HOME Top Market Reports 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

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

By: marketsandmarkets.com
Publishing Date: July 2017
Report Code: TC 5414

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[160 Pages Report] The overall contact center analytics market is expected to grow from USD 634.3 million in 2016 to USD 1,483.6 million by 2022, at a CAGR of 15.9% from 2017 to 2022.

The contact center analytics tools provide the features of capturing, structuring, and analyzing the data to get a pattern or predict future outcomes. Contact center analytics has proven to be an important solution, as it provides better analysis to enhance the customer experience. The base year considered for the study is 2016, and the forecast has been provided for the period between 2017 and 2022.

Market Dynamics

Drivers

  • Demand for better customer experience management solutions
  • Proliferation of cloud computing
  • Growing demand for speech and text analytics
  • Increased compliance requirements  

Restraints

  • High cost of investment
  • Consumer data privacy rules and regulations

Opportunities

  • Social media analytics
  • Real-time monitoring and analytics
  • Predictive analytics

Challenges

  • Lack of a clear and holistic analytics approach in contact centers

Demand for better customer experience management solutions

Customer expectations for superior customer service before and after any purchase have increased tremendously in the past few years. Today, customers have access to various products and sellers online. They select the one that best matches their expectations, which are related not only to the product quality, price, and variety, but also to the customer service before and after a sale. Contact center is the second touch point for customers after a retailer or eCommerce website, and is a crucial element for making a positive or negative impression on the customer.

Contact Center Analytics Market

The following are the major objectives of the study.

  • To describe and forecast the contact center analytics market, in terms of components, applications, deployment models, organization sizes, industry and verticals
  • To describe and forecast the social media market by region– North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and Latin America
  • To provide detailed information regarding major factors influencing market growth (drivers, restraints, opportunities, and challenges)
  • To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
  • To study the complete value chain of contact center analytics market
  • To analyze opportunities in the market for stakeholders by identifying the high-growth segments of the contact center analytics ecosystem
  • To strategically profile key players and comprehensively analyze their market position in terms of ranking and core competencies, along with detailing competitive landscape for market leaders
  • To analyze strategic approaches such as product launches, acquisitions, contracts, agreements, and partnerships in the contact center analytics market

During this research study, major players operating in the contact center analytics market in various regions have been identified, and their offerings, regional presence, and distribution channels have been analyzed through in-depth discussions. Top-down and bottom-up approaches have been used to determine the overall market size. Sizes of the other individual markets have been estimated using the percentage splits obtained through secondary sources such as Hoovers, Bloomberg BusinessWeek, and Factiva, along with primary respondents. The entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews with industry experts such as CEOs, VPs, directors, and marketing executives for key insights (both qualitative and quantitative) pertaining to the market. The figure below shows the breakdown of the primaries on the basis of the company type, designation, and region considered during the research study.

Contact Center Analytics Market

To know about the assumptions considered for the study, download the pdf brochure

The contact center analytics market comprises a network of players involved in the research and product development; system integrator; software and service provider; distribution and sale; and post-sales services. Key players considered in the analysis of the contact center analytics market are 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).

Major Market Developments

  1. In June 2017, CallMiner expanded its analytics portfolio by partnering with Nuance Communictaions, Inc. This partnership enabled CallMiner to boost its analytics product Eureka with Nuance's Transcription Engine while CallMiner Eureka will power Nuance’s VOC analytics.
  2. In Novemebr 2016, Verint Systems Inc. acquired OpinionLab, a customer engagement solutions provider. With this acquisition, Verint has broadened its capabilities in customer Engagement Optimization for listening, analyzing and acting on the VoC across all channels - digital, voice, text and social.
  3. In September 2016, o       NICE launched EVOLVE WFM, a cloud-based workforce management solution, which brings NICE’s enterprise-class workforce management technologies to the small- to medium-sized contact center analytics market.

