Contact Center Software Market to see 15% CAGR till 2024 | Key players are IBM, Mitel, NEC Corporation, NICE Ltd, Oracle, Ring Central, SAP, Unify, Verizon, Alcatel-Lucent Enterprise, Vocalcom, Avaya, Aspect Software, BT, Genesys, Huawei Technologies
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In the contact center software market, the cloud-based deployment model is projected to observe the highest adoption rate with a CAGR of approximately 22% over the forecast timespan. 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.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
2. Aspect Software
5. Huawei Technologies
8. NEC Corporation
9. NICE Ltd
11. Ring Central
15. Alcatel-Lucent Enterprise
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.
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Contact Center Software Market size was estimated at over USD 14 billion in 2017, 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 the 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 contact center software 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.
The software segment held the highest share in the contact center software market with a share of over 70% in 2017. Interactive Voice Response (IVR) dominates the software market as it assists in quick resolution of customer queries by providing them with pre-recorded responses for frequently asked questions or routing the customers to the responsible representative or department for complex queries. Various sectors including BFSI, hospitality, retail, and healthcare are deploying IVR software for enterprise websites for easy and continuous interaction with customers. Furthermore, the cloud-based IVR software is adopted by various organizations from customer call volume sales from marketing to support & service. These software programs provide a healthy analytical insight by tracking customer timeframe, call volume, and origin, assisting the employees in the scheduling process thereby cutting down on bad customer response and lost business.
Browse key industry insights spread across 220 pages with 366 market data tables & 31 figures & charts from the report, Contact Center Software Market in detail along with the table of contents:
The U.S. dominates the North American contact center software market with a share of around 84% 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 growth. 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 contact center market growth in North America.
The Asia Pacific contact center software market is estimated to grow at the highest CAGR of over 20% during the forecast period. The market growth 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. Furthermore, favorable government initiatives for increasing industrial automation also augment the market growth in this region.
The companies operating in the global contact center software 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 market include Avaya, Alcatel-Lucent Enterprise, Ameyo, Aspect Software, BT, Enghouse Interactive, Fenero, Five9, Genesys, Huawei Technologies, IBM, Mitel, NEC Corporation, NICE Ltd, Nixxis, Oracle, Ring Central, SAP, Solgari, Top Down Systems Corporation (Topdown), Unify, Verizon, and Vocalcom.
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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