Contact Center Software Industry Overview
The global contact center software market size was valued at USD 23.94 billion in 2021 and is expected to reach USD 149.58 billion by 2030 growing at a CAGR of 23.2% over the forecast period.
The growth of the market can be attributed to the growing adoption of cloud-based and virtual contact center solutions to achieve better business continuity. Contact centers across the globe are focusing on transforming customer experience from a single interaction to an entire journey of consistent and personalized interactions. At this juncture, contact center software is helping businesses in ensuring a seamless customer experience across all communication channels. The strong emphasis businesses are putting on streamlining and personalizing customer interactions to enhance customer satisfaction is driving the growth of the market.
Gather more insights about the market drivers, restrains, and growth of the Global Contact Center Software Market
According to a study by Salesforce.com, Inc., around 84% of customers consider the experience provided by a particular company equally important as its products and services. Businesses have also realized that improved customer service can aid in augmenting profitability. Hence, businesses are aggressively adopting contact center solutions as part of their efforts to improve customer service, thereby contributing to market growth. Businesses have realized the potential of cloud-based computing and management tools. Hence, several businesses across the globe are focusing on switching to cloud-based contact centers.
Contact center managers and administrators are adopting cloud technology for various reasons, such as improved security and efficiency. Apart from cloud computing, businesses are also adopting other omnichannel solutions, including video chat assistance and chatbots, based on the latest technologies such as Artificial Intelligence (AI) to improve customer experience. Several organizations have already started automating multiple business functions leveraging AI. Prescriptive AI, the next generation of this technology, offers a wide variety of new capabilities, ranging from more optimized case routing to efficient inquiry resolution and scheduling management.
Prescriptive AI is also expected to add a new dimension to the ways businesses can anticipate the evolving needs of customers, and help in extending customer interactions from discovery and onboarding to post-purchase support. Prescriptive AI can also be used for internal purposes, such as restocking based on demand and optimization of field resources. However, Interactive Voice Response (IVR) fraud or fraudulent activities occurring within the IVR systems may restrain the market growth over the forecast period.
Contact centers are increasingly being exposed to the risk of fraud attacks and the subsequent losses as they continue to adopt IVR systems, webchats, and self-service channels as part of the efforts to address the growing volumes of calls being received by the agents. Contact centers are constantly at the risk of cyberattacks as they store large volumes of critical customer data. Thus, the growing instances of cyberattacks on contact center business operations are also expected to hinder the growth of the market.
Contact Center Software Market Segmentation
Based on the Solution Insights, the market is segmented into Automatic call distribution (ACD), Call recording computer telephony integration (CTI), Customer collaboration dialer interactive voice responses (IVR), Reporting & analytics workforce optimization & other.
The IVR segment dominated the market in 2021 and accounted for a revenue share of more than 22.0%.
The customer collaboration solution segment is anticipated to register the fastest CAGR over the forecast period.
Based on the Service Insights, the market is segmented into Integration & Deployment, Support & Maintenance, Training & Consulting, & Managed Services
The integration & deployment segment dominated the market in 2021 with a revenue share of more than 42.0%.Businesses across the globe are investing aggressively in integrating multiple applications and tools, such as Customer Relationship Management (CRM), into their business processes
The managed services segment is anticipated to register the fastest growth rate over the forecast period. Managed services allow businesses to focus on their core products and services while handing over the company’s IT-related tasks to managed service providers.
Based on the Deployment Insights, the market is segmented into Hosted and On-premise
The on-premise segment dominated the market in 2021 and accounted for a revenue share of more than 58.0%.
The hosted segment is anticipated to register the fastest CAGR over the forecast period.
Based on the Enterprise Size Insights, the market is segmented into Large Enterprise, Small & Medium Enterprise.
The large enterprise segment dominated the market in 2021 and accounted for a revenue share of more than 57.0%.
The Small & Medium Enterprise (SME) segment is anticipated to register the fastest CAGR from 2022 to 2030. The growing implementation of customer care solutions by SMEs across the globe is expected to drive the segment growth over the forecast period.
Based on the End-use Insights, the market is segmented into BFSI, Consumer Goods & Retail, Government, Healthcare, IT & Telecom, Traveling & Hospitality & Others.
The IT & telecom segment dominated the market in 2021 and accounted for a revenue share of more than 25.0%. The intensifying competition in the IT & telecom industry shows no signs of abating.
The consumer goods & retail segment is anticipated to register the fastest CAGR over the forecast period. Customers are moving continuously toward digital channels for their shopping needs.
Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, & Latin America
North America dominated the global market in 2021 with a revenue share of more than 36.0%, organizations in North American countries are investing aggressively in emerging technologies.
Asia Pacific is expected to emerge as the fastest-growing regional market over the forecast period owing to the presence of a large number of Information Technology-enabled Services (ITES) and IT companies in the region.
Market Share Insights:
December 2021: 8X8, Inc. announced that DMV Veterinary Centers, an emergency and specialty pet hospitals and services provider in Canada, deployed an 8×8 Contact Center for Microsoft Teams, which is certified by Microsoft.
Key Companies Profile:
The solution provides advanced omnichannel contact center capabilities to ensure quick resolution of customer issues across the four veterinary centers in Canada.
Some of the prominent players in the global contact center software market include:
Amazon Web Services, Inc.
Cisco Systems, Inc.
Enghouse Interactive Inc.
Exotel Techcom Pvt. Ltd.
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