Frost & Sullivan’s Stratecast division sized the global Big Data and Analytics Market (BDA) at $ B in 2014, projected to grow to $ B by 2019. The Customer Service, Marketing and Sales Analytics segment was % of the 2014 total, or $ B. The Big Data and Analytics market is diverse, with hundreds of solution providers in varying segments, but until recently the practical application of Big Data within customer contact was marginal at best. This is now changing as analytics is the fastest growing segment of customer contact, and the key driver in transforming the way companies engage with customers. This research highlights the potential for Big Data Analytics in the transformation of customer service.
Analytics is the hottest area of the contact center today, with customer service now the key factor in businesses’ quest to attract and retain customers. And there are many analytics capabilities and metrics associated with the contact center – from basic metrics, such as first call resolution (FCR) or average handle time (AHT), to interaction analytics that show us not only customer history but let us follow customer journeys leading to a more holistic view of Customer Engagement.
Today’s increasingly sophisticated analytics solutions include speech and text analytics, workforce optimization (WFO), back office workforce optimization (BOWFO), support interaction optimization (SIO), and Big Data. Broadly speaking, analytics is the tool that helps us determine our audience, prospects, and what our customers like and want. Most importantly, it helps resolve customer questions and issues that if left unresolved create unhappy former customers. In essence, analytics is now at the center of Customer Contact, and customer adoption of analytics solutions is at an all time high.
In fact, it is the fastest growing segment in Frost & Sullivan’s market forecasts for both cloud and premise-based systems, with the market for hosted and cloud analytics forecast to grow at a CAGR of % from 2014 to 2019 and % for premise based systems. In 2014, the market grew % for contact center systems analytics, and % for all of hosted agent performance optimization, which includes quality monitoring and workforce management and analytics.
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