Contact Center Solutions Featured Article

Contact Center Analytics Market Set to Grow Substantially to 2022

July 21, 2017

Contact center solutions are the backbone of every company’s customer service department. Analytics in particular are especially useful, as they can gather a lot of customer information and organize it in a way that easy for agents to interpret. Customer experience analytics, for instance, bring together customer interactions, transactions, feedback, and agent data to provide an end-to-end picture of the customer journey. When agents have an overview like that at their fingertips, it becomes much easier to provide a quality customer experience each and every time. The usefulness of these contact center solutions is the reason why MarketsandMarkets has such high hopes for the overall contact center analytics market.

According to the firm’s new report, “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,” the contact center analytics market is expected to grow from $709.5 million in 2017 to $1,483.6 million by 2022, at a Compound Annual Growth Rate (CAGR) of 15.9 percent.

MarketsandMarkets believes that the biggest driving factor behind this growth is the high demand for better customer experience management solutions. Contact centers need solutions that can provide a 360 degree view of customer data. An overview like that would enable these companies to gain important insights into customer data and use them to enhance the customer experience.

Additionally, the research firm cites the proliferation of cloud computing, a growing demand for speech and text analytics solutions, and increased compliance requirements as other key drivers fuelling the growth of the contact center analytics market.

There’s no doubt about it—times are changing, and contact centers must adjust to keep up with customers. After all, the sole purpose of a contact center is to prioritize customers. Whether someone reaches out to the organization via Web chat, phone call, email, etc. an agent needs to be ready to answer any questions and provide an experience that leaves the customer feeling satisfied with the conversation. With call center analytics on their side, that goal becomes much easier for agents to achieve.