Contact Center Analytics Market Expected to Reach USD 8.1 Billion by 2031 |Top Players such as -Five9, Nice, 8*8 & Avaya
Artificial intelligence enabled contact center solutions is creating more opportunities for the growth of this market.
PORTLAND, PORTLAND, OR, UNITED STATE, February 23, 2023 /EINPresswire.com/ — Allied Market Research published a new report, titled, “Contact Center Analytics Market Expected to Reach USD 8.1 Billion by 2031 |Top Players such as -Five9, Nice, 8*8 & Avaya.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global contact center analytics market was valued at USD 1.3 billion in 2021, and is projected to reach USD 8.1 billion by 2031, growing at a CAGR of 20.6% from 2022 to 2031.
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Rise in demand for advanced customer experience management drives the growth of the contact center analytics market. On the other hand, factors such as implementation time and high cost of the system impede the growth to some extent. However, growing application of predictive analytics and real-time monitoring and increase in requirements for better customer experience management solutions are anticipated to create lucrative opportunities in the industry.
The contact center analytics market is segmented into Component, Deployment Model and Industry Vertical. On the basis of component, the market is segmented into solution and services. On the basis of deployment, the Contact Center Analytics Market Analsysis is segmented into cloud and on-premise. Depending on industry vertical, it is segregated into BFSI, healthcare, IT & telecom, retail and ecommerce, travel & hospitality, government & education, and others. Region- wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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On the basis of deployment, the on-premise segment dominated growth of the contact center analytics market in 2021. On-premise-based solutions are known for better maintenance of servers and continuous system facilitates implementation of contact center analytics solutions. However, the cloud segment is expected to witness highest growth rate during the forecast period. Cloud-based contact center analytics software has low capital expenditure as well as low maintenance requirements and is, therefore, highly preferred by mid-sized financial institutions.
On the basis of industry vertical, BFSI segment dominated the Contact Center Analytics Market Share in 2021. Increase in efforts of BFSI companies to improve their operational performance and meet customer requirements is also one of the most important factors driving the market growth. In addition, the growing adoption of digital banking solutions and the cascade of complexity in handling transactional interactions are expected to increase the demand for contact center analytics.
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Based on region, the market across North America held the major share in 2021, garnering nearly two-fifths of the global contact center analytics market. The Asia-Pacific region would manifest the fastest CAGR of 22.3% throughout the forecast period. The other provinces studied in the report include Europe and LAMEA.
The key market players analyzed in the global contact center analytics industry report include Cisco, Oracle, Genpact, SAP SE, Five 9, Talkdesk, Inc., Nice Ltd., 8*8 Inc., and Avaya Inc. These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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Covid-19 Scenario:
• Surge in demand for contact centers from people seeking help to protect their assets by deferring their loan payments and preferring lower interest rates heightened the volume of calls registered by call centers, which impacted the global contact center analytics market positively.
• Rise in call volume accentuated the need for contact center analytics solutions to analyze customer data effectively. This trend is most likely to continue post pandemic as well.
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