BFSI Contact Center Analytics Market Share, and Business Prospects By 2028

BFSI Contact Center Analytics Industry Overview

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.

BFSI Contact Center Analytics Market Segmentation

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

Based on the Solution Insights, the market is segmented into Cross-channel Analytics, Performance Analytics, Predictive Analytics, Speech Analytics, Text Analytics.

• The speech analytics segment dominated the market in 2020 and accounted for over 24.0% share of the global revenue. This can be attributed to the rise in demand for speech analytics among banks to obtain information from recorded calls using data mining. Speech analytics also helps banks in call center reporting and monitoring, agent training and performance analysis, and crisis management, among others. The benefits offered by speech analytics to banks are expected to drive the segment growth.
• The performance analytics segment is anticipated to grow at a promising pace over the forecast period. The segment growth can be attributed to the rise in demand for performance analytics among BFSI firms. Performance analytics enables BFSI companies to reduce customer attrition by reexamining their customer experience and monitoring the performance of their employees and company. These solutions also enable banks to monitor the speed of calls, status history, total calls received, and other such parameters that help them enhance their work efficiency.

Based on the Service Insights, the market is segmented into Integration & Deployment, Support & Maintenance, Training & Consulting, Managed Services.

• The integration and deployment segment dominated the market in 2020 and accounted for over 42.0% share of the global revenue. Benefits offered by integration and deployment services, such as improved customer engagement and optimized agent performance, are driving the segment growth. Contact center analytics solutions are integrated with various CRM applications, agent desktops, and CTI connectors to enable seamless interactions. Their integration with agent desktops enables banks to view caller history and information for offering personalized experiences.
• The managed services segment is expected to expand at the highest CAGR over the forecast period. The increasing demand for managed services among BFSI firms is driving the segment growth. BFSI firms adopt managed services to streamline their operations across applications, networks, and infrastructure. Companies operating in the contact center analytics space focus on providing both on-premise as well as cloud-based managed services to meet different customer needs, driving the growth of the segment.

Based on the Deployment Insights, the market is segmented into Hosted and On-premise.

• The on-premise segment dominated the market in 2020 and accounted for over 59.0% share of the global revenue. The demand for on-premise contact center analytics is growing among BFSI firms as it allows easy customizations depending on the client’s banking activities. Additionally, on-premise contact center analytics offers benefits such as easy deployment and low capital investment. These factors are expected to drive the segment growth over the forecast period.
• The hosted segment is expected to register the highest CAGR over the forecast period. The segment growth can be attributed to the increasing demand for cloud-based contact centers among banks as they enable banks to provide customer care services across any platform such as SMS and mobile. This enables customers to easily obtain bank statements through an SMS and analyze their accounts on the internet.

Based on the Enterprise Size Insights, the market is segmented into Large Enterprises and Small & Medium Enterprises.

• The large enterprise segment dominated the market in 2020 and accounted for over 58.0% share of the global revenue. The demand for contact center analytics solutions is growing among large banks that are constantly on the lookout for solutions that can improve their customer satisfaction and reduce operational costs.
• The small and medium enterprises segment is expected to witness significant growth over the forecast period. Small banks and credit unions are finding new revenue opportunities by investing in banking-as-a-service platforms. This is helping banks to increase their productivity, transform customer contact centers, and develop new products and channels.

Based on the Application Insights, the market is segmented into Automatic Call Distributor, Customer Experience Management, Log Management, Real-time Monitoring & Reporting, Risk & Compliance Management, Workforce Optimization, Others.

• The customer experience management segment dominated the market in 2020 and accounted for over an 18.0% share of the global revenue. Customer experience management solutions enable banks to optimize their customer experience by monitoring, managing, and designing banking service touchpoints.
• The workforce optimization segment is expected to expand at the highest CAGR over the forecast period. Workflow optimization allows BFSI firms to leverage digital channels and modernize call center platforms and technologies as part of their efforts to enhance customer experience.

Based on the Vertical Insights, the market is segmented into Banking, Brokerage, Credit Union, Financial Institution, Insurance.

• The banking segment dominated in 2020 and accounted for over 43.0% share of the global revenue. The adoption of contact center analytics in the banking sector is growing as contact centers are gradually emerging as the primary point of contact for banking customers to obtain specific advice and personal assistance.
• The credit union segment is expected to expand at the highest CAGR over the forecast period. Several credit unions are implementing contact center analytics solutions to enhance customer experience, which is driving the segment growth. 

BFSI Contact Center Analytics Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Companies Profile & Market Share Insights

The competitive landscape of the market is highly fragmented. Companies operating in the market are focused on strategies such as partnerships, mergers, and acquisitions for improving their market positions.

Some of the prominent players operating in the global BFSI contact center analytics market include,

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

Order a free sample PDF of the BFSI Contact Center Analytics Market Intelligence Study, published by Grand View Research.