The red-hot global contact center analytics market is set to nearly quadruple by 2026, reaching $2.66 billion.

That’s according to a new report by Grand View Research, which expects a compound annual growth rate (CAGR) of nearly 17%. The market was valued at $930 million last year.

Key market players, Grand View says, are 8X8, Cisco, Enghouse Interactive, Five9, Genesys, Genpact, Mitel, Oracle and SAP.

The growing demand for effective customer experience management should drive contact center analytics market growth through 2026. Various factors such as compliance requirements and growing social media analytics are further contributing to this growth.

Numerous businesses are using automated services such as auto-attendant. That helps reduce the number of workforces required to provide a contact center service. It also allows supervisors and agents to manage their time effectively. Furthermore, this service helps reduce call waiting time and agent idle time, thereby optimizing business productivity.

Contact Center Analytics Solutions

Contact center analytics solutions offer advanced call-routing, aided by interactive voice response (IVR) and auto-attendant service. That ensures clients and customers get to speak to a qualified agent as quickly as possible.

Analytics services also enable supervisors to access high-level dashboards. These dashboards provide an overview of the average call duration and call waiting time. That allows supervisors to make necessary business decisions for increasing contact center productivity.

Analytics also allow businesses to conduct an end-to-end analysis of numerous customer data points to identify potential improvements in an agent’s responses. The analyzed output allows a company to design a solution that caters to customer requirements. In addition, growing technological advancements in CRM and AI are further projected to propel market growth through 2026.

The integration and deployment services segment dominated the market in 2019 and should continue to dominate through 2026. These services ensure new systems are in line with existing ones. That reduces loss and theft of data.

The hosted deployment segment should experience rapid growth through 2026 as this method eliminates the need to regularly upgrade systems.

Analytics solutions are widely adopted in small and medium enterprises. They help easily track customer data and improve an agent’s productivity.