Contact Center Analytics to Reach $5.7 Billion by 2030

Emergen Research valued the contact center analytics market at $1.21 billion in 2021 and expects it to grow at a compound annual rate of 18.9 percent through 2030, when it is projected to reach $5.72 billion.

The report defines contact center analytics as the processes of collecting, analyzing, and interpreting data from customer interactions to improve the customer experience and optimize contact center operations. This can include data from phone calls, chats, emails, and social media interactions.

The market includes cross-channel, predictive, performance, text, speech, and desktop analytics, as well as integration, deployment, training, consulting, support, maintenance, and hosting services.

The report attributes the recent demand for contact center analytics to the increasing importance of customer experience. Companies are realizing that providing excellent customer service is essential for building long-term customer loyalty and driving business revenue growth, it said, noting that contact center analytics provides a way for companies to gain a deeper understanding of customer interactions and identify areas for improvement.

Other growth factors include an increasing focus on real-time customer journey mapping, which Emergen says allows companies to better understand and improve the customer experience. Real-time customer journey mapping involves tracking and analyzing customer interactions across touchpoints, such as phone, email, chat, and social media, in real-time and then analyzing this data to identify pain points and take action to improve them.

The firm also observed a rising demand for cloud-based contact centers, which the report says are typically more cost-effective than on-premises solutions as they do not require significant upfront investments in hardware and infrastructure. This makes it more affordable for small and medium-sized businesses to implement contact center analytics, it said further.

Cloud-based contact centers can be easily integrated with other business systems, such as CRM and social media monitoring, which provides a more holistic view of customer interactions and enables businesses to make better decisions, the firm said further.

The market is also benefitting from the increasing use of artificial intelligence, machine learning, natural language processing, and sentiment and predictive analytics, Emergen reported.

At the same time, the market is being restrained by a lack of data standardization, which Emergen says hinders the ability to effectively integrate and analyze data from multiple systems, applications, and channels, leading to inconsistencies and inaccuracies in the insights and recommendations generated by the analytics solutions.

In addition, data privacy and security issues, including the risk of data breaches, identity theft, and unauthorized access to sensitive information, are major concerns when it comes to contact center analytics. This can make companies hesitant to adopt contact center analytics solutions, as they might not want to take on these risks or have the necessary security measures in place to protect customer data.

Major companies included in the market report are Cisco, Genpact, Oracle, SAP, CallMiner, 8x8, Five9, Talkdesk, Enghouse Interactive, CallHippo, Avaya, and NICE.