Key Target Audience for Contact Center Analytics Market

  • Contact Center solution providers
  • Consulting companies
  • Government agencies
  • Investors and venture capitalists
  • Value-Added Resellers
  • Large, small and medium-sized enterprises
  • Third party providers
  • Consultants/consultancies/advisory firms
  • Support and maintenance service providers
  • Technology provider
  • Telecom service providers

Scope of the Contact Center Analytics Market Research Report

By Component:

  • Software
    •  Speech Analytics
    • Cross-Channel Analytics
    • Predictive Analytics
    • Performance Analytics
    • Text Analytics
  • Services

By Deployment Model:

  • On-Premises
  • On-Demand

BY Organization Size

  • Large Enterprises
  • Small and Medium-Sized Enterprises

By Application:

  • Automatic Call Distributor
  • Log Management
  • Risk and Compliance Management
  • Real-time Monitoring and Reporting
  • Workforce Optimization
  • Customer Experience Management
  • Others           

By Industry:

  • Healthcare and Life sciences
  • Banking, Financial Services and Insurance
  • Manufacturing
  • Retail and Consumer Goods
  • Telecom and IT
  • Energy and Utilities
  • Government and Defense
  • Travel and hospitality
  • Academia and Research
  • Other industries

By Region:

  • North America
  • Europe
  • MEA
  • APAC
  • Latin America

Critical questions which the report answers

  • What are new application areas which the contact center analytics companies are exploring?
  • Which are the key players in the market and how intense is the competition?

Available Customizations:

With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:

Product Analysis

  • Product matrix gives a detailed comparison of the product portfolio of each company

Geographic Analysis

  • Further breakdown of the North American Contact center analytics market
  • Further breakdown of the European Contact center analytics market
  • Further breakdown of the APAC Contact center analytics market
  • Further breakdown of the Latin American Contact center analytics market
  • Further breakdown of the MEA Contact center analytics market

Company Information

  • Detailed analysis and profiling of additional market players.

Table of Contents

1 Introduction (Page No. - 14)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
    1.4 Years Considered for the Study
    1.5 Currency
    1.6 Stakeholders

2 Research Methodology (Page No. - 18)
    2.1 Research Data
           2.1.1 Secondary Data
           2.1.2 Primary Data
                    2.1.2.1 Breakdown of Primaries
                    2.1.2.2 Key Industry Insights
    2.2 Market Size Estimation
    2.3 Competitive Leadership Mapping Methodology
           2.3.1 Vendor Inclusion Criteria
    2.4 Research Assumptions
    2.5 Limitations

3 Executive Summary (Page No. - 26)

4 Premium Insights (Page No. - 31)
    4.1 Attractive Market Opportunities in the Contact Center Analytics Market
    4.2 Market Share Across Various Regions
    4.3 Market By Industry and Region
    4.4 Lifecycle Analysis, By Region, 2017

5 Market Overview and Industry Trends (Page No. - 35)
    5.1 Market Overview
           5.1.1 Introduction
           5.1.2 Market Dynamics
           5.1.3 Drivers
                    5.1.3.1 Demand for Better Customer Experience Management Solutions
                    5.1.3.2 Proliferation of Cloud Computing
                    5.1.3.3 Growing Demand for Speech and Text Analytics
                    5.1.3.4 Increased Compliance Requirements
           5.1.4 Restraints
                    5.1.4.1 High Cost of Investment
                    5.1.4.2 Consumer Data Privacy Rules and Regulations
           5.1.5 Opportunities
                    5.1.5.1 Social Media Analytics
                    5.1.5.2 Real-Time Monitoring and Analytics
                    5.1.5.3 Predictive Analytics
           5.1.6 Challenges
                    5.1.6.1 Lack of A Clear and Holistic Analytics Approach in Contact Centers
    5.2 Industry Trends
           5.2.1 Contact Center Analytics Use Cases
                    5.2.1.1 Use Case #1
                    5.2.1.2 Use Case #2
                    5.2.1.3 Use Case #3
                    5.2.1.4 Use Case #4
    5.3 Contact Center Analytics, Key Performance Indicators

6 Contact Center Analytics Market Analysis, By Component (Page No. - 44)
    6.1 Introduction
           6.1.1 Software
                    6.1.1.1 Speech Analytics
                    6.1.1.2 Cross-Channel Analytics
                    6.1.1.3 Predictive Analytics
                    6.1.1.4 Performance Analytics
                    6.1.1.5 Text Analytics
           6.1.2 Services
                    6.1.2.1 Professional Services
                    6.1.2.2 Managed Services

