Contact Center Analytics Global Market Report 2023: Increase in Demand for Predictive Analytics and Real-Time Monitoring Boosts Growth

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Global Contact Center Analytics Market

Global Contact Center Analytics Market

Dublin, May 16, 2023 (GLOBE NEWSWIRE) -- The "Contact Center Analytics Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.

The global contact center analytics market is expected to grow from $1.65 billion in 2022 to $1.93 billion in 2023 at a compound annual growth rate (CAGR) of 16.7%. The contact center analytic market is expected to grow to $3.53 billion in 2027 at a CAGR of 16.3%.

The increase in demand for predictive analytics and real-time monitoring is expected to propel the growth of the contact center analytics market going forward. Predictive analytics and real-time monitoring is the process of extracting useful information from various external and internal data sources in real-time to predict future outcomes and carry out efficient business operations. Predictive analytics and real-time monitoring help contact center analytics identify opportunities and enhance their business operations, such as better customer experience, improving customer retention rates, developing strategies, and others.

For instance, in July 2021, an article published by Al Reyami Technologies LLC, a UAE-based IT Solutions company, approximately 52% of businesses use advanced and predictive analytics to offer better operational insights and contextual intelligence. Therefore, the increase in demand for predictive analytics and real-time monitoring is driving the growth of the contact center analytics market.

New product innovation is the key trend gaining popularity in the contact center analytics market. Major companies operating in the contact center analytics market are focused on innovating new products that could provide better solutions for contact center analytics used in call centers or businesses involving high volume calls and strengthen their position.

For instance, in December 2020, Avaya Holdings Corp, a US-based multinational company operating in the contact center and unified communication solutions organization, introduced its unique contact analytics integrated with Oracle Cloud Stack known as Avaya Analytics 4.1.

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The unique features of Avaya Analytics 4.1 enable enterprises to derive current business measures from real-time event collection and processing, allowing supervisors in contact centers to analyze trends to improve agent performance. It displays the contact center site's performance overview on dashboards in Avaya IX Workspaces for Oceana's current contact center performance information in real-time, which helps in monitoring the statistics.

In October 2021, Qualtrics, a US-based company operating in the contact center analytics market, acquired Clarabridge for $1.2 billion. Through this acquisition, Qualtrics aims to strengthen its product portfolio in contact center analytics by enhancing omnichannel conversational analytics and gaining market advantage. Clarabridge is a US-based company operating in the contact center analytics market.

North America was the largest region in the contact center analytics market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the contact center analytics report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the contact center analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Reasons to Purchase

ScopeMarkets Covered:

1) By Component: Software; Services2) By Enterprise Size: Large Enterprises; Small and Medium Enterprises3) By Deployment Mode: Cloud; On Premise4) By Applications: Automatic Call Distributor; Log Management; Risk and Compliance Management; Real-time Monitoring and Reporting; Workforce Optimization; Customer Experience Management; Other Applications5) By Verticals: BFSI; Healthcare and Life Sciences; Manufacturing; Retail and Consumer Goods; Energy and Utilities; Telecom and IT; Travel and Hospitality; Government and Defense; Other Verticals

Key Attributes:

Report Attribute

Details

No. of Pages

250

Forecast Period

2023 - 2027

Estimated Market Value (USD) in 2023

$1.93 billion

Forecasted Market Value (USD) by 2027

$3.53 billion

Compound Annual Growth Rate

16.3%

Regions Covered

Global

Key Topics Covered:

1. Executive Summary

2. Contact Center Analytics Market Characteristics

3. Contact Center Analytics Market Trends And Strategies

4. Contact Center Analytics Market - Macro Economic Scenario

5. Contact Center Analytics Market Size And Growth

6. Contact Center Analytics Market Segmentation

7. Contact Center Analytics Market Regional And Country Analysis

A selection of companies mentioned in this report includes

For more information about this report visit https://www.researchandmarkets.com/r/9ptoj6

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What is Business Analytics?

Business analytics professionals work with data. Data can be utilized from a single function, like customer service (e.g. call center data or customer complaint data) or human resources (e.g. benefit utilization data or recruitment or hiring data). Or data can be collected and linked across a number of different functions or departments, think marketing, sales, finance and customer service to show and predict customer lifetime value. Data visualization, predictive insights, and scenario modeling tools can deliver all kinds of unique insights across an entire organization. Business analytics professionals often make data-driven predictions about the likelihood of future outcomes, using machine learning, data visualization, and natural language query.

Business analytics professionals perform three main tasks:

In this function data is aggregated by business intelligence professionals across one or many different data sources. Both structured and unstructured data may be involved. Data is reviewed, cleaned up and packaged for analysis. Often, business intelligence professionals monitor the amount and variety of data coming in and organize it into reports or dashboards.

