USD 1.56 billion
BFSI Contact Center Analytics Market Size, Share, Growth Analysis, By Deployment(Hosted, On-premise), By Enterprise Size(Small & Medium Enterprise, Large Enterprise), By Application(Automatic Call Distributor, Customer Experience Management, Log Management, Real-time Monitoring & Reporting), By Vertical(Banking, Brokerage, Credit Union, Financial Institution), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45B2103 |
Region:
Global |
Published Date: June, 2024
Pages:
197
|Tables:
121
|Figures:
82
BFSI Contact Center Analytics Market Insights
BFSI Contact Center Analytics Market size was valued at USD 1.56 billion in 2022 and is poised to grow from USD 1.88 billion in 2023 to USD 8.29 billion by 2031, growing at a CAGR of 20.4% during the forecast period (2024-2031).
The worldwide BFSI (Banking, Financial Services, and Insurance) Contact Center Analytics marketplace is present process good sized increase and transformation because of several key factors. Contact center analytics contain using superior gear and technologies to investigate customer interactions and operational statistics inside the BFSI region. This evaluation affords valuable insights for enhancing customer service, enhancing operational efficiency, and making knowledgeable business choices. One of the primary drivers of the BFSI Contact Center Analytics marketplace is the increasing emphasis on customer revel in. In an intensely aggressive enterprise like BFSI, delivering first rate customer support is critical for retaining and attracting customers. Contact center analytics permit corporations to benefit from a deeper expertise of client behavior, preferences, and ache factors, letting them tailor their services and offerings thus. Risk control and fraud detection are some other essential areas where touch center analytics play an enormous function. By analyzing patron interactions and transaction information, economic establishments can discover suspicious sports and capacity fraud in real-time, helping to protect patron assets and hold regulatory compliance. Moreover, regulatory requirements and compliance standards are getting more stringent within the BFSI area. Contact middle analytics solutions help organizations in making sure compliance with various enterprise policies and facts protection legal guidelines. Furthermore, the COVID-19 pandemic expanded the adoption of remote running and digital client interactions, making touch middle analytics even more crucial. Financial institutions were leveraging these analytics equipment to monitor far flung retailers' performance, hold provider quality, and become aware of emerging tendencies in customer inquiries.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Speech Analytics
Fastest Growth
Predictive Analytics
Growth Rate
20.4% CAGR
BFSI Contact Center Analytics Market ($ Bn)
Country Share North America for Region (%)
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BFSI Contact Center Analytics Market Segmental Analysis
The BFSI contact center analytics market is segmented based on solution, service, deployment, enterprise size, application, vertical, and region. Based on solution, the market is segmented into cross-channel analytics, performance analytics, predictive analytics, speech analytics, and text analytics. Based on service, the market is segmented into integration & deployment, support & maintenance, training & consulting, managed services. Based on deployment, the market is segmented into hosted, and on-premises. Based on enterprise size, the market is segmented into large enterprises, small & medium enterprises. Based on application, the market is segmented into automatic call distributor, customer experience management, log management, real-time monitoring & reporting, risk & compliance management, workforce optimization, and others. Based on vertical the market is segmented into banking, brokerage, credit union, financial institution, insurance. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis By Solution
In the global BFSI touch middle analytics marketplace, Speech Analytics is the dominant section within the BFSI Contact Center Analytics marketplace. This technology allows economic institutions to analyze customer interactions, by and large cell phone calls, to extract valuable insights. In the BFSI area, expertise patron sentiment, identifying compliance issues, and improving agent overall performance are important. Speech Analytics provides the way to acquire these goals with the aid of transcribing and analyzing audio interactions. It allows pick out customer pain factors, music regulatory compliance, and enhance purchaser studies, making it a pivotal tool for financial institutions aiming to optimize their touch middle operations.
On the alternative hand, Predictive Analytics is one of the quickest-developing segments within the BFSI Contact Center Analytics marketplace. It leverages historical statistics, machine learning algorithms, and statistical fashions to forecast future trends and patron behavior. In the BFSI quarter, predictive analytics is used to count on consumer needs, detect potential fraud, optimize advertising and marketing campaigns, and enhance usual enterprise efficiency. As monetary institutions increasingly recognize the importance of facts-pushed decision-making, the call for predictive analytics is on the upward thrust. It enables banks and coverage groups to proactively deal with purchaser requirements, limit risks, and stay competitive in an ever-evolving market.
