Global Call Analytics market Analysis (2023-2030)
The global call analytics market size was valued at USD 1.22 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 19.3% from 2023 to 2028.
The rising demand for analytics in contact centers and call centers can be credited to the benefits it provides, such as advanced service quality and the ability to monitor service metrics from employee performance, call times, customer satisfaction, and efficiency. The increasing use of social media platforms is also one of the key factors augmenting the demand for call center analytics. The COVID-19 pandemic had a favorable impact on the market in 2022. The surging use of call centers by individuals seeking help for safeguarding their wealth by delaying payments on loans, choosing lower interest rates by refinancing mortgages, and increasing credit card limits, among other purposes, raised the call volume recorded by the contact centers. Furthermore, the pandemic has stirred up call centers to advance their technology with virtual capabilities, which would create a plethora of opportunities for market growth over the forecast timeline.
The increasing focus of telecommunication companies worldwide on enhancing their call resolution rates and growing call deflection is also augmenting the demand for call center analytics. The surging use of call analytics solutions to analyze customer backgrounds helps minimize the total interaction volume. Predictive analytics solutions are also used to undertake customer queries, which help companies improve their first-call resolution rates. Additionally, it is also used for comprehending customer behavior and preferences to better understand their requirements.
KEY MARKET INSIGHTS:
- The speech analytics segment dominates the market in 2022 and accounts for more than 24.0% share of the global market revenue. The ability of speech analytics solutions to improve performance and goal fulfillment, and minimize agent risk, among other profits, is anticipated to draw the segment growth. Call centers are rapidly adopting these solutions for increasing their capabilities, such as allowing them to handle multiple communication channels at the same time like messaging, emails, and phone calls at the same time. The integration of these communication channels into a single system allows for maintaining a consistent record of their communications in spite of the channel format.
- The integration & deployment segment dominates the market in 2022 and accounts for more than around 41.0% share of the global market revenue. Integration & deployment services are essential to ensure that the new systems are in-line with the current systems of various departments. The increasing demand for call center analytics integration & deployment services can be contributed to the fact that they grant businesses to gain unique access to analytics by integrating advanced technologies in their operations. These services provide call centers with risk mitigation, secured customer data, and intellectual property-based tools.
- The on-premise deployment segment dominates the market in 2022 and accounts for around more than 58.0% share of the global market revenue. Majority of the organizations demand on-premises deployment as it provides easy customization of software as per one’s need. They are hugely preferred by businesses with specific business requirements and data privacy needs. The hosted deployment segment is anticipated to register the highest CAGR over the forecast timeline.
- On the basis of enterprise size, the global call analytics market has been segmented into large enterprises and Small & Medium Enterprises (SMEs). The large enterprise segment dominates the market in 2022 and accounts for more than 57.0% share of the global market revenue. The high call data sets by large enterprises are one of the key factors driving the demand for call center analytics.
- The IT & telecom segment dominates the market and holds the highest share in 2022 and accounts for more than 25.0% share of the global market revenue. Call center analytics solutions are massively adopted in the IT & telecom industry due to their extensive business process automation capabilities and efficiency.
- The North American market region dominates the market in 2022 and accounts for over 31.0% share of the global market revenue. The market growth in North America can be owed to the presence of eminent players, such as SAP SE, Oracle Corp., and Cisco Systems, Inc. in the region. The presence of a large pool of enterprises in North America, which has a massive operation base and several customer call centers, is anticipated to drive its growth. Asia Pacific is anticipated to emerge as the fastest-growing regional market over the forecasted years. The rising digitalization along with the growing disposable income levels in the region has resulted in the increased adoption of smartphones and other mobile devices in the region augmenting the opportunities for call analytics market.
MARKET SEGMENTATION:
By Solution
- Cross-channel Analytics
- Performance Analytics
- Predictive Analytics
- Speech Analytics
- Text Analytics
By Service
- Integration & Deployment
- Support & Maintenance
- Training & Consulting
- Managed Services
By Deployment
By Enterprise Size
- Large Enterprises
- Small & Medium Enterprises
By Application
- Automatic Call Distributor
- Customer Experience Management
- Log Management
- Real-time Monitoring & Reporting
- Risk & Compliance Management
- Workforce Optimization
- Others
By End Use
- BFSI
- Consumer Goods & Retail
- Government
- Healthcare
- IT & Telecom
- Travel & Hospitality
- Others
By Regions
- North America
- Europe
- Asia-Pacific
- South America
- Middle-East and Africa
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