Here the business analytics professional, known as a data analyst, makes the data useful by classifying the data and identifying trends. The data analyst and a more senior data scientist (more skill and expertise in manipulating data) look for patterns in the data. They may do some predictive analytics, forecasting, data mining to influence future business decisions, and/or data visualization (the presentation of data into an accessible format that non-technical professionals can easily understand) to aid in management decision-making.

Here the business analytics professional assesses trends and works with a business partner to leverage those trends. A data analyst may look at consumer behavior trends, particularly purchasing habits, combined with past weather patterns and predicted weather, to recommend product assortment and forecast adjustments, which impact inventory decisions, purchasing and production schedules. Or that same analyst might review projects slated to kick off next quarter and the current inventory and capacity of skills across the enterprise and recommend skill sets recruiting needs to prioritize when hiring.

Business analytics offers many advantages to companies by enabling them to uncover insights into past, present and future business operations. Rather than relying on intuition or guesswork, companies can look to quantifiable data for decision-making in marketing, finance, sales or internal processes, to name a few. Business analytics makes this possible with a host of tools that enable companies to exploit their data in new ways. The amount of data collected far exceeds what humans can process, but business analytics tools can not only process the data, they can do it quickly.

Business analytics benefits impact every corner of the organization. When data across departments consolidates into a single source, it syncs up everyone in the end-to-end process. This ensures there are no gaps in data or communication, thus unlocking benefits such as:

With business analytics, hard decisions become smarter—and by smart, that means that they are backed up by data. Quantifying root causes and clearly identifying trends creates a smarter way to look at the future of an organization, whether it be HR budgets, marketing campaigns, manufacturing and supply chain needs, or sales outreach programs.

Business analytics software can take unwieldy amounts of data and turn it into simple-yet-effective visualizations. This accomplishes two things. First, it makes insights much more accessible for business users with just a few clicks. Second, by putting data in a visual format, new ideas can be uncovered simply by viewing the data in a different format.

Predictive analytics creates models for users to look for trends and patterns that will affect future outcomes. This previously was the domain of experienced data scientists, but with business analytics software powered by machine learning, these models can be generated within the platform. That gives business users the ability to quickly tweak the model by creating what-if scenarios with slightly different variables without any need to create sophisticated algorithms.

All of the points above consider the ways that business data analytics expedite user-driven insights. But when business analytics software is powered by machine learning and artificial intelligence, the power of augmented analytics is unlocked. Augmented analytics uses the ability to self-learn, adapt, and process bulk quantities of data to automate processes and generate insights without human bias.

Businesses need to make accurate decisions based on facts. Past performance is often the best indicator of future performance. In order to compete, successful businesses can no longer be run on gut instinct and limited data. Initiatives that fail take up costly investments, dollars or human resources, that could be deployed elsewhere.

Insights gained from business analytics optimize and streamline business processes and find new revenue streams. How?

As the above examples show, there are many benefits for both the consumer and business.

Basic skills you need to be a successful business analytics professional include:

Having both a conceptual and working understanding of tools and programming languages is important to translate data sources into tangible solutions. The technical skills a business analytics professional needs include:

Simply put, business analytics professionals get jobs. There are several career paths for a person with a business analytics background, with hundreds of thousands new jobs expected to be created in the next decade. While many different job titles exist, some common job titles, annual salaries, and job growth rates include the following:

Source: United States Bureau of Labor Statistics and Payscale.com

As Big Data continues to grow, so does the demand for business analytics professionals. The compound annual growth rate (CAGR) on big data and business analytics over the 2021-25 forecast period will be 12.8%, globally, according to a new update to the Worldwide Big Data and Analytics Spending Guide from International Data Corporation (IDC). And according to a 2020 NewVantage Partners report, 64.8% of Fortune 1000 companies surveyed invested at least $50 million into their business analytics efforts, and 91.5% attempted to implement artificial intelligence (AI)-based technologies in some form. 

According to the latest from the U.S. Bureau of Labor Statistics, the number of jobs for Business Analytics professional is expected to experience above average growth. Michigan Tech graduates go on to become successful business analytics professionals.

Working towards a BS degree in Business Analytics from Michigan Tech you'll learn how to make sense of a massive collection of data; build models to better predict the future and improve customer and business outcomes; solve business problems, provide business intelligence, and make better data-driven decisions, while improving the customer experience; and so much more. You will benefit from small classes taught by professors with real-world experience. You will work on real-world business analytics. And you will receive 1:1 guidance along the way from an advisor who knows you, your goals, and your challenges.