The global contact center analytics market is expected to reach $2.66 billion by 2026, growing at a compounded annual rate of 16.8 percent, according to a report by Grand View Research.
The growing demand for effective customer experience management solutions, coupled with increased compliance requirements and growing social media analytics are contributing to the market growth, the research firm found.
Other factors driving the industry forward include a growing use of speech analytics and workforce optimization to improve service quality and reduce operating expenses, a growing deployment of hosted solutions, and technological advancements in CRM and artificial intelligence.
The research also uncovered wide use of contact center analytics among small and midsized businesses to track customer data and improve agent productivity.
Among verticals, Grand View Research expects the consumer goods and retail segment to witness significant growth through 2026.
The technology's appeal comes as contact center analytics offer advanced call-routing, aided by interactive voice response (IVR) and auto-attendant systems, to ensure that clients and customers speak to qualified agenst as quickly as possible, the research further found.
Analytics solutions also enable supervisors to access high-level dashboards into factors like average call duration and call waiting time and to conduct an end-to-end analysis of numerous customer data points to proactively identify potential improvements in agent responses, the firm also reported.
Key industry players identified in the report include 8x8, Cisco Systems, Enghouse Interactive, Five9, Genesys, Genpact, Mitel Networks, Oracle, and SAP.