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.
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.
Related Press
Release@ BFSI
Contact Center Analytics Market Report
BFSI Contact Center Analytics Market Report Highlights
- 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
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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