7 Contact Center Analytics Market Analysis, By Application (Page No. - 52)
    7.1 Introduction
    7.2 Automatic Call Distributor
    7.3 Log Management
    7.4 Risk and Compliance Management
    7.5 Real-Time Monitoring and Reporting
    7.6 Workforce Optimization
    7.7 Customer Experience Management
    7.8 Others

8 Contact Center Analytics Market Analysis, By Deployment Model (Page No. - 60)
    8.1 Introduction
    8.2 On-Premises
    8.3 On-Demand

9 Contact Center Analytics Market Analysis, By Organization Size (Page No. - 64)
    9.1 Introduction
    9.2 Small and Medium-Sized Enterprises
    9.3 Large Enterprises

10 Contact Center Analytics Market Analysis, By Industry (Page No. - 68)
     10.1 Introduction
     10.2 Banking, Financial Services, and Insurance
     10.3 Healthcare and Life Sciences
     10.4 Manufacturing
     10.5 Retail and Consumer Goods
     10.6 Energy and Utilities
     10.7 Telecom and IT
     10.8 Travel and Hospitality
     10.9 Government and Defense
     10.10 Academia and Research
     10.11 Others

11 Geographic Analysis (Page No. - 78)
     11.1 Introduction
     11.2 North America
     11.3 Europe
     11.4 Asia Pacific
     11.5 Latin America
     11.6 Middle East and Africa

12 Competitive Landscape (Page No. - 100)
     12.1 Competitive Leadership Mapping Overview
             12.1.1 Visionary Leaders
             12.1.2 Innovators
             12.1.3 Dynamic Differentiators
             12.1.4 Emerging Companies
     12.2 Contact Center Analytics Market (Global), Competitive Leadership Mapping, 2017
     12.3 Competitive Benchmarking
             12.3.1 Business Strategies Adopted By Major Players in the Market
             12.3.2 Analysis of Product Portfolio of Major Players in the Market

13 Company Profiles (Page No. - 104)
(Overview, Strength of Product Portfolio, Business Strategy Excellence, Recent Developments, Key Relationships) *
     13.1 Cisco Systems, Inc.
     13.2 Genpact Limited
     13.3 Verint Systems Inc.
     13.4 8x8, Inc.
     13.5 Genesys
     13.6 Oracle Corporation
     13.7 Mitel Networks Corporation
     13.8 SAP SE
     13.9 Nice Ltd.
     13.10 Enghouse Interactive
     13.11 Five9, Inc.
     13.12 Callminer
     13.13 Servion Global Solutions

*Details Overview, Strength of Product Portfolio, Business Strategy Excellence, Recent Developments, Key Relationships Might Not Be Captured in Case of Unlisted Companies.

14 Appendix (Page No. - 153)
     14.1 Discussion Guide
     14.2 Knowledge Store: Marketsandmarkets’ Subscription Portal
     14.3 Available Customization
     14.4 Related Reports
     14.5 Author Details


List of Tables (71 Tables)

