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Contact Center Software Market to Exhibit Phenomenal Growth Over 2019-2024 | Fenero, Genesys, Mitel, NEC, Nice, Nixxis, Oracle, Ameyo, Enghouse Interactive, Aspect Software
The Interactive Voice Response (IVR) segment dominates the contact center software market and accounted for over 15% of the market share in 2017. The rising adoption of smartphones by customers has replaced the traditional voice-based IVR with the visual IVR technology. This transformative platform allows customers to touch the screen menus and to get their required answers instead of waiting for the traditional IVR to read the unwanted options not required by customers. This visual IVR software handles around 75% of the customer service calls thereby transforming the functioning of contact center and leading to customer delight.Get sample copy of this research report @ https://www.gminsights.com/request-sample/detail/2972
Rising consumer spending on electronics, clothing and other product categories has tremendously bolstered the retail segment worldwide, propelling the contact center software market revenue globally. Reports show that consumers rate customer service in retail sector higher than low prices and product quality, making it the most important part of the businesses retailers should be focusing on. Good customer service leads to more recommendation from consumers, which directly boosts product sales. Subsequently, retail is an ideal application base for the contact center software market, helping companies provide timely and dedicated service for taking care of any problems the customers communicate.
In 2017, the global ecommerce retail sales amounted to about USD 2.3 trillion, out of which world’s top three e-retailers contributed nearly USD 100 billion. This includes Amazon.com, which operates 13 country-specific websites and services at least 16 countries in all, including the U.S., U.K., India, Germany, Spain, France, among others. The vast ecommerce operations of Amazon indicate the probability of customer service requests from millions of people from diverse cultures, as it sells thousands of products in each country every day. Various other local and international e-retail platforms face similar concerns, offering outstanding growth prospects for the contact center software market from hundreds of online businesses.
The Latin America contact center software market is projected to cross over USD 3 billion over the forecast timeframe. The regional growth is attributed to the rising adoption of new technologies including cloud computing, speech recognition, analytics, and AI accompanied by an increase in the demand for augmented customer experience. Various industry verticals including healthcare, telecommunications, and retail are investing in the Latin America contact center software market to deliver an omnichannel communication experience to its customers. The adoption of cloud-based contact centers in this region is still in the nascent stage with major development witnessed mainly in Argentina, Brazil, Mexico, Chile, and Peru. Its adoption is anticipated to grow over the forecast period, mainly in the regions of Colombia and Costa Rica, driving the contact center softw are market growth.
Over the years, technological advances have enabled wider implementation of virtual assistants and interactive voice features by retailers, allowing software makers to provide innovative solutions. The contact center software market has further benefited from the growing awareness among retailers about the role of analytics and reporting in guaranteeing improved customer experience.
Managing customer-employee interaction, behavior, customer requirements have critical impact on business revenues. Speaking further on the analytics and reporting component of the contact center software market, retailers can reduce potential loss of sales and negative consumer responses by analyzing how they are being serviced.
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Avaya, Cisco, Five9, Huawei Technologies, BT, and 8x8 are among the prominent vendors in the contact center software market. Other noticeable players include Ameyo, Enghouse Interactive, Aspect Software, Fenero, Genesys, Mitel, NEC, Nice, Nixxis, Oracle, Ring Central, Solgari, Unify, Verizon, and Vocalcom. Mergers and acquisitions are the major strategies adopted by the players to gain a competitive market share. For instance, in September 2018, Twilio acquired a contact center software company Ytica aimed at expanding its position in the highly lucrative market.
Glimpse of Table of Content (ToC)
Chapter 3. Contact Center Software Market Insights
3.1. Introduction
3.2. Industry segmentation
3.3. Industry landscape, 2013-2024
3.4. Contact center software ecosystem analysis
3.4.1. Contact center software providers
3.4.2. Contact center providers
3.4.3. Contact center component integrators
3.4.4. Distributors
3.4.5. End users
3.5. Contact center software architecture analysis
3.6. Contact center software evolution
3.7. Technology & innovation landscape
3.7.1. Artificial Intelligence (AI) and machine learning
3.7.2. Cloud-based technology
3.7.3. Big data and predictive analytics
3.8. Regulatory landscape
3.8.1. European Contact Centre Standard (ECCS)
3.8.2. General Data Protection Regulation (GDPR)
3.8.3. Financial Industry Regulatory Authority (FINRA)
3.8.4. Payment Card Industry Data Security Standard (PCI DSS)
3.8.5. Health Insurance Portability and Accountability Act (HIPAA)
3.8.6. Telemarketing Sales Rule (TSR)
3.8.7. California Online Privacy Protection Act (CalOPPA)
3.9. Industry impact forces
3.9.1. Growth drivers
3.9.1.1. Rising demand for the automation of contact center solutions
3.9.1.2. Emergence of omnichannel communication
3.9.1.3. Increasing adoption of social media by customers
3.9.1.4. Advancement in latest technologies including IoT and AI
3.9.1.5. Growing adoption of cloud-based contact center solutions
3.9.2. Contact Center Software Market Pitfalls and Challenges
3.9.2.1. High initial investment and complex integrations
3.9.2.2. Inefficiency to achieve low first call resolution and improved average speed of answer
3.10. Porter’s Analysis
3.10.1. Threat of new entrants
3.10.2. Threat of substitutes
3.10.3. Bargaining power of buyer
3.10.4. Bargaining power of supplier
3.10.5. Industry rivalry
3.11. PESTEL analysis
3.12. Growth potential analysis
Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/contact-center-software-market
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