Contact Center Software Market Size to surpass $40bn by 2024
Published Date: October 29, 2018 Authors: Ankita Bhutani, Preeti Wadhwani
Contact Center Software Market size is set to exceed USD 40 billion by 2024; according to a new research report by Global Market Insights, Inc.
The contact center software market growth is attributed to increasing adoption of social media platform by customers with the active social media users in 2018 being approximately 3.1 billion. The incorporation of social media with contact center software allows businesses to communicate in an improved way with their current and prospective customers providing improved sales opportunity, increased customer awareness, and high-quality customer service.
Around 90% of the businesses now own a Facebook and Twitter account, which enables them to educate and update the customers about their products and services, thereby creating a favorable opportunity for improving the company sales.
Furthermore, the increasing emergence of AI-based intelligent virtual assistants in the market is changing the way businesses carry out their operations by not only providing augmented customer experience but also giving the early adopters an edge over their competitors. The intelligent virtual assistants gather information, predict customers’ needs, and learn customers’ behavior by understanding customer requests and solving complex tasks.
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The Asia Pacific contact center software market revenue is anticipated to expand at a CAGR of over 20% during the forecast period. The market demand is attributed to factors such as the growing demand from various industry verticals including BFSI, healthcare, consumer goods & retail, and IT & Telecom. The rising adoption of the contact center software by various SMEs also contributes to the market growth.
With around 84% revenue share, the U.S. dominates the North American market in 2017. Various tech companies in this country, such as IBM, Google, and Cisco, are investing huge funds in R&D to implement new technologies and augment user experience, enhancing the market share. The companies are making efforts to reduce the contact center personnel workload by integrating advanced technologies into the contact center software solutions. The high adoption rate of mobile analytics, cloud, and social media platform among various industries also assist the market growth in North America.
The customer collaboration segment is projected to show the fastest growth rate of over 18% in the contact center software market. The customer collaboration software enables organizations to interact with its customers in an efficient way, building long-term relationships.
Customers have the advantage of expressing their views about the company’s products and services, which can be considered as feedbacks. After analyzing the comments, the contact center personnel should interact with the concerned customer, ensuring that they are provided with the best products and services.
Browse key industry insights spread across 220 pages with 366 market data tables & 31 figures & charts from the report, “Contact Center Software Market Size By Component (Software [Automatic Call Distribution, Dialer, Call Recording, Computer Telephony Integration, Workforce Optimization, Customer Collaboration, Reporting & Analytics, Interactive Voice Response, Intelligent Virtual Assistant], Service [Integration and Deployment, Training and Consulting, Support and Maintenance, Managed Service]), By Deployment Model (On-Premise, Cloud), By Application (BFSI, Consumer Goods & Retail, Government, Healthcare, IT & Telecom, Travel and Hospitality), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2018 - 2024” in detail along with the table of contents:
The cloud-based deployment model will observe the high gains of approx. 22% through 2024. This model offers various benefits such as easy and faster deployment & implementation, greater security, ease of managing remote workforce, improved flexibility & scalability, standardization of global technology & services, real-time data visibility, and customization capabilities, driving their market adoption.
It also provides the contact center supervisors with substantial visibility of their agent’s productivity, making them aware of the performance of their outbound campaigns and inbound queues, thereby achieving higher business efficiency. Hence, as the cloud-based contact center software solutions guarantee uptime and flexibility, the organizations are replacing the legacy on-premise models.
The IT & Telecom sector is predicted to witness 17% growth in the contact center software market till 2024 due to rise in the number of mobile devices and internet usage rate. With the aid of contact center software, the telecom industry offers multiple calling and internet usage offers to improve its business sales.
It provides the expertise and communication tools required to serve the customers by registering complaints, answering their queries, sending follow up reminders for payments, and delivering value-added services to be proactively connected with their customers. Various telecom companies are also keen on adopting cloud-based contact center software due to added benefits they provide including lower operational costs and higher flexibility.
The companies operating in the global market are concentrating on improving implementations of customer care solutions allowing professionals to focus on solving complex customer queries, thereby gaining a higher customer retention rate.
The major companies functioning in this contact center software market include Ameyo, Vocalcom, Cisco, Five9, BT, Avaya, Mitel, Fenero, Oracle, Alcatel-Lucent, Zendesk, ZTE, SAP, Top Down Systems, West Corporation, Aspect Software, and Unify.