Table 1 United States Dollar Exchange Rate, 2014–2016
Table 2 Contact Center Analytics Market Size, By Component, 2015–2022 (USD Million)
Table 3 Market Size By Software, 2015–2022 (USD Million)
Table 4 Speech Analytics: Market Size, By Region, 2015–2022 (USD Million)
Table 5 Cross-Channel Analytics: Market Size, By Region, 2015–2022 (USD Million)
Table 6 Predictive Analytics: Market Size, By Region, 2015–2022 (USD Million)
Table 7 Performance Analytics: Market Size, By Region, 2015–2022 (USD Million)
Table 8 Text Analytics: Market Size, By Region, 2015–2022 (USD Million)
Table 9 Contact Center Analytics Market Size, By Service, 2015–2022 (USD Million)
Table 10 Market Size By Application, 2015–2022 (USD Million)
Table 11 Automatic Call Distributor: Market Size, By Region, 2015–2022 (USD Million)
Table 12 Log Management: Market Size, By Region, 2015–2022 (USD Million)
Table 13 Risk and Compliance Management: Market Size, By Region, 2015–2022 (USD Million)
Table 14 Real-Time Monitoring and Reporting: Market Size, By Region, 2015–2022 (USD Million)
Table 15 Workforce Optimization: Market Size, By Region, 2015–2022 (USD Million)
Table 16 Customer Experience Management: Market Size, By Region, 2015–2022 (USD Million)
Table 17 Others: Market Size, By Region, 2015–2022 (USD Million)
Table 18 Contact Center Analytics Market Size, By Deployment Model, 2015–2022 (USD Million)
Table 19 On-Premises: Market Size, By Region, 2015–2022 (USD Million)
Table 20 On-Demand: Market Size, By Region, 2015–2022 (USD Million)
Table 21 Contact Center Analytics Market Size, By Organization Size, 2015–2022 (USD Million)
Table 22 Small and Medium-Sized Enterprises: Market Size, By Region, 2015–2022 (USD Million)
Table 23 Large Enterprises: Market Size, By Region, 2015–2022 (USD Million)
Table 24 Contact Center Analytics Market Size, By Industry, 2015–2022 (USD Million)
Table 25 Banking, Financial Services, and Insurance: Market Size, By Region, 2015–2022 (USD Million)
Table 26 Healthcare and Life Sciences: Market Size, By Region, 2015–2022 (USD Million)
Table 27 Manufacturing: Market Size, By Region, 2015–2022 (USD Million)
Table 28 Retail and Consumer Goods: Market Size, By Region, 2015–2022 (USD Million)
Table 29 Energy and Utilities: Market Size, By Region, 2015–2022 (USD Million)
Table 30 Telecom and IT: Market Size, By Region, 2015–2022 (USD Million)
Table 31 Travel and Hospitality: Market Size, By Region, 2015–2022 (USD Million)
Table 32 Government and Defense: Market Size, By Region, 2015–2022 (USD Million)
Table 33 Academia and Research: Market Size, By Region, 2015–2022 (USD Million)
Table 34 Others: Market Size, By Region, 2015–2022 (USD Million)
Table 35 Contact Center Analytics Market Size, By Region, 2015–2022 (USD Billion)
Table 36 North America: Market Size By Industry, 2015–2022 (USD Million)
Table 37 North America: Market Size By Component, 2015–2022 (USD Million)
Table 38 North America: Market Size By Software, 2015–2022 (USD Million)
Table 39 North America: Market Size By Service, 2015–2022 (USD Million)
Table 40 North America: Market Size By Application, 2015–2022 (USD Million)
Table 41 North America: Market Size By Deployment Model, 2015–2022 (USD Million)
Table 42 North America: Market Size By Organization Size , 2015–2022 (USD Million)
Table 43 Europe: Contact Center Analytics Market Size, By Industry, 2015–2022 (USD Million)
Table 44 Europe: Market Size By Component, 2015–2022 (USD Million)
Table 45 Europe: Market Size By Software, 2015–2022 (USD Million)
Table 46 Europe: Market Size By Service, 2015–2022 (USD Million)
Table 47 Europe: Market Size By Application, 2015–2022 (USD Million)
Table 48 Europe: Market Size By Deployment Model, 2015–2022 (USD Million)
Table 49 Europe: Market Size By Organization Size, 2015–2022 (USD Million)
Table 50 Asia Pacific: Contact Center Analytics Market Size, By Industry, 2015–2022 (USD Million)
Table 51 Asia Pacific: Market Size By Component, 2015–2022 (USD Million)
Table 52 Asia Pacific: Market Size By Software, 2015–2022 (USD Million)
Table 53 Asia Pacific: Market Size By Service, 2015–2022 (USD Million)
Table 54 Asia Pacific: Market Size By Application, 2015–2022 (USD Million)
Table 55 Asia Pacific: Market Size By Deployment Model, 2015–2022 (USD Million)
Table 56 Asia Pacific: Market Size By Organization Size, 2015–2022 (USD Million)
Table 57 Latin America: Contact Center Analytics Market Size, By Industry, 2015–2022 (USD Million)
Table 58 Latin America: Market Size By Component, 2015–2022 (USD Million)
Table 59 Latin America: Market Size By Software, 2015–2022 (USD Million)
Table 60 Latin America: Market Size By Service, 2015–2022 (USD Million)
Table 61 Latin America: Market Size By Application, 2015–2022 (USD Million)
Table 62 Latin America: Market Size By Deployment Model, 2015–2022 (USD Million)
Table 63 Latin America: Market Size By Organization Size, 2015–2022 (USD Million)
Table 64 Middle East and Africa: Contact Center Analytics Market Size, By Industry, 2015–2022 (USD Million)
Table 65 Middle East and Africa: Market Size By Component, 2015–2022 (USD Million)
Table 66 Middle East and Africa: Market Size By Software, 2015–2022 (USD Million)
Table 67 Middle East and Africa: Market Size By Service, 2015–2022 (USD Million)
Table 68 Middle East and Africa: Market Size By Application, 2015–2022 (USD Million)
Table 69 Middle East and Africa: Market Size By Deployment Model, 2015–2022 (USD Million)
Table 70 Middle East and Africa: Market Size By Organization Size, 2015–2022 (USD Million)
Table 71 Market Ranking for the Contact Center Analytics Market, 2017
 