Analysis By Service
In the Global BFSI Contact Center Analytics Market, Integration & Deployment segment is dominant. This phase encompasses offerings related to integrating contact middle analytics answers with the existing infrastructure of BFSI groups and deploying these answers effectively. As the BFSI sector more and more adopts superior analytics gear to beautify customer service, streamline operations, and gain insights into customer conduct, the need for seamless integration and deployment becomes important. This phase includes activities consisting of statistics migration, machine configuration, and software set up, ensuring that analytics answers work seamlessly in the BFSI surroundings.
On the other hand, the Managed Services segment is one of the fastest-developing segments inside the BFSI Contact Center Analytics market. Managed offerings involve outsourcing diverse factors of touch center analytics operations to 1/3-celebration carrier carriers. In the BFSI area, companies are increasingly seeking to leverage the expertise of managed provider vendors to handle analytics solutions' every day operations, monitoring, and upkeep. This lets BFSI corporations conserve their center capabilities while ensuring that their touch middle analytics solutions are jogging optimally. Managed services provide scalability, price-effectiveness, and get entry to specialized capabilities, making them an unexpectedly developing desire among BFSI organizations looking to extract most fee from their analytics investments.
BFSI Contact Center Analytics Market By Solution
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BFSI Contact Center Analytics Market Regional Insights
The worldwide BFSI Contact Center Analytics Market is analyzed primarily based on its regional presence, which includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. North America, mainly the USA and Canada, had a dominant position within the BFSI Contact Center Analytics market. This may be attributed to the quite developed BFSI quarter inside the region, which is predicated heavily on touch facilities for customer service and assistance. Regulatory requirements and the need for advanced analytics to improve purchaser revel in, discover fraud, and make sure compliance have pushed the adoption of contact middle analytics answers. Major players within the BFSI zone in North America were early adopters of that technology, contributing to the vicinity's dominance inside the market.
As for the quickest growing phase, Asia-Pacific has become one of the quickest-developing areas for BFSI Contact Center Analytics. The developing middle-elegance populace, growing cell phone penetration, and expanding monetary services in international locations like India, China, and Southeast Asian nations have created an enormous demand for contact center analytics solutions. As monetary establishments inside the region are looking to decorate patron engagement, streamline operations, and mitigate risks, the adoption of analytics gear has been on the upward thrust. Furthermore, regulatory modifications and the want to combat fraud have also accelerated the adoption of those solutions in the Asia-Pacific region.
BFSI Contact Center Analytics Market By Region
- Largest
- Fastest
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BFSI Contact Center Analytics Market Dynamics
Drivers
Increasing Customer Expectations
- Customers within the BFSI quarter have higher expectations for personalized and efficient offerings. Contact center analytics answers can assist economic institutions analyze purchaser interactions to improve carrier first-class, identify tendencies, and provide extra personalized experiences. Meeting those expectations can enhance purchaser pleasure and loyalty.
Regulatory Compliance and Risk Management:
- The BFSI area is incredibly regulated, with stringent records protection and compliance necessities. Analytics gear can assist in monitoring and ensuring compliance with policies inclusive of GDPR, HIPAA, and financial industry-particular rules. Additionally, these tools help in identifying and mitigating dangers, inclusive of fraudulent sports or security breaches, which might be essential for retaining the accept as true with clients and regulators.
Restraints
Data Privacy Concerns:
- The BFSI sector offers patron facts, and the collection and evaluation of such facts enhance privateness issues. Compliance with information protection rules, like GDPR and CCPA, can be difficult, and there's a chance of reputational damage if records breaches occur. Companies ought to invest in robust statistics protection measures and privacy-compliant analytics solutions.
Complex Implementation:
- Implementing touch center analytics solutions can be complex and time-consuming. Integrating those equipment into present touch center structures, education team of workers, and ensuring records accuracy and satisfaction can pose demanding situations. Moreover, financial institutions may additionally face resistance from employees who may additionally view analytics as a danger to their job safety or a disruption to their workflow.
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BFSI Contact Center Analytics Market Competitive Landscape
The global BFSI Contact Center Analytics Market boasts an aggressive panorama characterized through several key gamers vying for market percentage. Major corporations in this space encompass Verint Systems Inc., Cisco Systems, Inc., Genpact Limited, NICE Systems Ltd., and IBM Corporation. These groups leverage advanced analytics and synthetic intelligence (AI) technologies to provide answers that enhance patron reports, enhance operational performance, and mitigate dangers inside the BFSI area. They offer a variety of services, along with speech analytics, textual content analytics, and predictive analytics, which allow monetary institutions to benefit treasured insights from purchaser interactions and information. Additionally, strategic partnerships and acquisitions have been common techniques amongst those players to increase their abilities and worldwide attainment. As regulatory compliance and customer delight stay top priorities for BFSI organizations, the competition among analytics solution companies is anticipated to heighten, riding similar innovation and the development of greater tailor-made services to cope with the particular challenges confronted through the industry.
