BFSI Contact Center Analytics Market Analysis Report By Solution, By Service, By Deployment, By Enterprise Size, By Application, By Vertical, By Region And Segment Forecasts From 2021 To 2028

Synopsis

The global BFSI contact center analytics market was appreciated by USD 260.2 million in 2020. It is likely to increase by 16.3% CAGR from 2021 to 2028.

Drivers

The development of the market for BFSI contact center analytics can be credited to the augmented demand for contact centers between credit unions, banks, fiscal organizations plus additional businesses, meant for enhancing their client experience.

In line with Deloitte, fiscal services held a major, almost 26.0% share of international call centers usage, in 2019. Benefits presented by contact center analytics to BFSI organizations, like decreased number of call centers and operational overheads are the additional most important things, powering the enlargement of the market.

The increasing insists for speech analytics between BFSI organizations is likely to generate fresh openings for the market, during the forecast period. Speech analytics facilitate banks to avert client attrition by means of investigating along with checking consumer interactions.

Restraints

BFSI organizations are likely to obey a variety of strict rules obligatory by global government associations. Disappointment to go along with these rules might cause charges along with monetary losses for BFSI organizations. This can hamper the development of the market.

Effect of Covid-19

The eruption of Covid-19 pandemic harmfully affected the BFSI contact center analytics market, in 2020. During initial phases of the pandemic, a number of banks, globally, were operational with a restricted staff to make sure security of the member of staff in the course of increasing figure of Covid-19 cases, affecting the progress of the market.

But, since 2021 the market is improving because clients are increasingly taking on digitalized banking services. Consistent with a fiscal counseling organization, deVere Group, in Europe utilization of mobile banking services along with fiscal apps augmented by 72.0% because of Covid-19.

The increasing utilize of digitalized banking services is likely to generate augmented demand for the contact center analytics resolutions between banks, used for solving clients’ issues regarding billing and payment.

Application Insight

The customer experience management division held more than 18.0% revenue share and led the global BFSI contact center analytics market, in 2020. Customer experience management resolutions facilitate banks to optimize their client experience by means of designing, monitoring, and managing, banking service contact places.

The workforce optimization division is likely to increase by the maximum CAGR, during the forecast period. Workflow optimization permit BFSI organizations to power digital channels in addition to update call center stages plus technologies like share of their efforts to improve client experience.

Enterprise Size Insight

The large enterprise division held more than 58.0% revenue share and directed the global market, in 2020. The need for contact center analytics resolutions is rising amongst large banks, which are continually alert for way out that can enhance their client happiness in addition to decrease operational overheads.

The small & medium enterprises division is anticipated to observe large augmentation during the forecast period. Small banks as well as credit unions are discovering new-fangled income opening by means of spending in banking-as-a-service stage. This is serving banks to augment their efficiency, alter customer contact centers, in addition to build up fresh products along with channels.

Deployment Insight

In 2020, the on-premise section held more than 59.0% revenue share and led the global market, in 2020. Insist for on-premise contact center analytics is raising amid BFSI organizations because it permits effortless customizations, conditional on the banking activities of the client.

The hosted section is likely to record the maximum CAGR, during the forecast period. The development of the section can be credited to the growing demand for cloud sourced contact centers amid banks because they facilitate banks to give customer care services through several platforms for example mobile and SMS.

Service Insight

The integration & deployment section held more than 42.0% revenue share and directed the global BFSI contact center analytics market, in 2020. The benefits presented by integration & deployment services, like optimized agent routine and enhanced client engagement, are steering expansion of the section.

Throughout the forecast period, the managed services section is projected to get bigger by the maximum CAGR. The rising demand for managed services amid BFSI organizations is directing the development of the section.

Vertical Insight

The banking sector held more than 43.0% revenue share and led the global market, in 2020. The implementation of contact center analytics in the banking sector is rising because contact centers are slowly budding like the main place of contact, intended for banking clients to get particular suggestion as well as individual help.

The credit union sector is anticipated to increase by the maximum CAGR, during the forecast period. A number of credit unions are putting into service contact center analytics resolutions to improve client experience. This is powering the enlargement of the sector.

Solution Insight

The speech analytics section held more than 24.0% revenue share and led the global market, in 2020. This can be credited to the escalation in demand for speech analytics between banks to get information from the tape-recorded calls by means of data mining.

The performance analytics section is expected to develop by a hopeful speed during the forecast period. The development of the section can be credited to the augmentation in demand for performance analytics amid BFSI organizations. Performance analytics facilitate BFSI companies to decrease client attrition by means of re investigating their client experience in addition to checking the functioning of their human resources as well as business.

Regional Insight

In 2020, North America held above 32.0% revenue share and directed the global market. The local development of the market can be credited to the attendance of major companies like Cisco Systems, Inc., Oracle Corporation and SAP SE, within the region.

Besides, to give insights on superior technologies in addition to policies for enhancing client experience, a variety of seminars like Annual Call Centre Week Canada are carried out in the state.

Asia Pacific is projected to appear like the highest rising local market during the forecast period. Propagation of smart devices, increasing disposable earnings and sustained digitalization are a few important factors, anticipated to impel the enlargement of the local market during the forecast period.

The quantity of fiscal dealings is increasing because a rising amount of persons choose to complete fiscal dealings above smart devices. This is powering the implementation of contact center analytics resolutions through BFSI firms, intended for increasing client experience.

Companies

The market is aggressive and extremely fragmented. The companies concentrated on policies like mergers & acquisitions and joint ventures to make better their place in the market. Furthermore, the companies are focusing on increasing their R&D actions to build up separate products, which can assist them to live in front of the contest.

Some of the companies for BFSI contact center analytics market are:

    • SAP SE
    • Oracle Corporation
    • Cisco Systems, Inc.
    • Genesis
    • 8x8, Inc.
    • Stratify
    • NICE LTD
    • Mitel Networks Corp
    • Five9, Inc.
    • Call Miner

Report Scope

Segments Covered in the Report

The report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For this study, Million Insights has segmented the global BFSI contact center analytics market report based on solution, service, deployment, enterprise size, application, vertical, and region:

• Solution Outlook (Revenue, USD Million, 2016 - 2028)
    • Cross-channel Analytics
    • Performance Analytics
    • Predictive Analytics
    • Speech Analytics
    • Text Analytics

• Service Outlook (Revenue, USD Million, 2016 - 2028)
    • Integration & Deployment
    • Support & Maintenance
    • Training & Consulting
    • Managed Services

• Deployment Outlook (Revenue, USD Million, 2016 - 2028)
    • Hosted
    • On-premise

• Enterprise Size Outlook (Revenue, USD Million, 2016 - 2028)
    • Large Enterprises
    • Small & Medium Enterprises

• 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

• Vertical Outlook (Revenue, USD Million, 2016 - 2028)
    • Banking
    • Brokerage
    • Credit Union
    • Financial Institution
    • Insurance

• Regional Outlook (Revenue, USD Million, 2016 - 2028)
    • North America
        • U.S.
        • Canada
    • Europe
        • Germany
        • U.K.
    • Asia Pacific
        • China
        • India
        • Japan
    • Latin America
        • Brazil
    • Middle East & Africa