 
List of Figures (43 Figures)
 
Figure 1 Contact Center Analytics Market Segmentation
Figure 2 Regional Scope
Figure 3 Contact Center Analytics Market: Research Design
Figure 4 Breakdown of Primary Interviews: By Company, Designation, and Region
Figure 5 Data Triangulation
Figure 6 Market Size Estimation Methodology: Bottom-Up Approach
Figure 7 Market Size Estimation Methodology: Top-Down Approach
Figure 8 Evaluation Criteria
Figure 9 Contact Center Analytics Market: Assumptions
Figure 10 Contact Center Analytics Market: Evolution
Figure 11 Market is Expected to Witness A Significant Growth During the Forecast Period Due to the Growing Demand Toward Better Customer Experience Management Solutions
Figure 12 Market Snapshot By Component (2017 vs 2022)
Figure 13 Market Snapshot By Software (2017–2022)
Figure 14 Market Snapshot By Application (2017–2022)
Figure 15 Market Snapshot By Deployment Model (2017–2022)
Figure 16 Market Snapshot By Organization Size (2017–2022)
Figure 17 Market Snapshot By Industry (2017 vs 2022)
Figure 18 Proliferation of Cloud Computing is Expected to Drive the Contact Center Analytics Market During the Forecast Period
Figure 19 North America is Estimated to Dominate the Global Contact Center Analytics Market in 2017
Figure 20 Banking, Financial Services, and Insurance Industry, and North America are Estimated to Have the Largest Market Shares in 2017
Figure 21 Asia Pacific is Expected to Enter the Exponential Growth Phase During the Forecast Period
Figure 22 Contact Center Analytics Market: Drivers, Restraints, Opportunities, and Challenges
Figure 23 Key Factors Affecting Customer Experience
Figure 24 Text and Speech Analytics Market
Figure 25 Contact Center Analytics Deployment, Key Performance Indicators
Figure 26 Software Segment is Expected to Have the Larger Market Size During the Forecast Period
Figure 27 Customer Experience Management is Estimated to Have the Largest Market Size in 2017
Figure 28 On-Premises Deployment Model is Expected to Have the Larger Market Size in 2017
Figure 29 Large Enterprises Segment is Expected to Have the Larger Market Size During the Forecast Period
Figure 30 Banking, Financial Services, and Insurance Industry is Expected to Have the Largest Market Size During the Forecast Period
Figure 31 North America is Expected to Have the Largest Market Size in the Contact Center Analytics Market During the Forecast Period
Figure 32 North America: Market Snapshot
Figure 33 Asia Pacific: Market Snapshot
Figure 34 Cisco Systems, Inc.: Company Snapshot
Figure 35 Genpact Limited: Company Snapshot
Figure 36 Verint Systems Inc.: Company Snapshot
Figure 37 8x8, Inc.: Company Snapshot
Figure 38 Oracle Corporation: Company Snapshot
Figure 39 Mitel Networks Corporation: Company Snapshot
Figure 40 SAP SE: Company Snapshot
Figure 41 Nice Ltd.: Company Snapshot
Figure 42 Enghouse Interactive: Company Snapshot
Figure 43 Five9, Inc.: Company Snapshot

The overall 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 CAGR of 15.9%. Demand for better customer experience management solutions, proliferation of cloud computing, growing demand for speech and text analytics solutions, and increased compliance requirements are the key factors driving the growth of this market.