Top Player’s Company Profile
- NICE (Israel)
- Verint Systems (USA)
- Genpact (USA)
- Avaya (USA)
- Cisco Systems (USA)
- Uniphore (India)
- Clarabridge (USA)
- Aspect Software (USA)
- CallMiner (USA)
- OpenText (Canada)
- IBM (USA)
- Nuance Communications (USA)
- 8x8 Inc. (USA)
- Enghouse Interactive (Canada)
- Servion Global Solutions (India)
- ZOOM International (Czech Republic)
- Genesys (USA)
- Micro Focus (UK)
- Cognizant (USA)
- SAP SE (Germany)
- FIS (USA)
- Fiserv (USA)
- Accenture (Ireland)
- Pegasystems (USA)
- SAS Institute (USA)
Recent Developments
- In January 2023: Genesys announced the launch of its new Genesys Cloud CX Insights solution, which presents contact middle analytics capabilities in the cloud.
- In February 2023: NICE Systems announced the acquisition of Talkdesk, a issuer of cloud-primarily based contact middle software.
- In March 2023: Verint Systems introduced the release of its new Verint Customer Experience Analytics solution, which gives touch center analytics competencies for consumer enjoy control.
- In April 2023: Calabrio introduced the launch of its new Calabrio Analytics Suite, which presents contact middle analytics skills for customer service, sales, and marketing.
- In May 2023: CallMiner introduced the release of its new CallMiner Analytics Platform, which offers contact center analytics talents for fraud detection and prevention.
BFSI Contact Center Analytics Key Market Trends
- Data-Driven Decision-Making: The BFSI region became more and more adopting facts-driven selection-making procedures via leveraging contact middle analytics. Financial establishments and insurance companies had been understanding the significance of reading purchaser interactions, which includes calls, emails, and chat transcripts, to gain valuable insights. These insights had been used to enhance customer service, identify fraudulent sports, follow policies, and enhance overall operational efficiency.
- AI and Machine Learning Integration: Artificial intelligence (AI) and device studying (ML) technologies had been turning into imperative to BFSI contact center analytics. This technology had been employed to automate the analysis of huge volumes of purchaser records and to hit upon styles, anomalies, and sentiment in real-time. For instance, AI-powered chatbots and digital assistants have been being used to handle recurring purchaser inquiries, liberating up human marketers to cognizance of extra complicated duties. Additionally, predictive analytics and ML models were used to forecast consumer behavior and possibilities, permitting personalized offerings and centered advertising.
BFSI Contact Center Analytics Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our worldwide BFSI touch middle analytics marketplace evaluation, the marketplace is experiencing big growth because of numerous key factors. Contact middle analytics answers are gaining prominence in the BFSI sector for their ability to enhance customer support, operational performance, and compliance with guidelines. One essential driver of this market's increase is the increasing significance of providing terrific purchaser studies in the enormously competitive BFSI industry. Contact center analytics permit financial institutions to benefit precious insights from client interactions, leading to better purchaser engagement and delight. Furthermore, compliance necessities and the want to save you from fraud and mitigate risks are riding the adoption of analytics answers.
BFSI institutions are leveraging touch center analytics to screen and analyze conversations for regulatory compliance and fraud detection, lowering the likelihood of fines and reputational damage. The growing quantity of statistics generated through patron interactions is also fueling the demand for analytics gear. These solutions enable businesses to extract actionable insights from great amounts of unstructured records, facilitating data-driven choice-making. However, demanding situations together with statistics, privacy concerns, integration complexities, and the value of imposing superior analytics solutions can restrict market boom. To cope with these demanding situations, BFSI institutions are more and more partnering with specialized carriers to deploy powerful contact center analytics. In the end, the global BFSI Contact Center Analytics market is on an upward trajectory, driven by using the industry's desire to decorate purchaser studies, ensure compliance, and make informed commercial enterprise choices via statistics-driven insights. As the era continues to improve, we will assume innovations and boom in this market.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 1.56 billion |
| Market size value in 2031 | USD 8.29 billion |
| Growth Rate | 20.4% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on BFSI Contact Center Analytics Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on BFSI Contact Center Analytics Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the BFSI Contact Center Analytics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the BFSI Contact Center Analytics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the BFSI Contact Center Analytics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the BFSI Contact Center Analytics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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