Skip to main content
Publish date:

BFSI Contact Center Analytics Market Size Worth $842.5 Million By 2028: Grand View Research, Inc.

SAN FRANCISCO, Oct. 19, 2021 /PRNewswire/ --  The global BFSI contact center analytics market size is expected to reach USD 842.

SAN FRANCISCO, Oct. 19, 2021 /PRNewswire/ --  The global BFSI contact center analytics market size is expected to reach USD 842.5 million by 2028, registering at a CAGR of 16.3% from 2021 to 2028, according to a new report by Grand View Research, Inc. The BFSI sector increasingly demands contact center analytic solutions to analyze customer data and improve customer experience. The increasing efforts of BFSI firms to improve their operational performance and address customer requirements is also one of the major factors driving the market growth.

Key Insights & Findings:

  • In terms of solution, the speech analytics segment dominated the market in 2020. BFSI firms employ speech analytics solutions to gain insights into the performance of their contact centers and other functional areas
  • In terms of service, the integration and deployment segment dominated the market in 2020. BFSI firms use integration and deployment services to integrate advanced technologies in their business operations
  • In terms of deployment, the on-premise segment dominated the market in 2020. Benefits offered by on-premise contact center analytics, such as maintenance and installation of solutions on the premises of end-users, contribute to the segment growth
  • In terms of enterprise size, the large enterprises segment dominated the market in 2020. The rise in demand for contact center analytics among large enterprises for handling large customer data has favored segment growth
  • In terms of application, the customer experience management segment dominated the market in 2020. BFSI firms use customer experience management for analyzing customer data and agent performance, which benefitted the segment growth
  • In terms of vertical, the banking segment dominated the market in 2020. The increasing adoption of digitalized technologies by banks can be attributed to the segment growth
  • The growing adoption of technologies in emerging economies such as China and India is expected to create growth opportunities for the market in the Asia Pacific region over the forecast period

Read 150 page market research report, " BFSI Contact Center Analytics Market Size, Share & Trends Analysis Report By Solution, By Service, By Deployment, By Enterprise Size, By Application, By Vertical, By Region, And Segment Forecasts, 2021 - 2028 ", by Grand View Research

Several banks are investing in artificial intelligence-powered analytics solutions for improving their customer experience. For instance, in February 2021, the Bank of Singapore announced its plan of deploying artificial intelligence-based analytical solutions to improve its customer services and the performance of its sales teams. This solution would also offer text analytics to the bank, offering the bank insights about customer sentiments and conversation topics.

The increasing adoption of digital banking solutions and the consecutive rise in the complexity of handling transactional interactions is expected to create the demand for contact center analytics. Banks are expected to adopt these solutions for handling complex situations, informational calls, and sales and purchase-related issues.

The COVID-19 pandemic and associated restrictions required that banks operated with limited staff. This adversely impacted the market in 2020. However, the increasing adoption of the remote working model by BFSI companies could drive the market positively post the pandemic. According to the statistics provided by the Site Selection Group, in 2021, 2.5 million call center workers at 8,154 call centers were shifted to the work-from-home model in the U.S. These contact center employees included 0.5 million workers working for financial services and 0.3 million workers working for insurance companies.

Grand View Research has segmented the global BFSI contact center analytics market on the basis of solution, service, deployment, enterprise size, application, vertical and region:

  • BFSI Contact Center Analytics Solution Outlook (Revenue, USD Million, 2016 - 2028)
    • Cross-channel Analytics
    • Performance Analytics
    • Predictive Analytics
    • Speech Analytics
    • Text Analytics
  • BFSI Contact Center Analytics Service Outlook (Revenue, USD Million, 2016 - 2028)
    • Integration & Deployment
    • Support & Maintenance
    • Training & Consulting
    • Managed Services
  • BFSI Contact Center Analytics Deployment Outlook (Revenue, USD Million, 2016 - 2028)
    • Hosted
    • On-premise
  • BFSI Contact Center Analytics Enterprise Size Outlook (Revenue, USD Million, 2016 - 2028)
    • Large Enterprises
    • Small & Medium Enterprises
  • BFSI Contact Center Analytics Application Outlook (Revenue, USD Million, 2016 - 2028)
    • Automatic Call Distributor
    • Customer Experience Management
    • Log Management
    • Real-time Monitoring & Reporting
    • Risk & Compliance Management
    • Workforce Optimization
    • Others
  • BFSI Contact Center Analytics Vertical Outlook (Revenue, USD Million, 2016 - 2028)
    • Banking
    • Brokerage
    • Credit Union
    • Financial Institution
    • Insurance
  • BFSI Contact Center Analytics Regional Outlook (Revenue, USD Million, 2016 - 2028)
    • North America
      • U.S.
      • Canada
    • Europe
      • Germany
      • U.K.
    • Asia Pacific
      • China
      • India
      • Japan
    • Latin America Brazil
      • Brazil
    • Middle East & Africa

List of Key Players of the BFSI Contact Center Analytics Market

  • 8x8, Inc
  • CallMiner
  • Genesys
  • Five9, Inc.
  • Cisco Systems, Inc.
  • Mitel Networks Corp
  • Oracle Corporation
  • NICE LTD
  • SAP SE
  • Stratifyd

Check out more studies related to contact centers, conducted by Grand View Research:

  • Contact Center Transformation Market - The global contact center transformation market size was valued at USD 12.62 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 14.2% from 2020 to 2027.
  • Contact Center Intelligence Market - The global contact center intelligence market size was valued at USD 1.07 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 23.5% from 2020 to 2027.
  • Contact Center Software Market - The global contact center software market size was valued at USD 20.5 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 21.1% from 2021 to 2028.

Browse through Grand View Research's coverage of the Global Next Generation Technologies Industry .

Gain access to Grand View Compass , our BI enabled intuitive market research database of 10,000+ reports

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:

Sherry James Corporate Sales Specialist, USA Grand View Research, Inc. Phone: +1-415-349-0058 Toll Free: 1-888-202-9519 Email: sales@grandviewresearch.com Web: https://www.grandviewresearch.com Follow Us: LinkedIn | Twitter 

View original content: https://www.prnewswire.com/news-releases/bfsi-contact-center-analytics-market-size-worth-842-5-million-by-2028-grand-view-research-inc-301403009.html

SOURCE Grand View Research, Inc.