Contact center analytics are the solutions that provide contact center managers a better way to get actionable insights and recommendations out of customer interactions with the agents. These tools provide the features of capturing, structuring, and analyzing the data to get a pattern or predict future outcomes. Contact center analytics has proven to be an important solution, as it provides better analysis to enhance the customer experience. By utilizing technologies, such as machine learning, Artificial Intelligence (AI), and Natural Language Processing (NLP), contact center analytics solutions have provided analytics results and actionable insights.

The contact center analytics market has been segmented, on the basis of component, applications, organization size, deployment model, and industry verticals. APAC is expected to grow at the highest CAGR during the forecast period. Rising disposable income and increasing digitalization have resulted in higher adoption of smartphones and other mobile devices. Further, there is likely to be huge data generation from these devices which would demand technologically advanced analytics solutions to enhance the customer experience at the contact centers and help generate revenues for the different industries. The region is witnessing increasing demand for cloud-based analytics solutions owing to the increasing size of SMEs. As a result, APAC holds a significant share of the overall contact center analytics market.

CONTACT CENTER ANALYTICS MARKET, BY REGION, 2023 (USD BILLION)

Contact Center Analytics Market

Customer experience management, workforce optimization, and risk and compliance management are the major applications, which are driving the growth of contact center analytics market

Customer experience management

Contact centers can leverage from 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. Customer experience analytics aggregates customer interactions, transactions, and feedback and agent data to provide an end-to-end picture of the customer journey. It can provide multiple avenues for CEM through customer analytics. Some of the major opportunities include automatically assigning a reason for all customer contacts based on speech, text, desktop, and transaction analytics. Customer journey analytics provides crucial insights by tracking customer’s interactions across multiple channels.

Workforce optimization

Contact center Workforce Optimization (WFO) solution comprises several components such as performance management, interaction analytics, quality management, and workforce management which enable a contact center to optimize their workforce operations including recruitment, monitoring, evaluation, improvement, and motivation. An essential component of a WFO solution include providing agents with the right training and knowledge and deploy them in the right position to facilitate high-quality customer experience. Further, workforce management, a crucial part of WFO, enables contact center managers to forecast and schedule properly for different channels by identifying broken processes and improving employee performance across-channels.

Risk and compliance management

Contact center analytics capabilities such as speech analytics enable contact centers in such scenarios by analyzing every single agent contact, either during or after the call. With a speech analytics solution, collections call centers can monitor each and every call to identify risk associated with the content of the conversation. Further, it can be used to prevent sensitive cardholder data from being recorded by identifying such instances and mute call recordings when account numbers, security codes, and other sensitive information is spoken. Another instance includes where Quality Assurance (QA) departments at a credit union can use speech analytics for tracking escalation language. By identifying several different language strings that could indicate an escalated call, analysts can identify the exact language that occurred most often in escalated calls. These insights can then be used as a training opportunity. By identifying some areas for agent improvement, the credit union could work to reduce the number of complaints.

Critical questions the report answers:

  • Where will all these developments take the industry in the mid to long term?
  • What are the upcoming industry applications of the contact center analytics?

The high cost of investment and consumer data privacy rules and regulations are the major factors restraining the growth of the contact center analytics market. Companies in industry, such as finance, insurance, public sector, and debt collection have to comply with various regulations, failing which would lead to potentially expensive penalties, including heavy fines and criminal prosecution. Contact centers have tried to reduce their risks through scripting, call monitoring, and call recording, but these do not offer any guarantee or proof of compliance. Standards such as Payment Card Industry Data Security Standard (PCI-DSS) are developed to ensure the safe handling of information and protect customers against identity theft. Contact centers, complying with this standard, cannot store certain portions of sensitive cardholder information even through the most secured possible method. Further, the practice of offshoring has raised the concern among consumers, as companies have increasingly turned to outsourcing customer phone contact and back office processing to overseas companies in an effort to cut cost and boost efficiency.

Key players in the market 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). These players are increasingly undertaking mergers and acquisitions, and product launches to develop and introduce new technologies and products in the market.

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