, and others. Various industry verticals, such as BFSI, healthcare and life sciences, manufacturing, retail and consumer goods, energy and utilities, telecom and IT, travel and hospitality, government and defense, leverage contact center analytics for improved operational insights.

This report provides contact center analytics market statistics, including contact center analytics industry global market size, regional shares, competitors with a contact center analytics market share, detailed contact center analytics market segments, market trends and opportunities, and any further data you may need to thrive in the contact center analytics industry. This contact center analytics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The contact center analytics market includes revenues earned by entities by providing customer satisfaction (CSAT), customer retention, customer effort score, and service-level agreement (SLA) performance. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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