Contact Center Software Market 2021 Booming Across the Globe by Competitive Analysis - NICE (Israel), Genesys (US), Cisco (US), Avaya (US), Five9 (US), Talkdesk (US)

According to the credible Contact Center Software Market report, the major market players are making moves like product launches, joint ventures, developments, mergers, and acquisitions which has an influence on the market and the industry as a whole and also affecting the sales, import, export, revenue and CAGR values. It highlights a wide-ranging evaluation of the market’s growth prospects and restrictions. This market research report emphasizes the global key manufacturers to define, illustrate and analyze the market competition landscape using SWOT analysis. The universal Contact Center Software Market report is a thorough and professional report that focuses on primary and secondary drivers, market share, leading segments, and geographical analysis.

Contact Center Software Market by Component (Solutions and Services), Deployment Model (Cloud and On-premises), Organization Size (Large Enterprises and SMEs), Industry, and Region - Global Forecast to 2026 the global contact center software market size would grow from USD 24.1 billion in 2020 to USD 75.5 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 20.9% during the forecast period.

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The contact center software market comprises major solution providers, such as:

NICE (Israel), Genesys (US), Cisco (US), Avaya (US), Five9 (US), Talkdesk (US), Vonage (US), 8x8 (US), AWS (US), Atos (France), Alcatel-Lucolent Enterprise (France), SAP (Sweden), Oracle (US), RingCentral (US), IBM (US), Lifesize (US), Content Guru (UK), Aspect Software (US), Enghouse Interactive (US), 3CLogic (US), Ameyo (India), Verizon (US), Intrado (US), AT&T (US), BT (UK), Twilio (US), Vocalcom (France), NEC (Japan), Evolve IP (US), Mitel (Canada), and ZTE (China).

The study includes an in-depth competitive analysis of key players in the contact center software market with their company profiles, recent developments, COVID-19 developments, and key market strategies.

The services segment is expected to grow at a higher CAGR during the forecast period

Services are an important part of any solution’s deployment life cycle. Therefore, various vendors offer services associated with contact center solutions to help companies effectively implement their contact center strategies. Contact center services involve consulting; implementation and integration; and training, support, and maintenance. These services are required at various stages, starting from pre-sales requirement assessment to post-sales product deployment and execution, enabling clients to get maximum RoI. With these services, contact center solution providers advise end users and help them integrate and deploy software configured to their requirements.

BFSI industry vertical to hold the highest market share in 2020

The need to attract talent, gain holistic visibility into entire contact center processes, improve timely responses to customer complaints and queries in adherence to country-wide regulations, and protect businesses from fraudulent activities is a top priority in the BFSI industry. Contact center solutions enable BFSI companies to monitor, manage, and assist remote agents selling and earning incentives based on the sale of insurance and banking products, such as credit cards and loans. The use of contact center solutions in the BFSI industry to manage to cut costs, adapt to changing regulations, and maximize opportunities related to financial growth is not new.

APAC to grow at the highest CAGR during the forecast period

APAC is expected to experience extensive growth opportunities in the next few years, owing to the rising adoption of advanced technologies such as cloud, and AI- and NLP-enabled bots. According to the respondents of 2018 SMB Customer Service Trend Report by Genesys, 78.5% of APAC SMEs applied AI to engagement channels, and over 61.1% of APAC SMEs consider TCO for sourcing new technologies to transform their customer engagement roadmap. Therefore, many global cloud-based contact center organizations are infusing AI in their contact center solutions and launching solutions in APAC for helping contact centers in driving sales, improving customer experience and engagement, and attracting new customers with automated workflows and speech analytics capabilities.

By Company: Tier 1–37%, Tier 2–25%, and Tier 3–38%
By Designation: C-Level Executives–22%, Director Level–33%, and Others–45%
By Region: North America–42%, Europe–25%, APAC–18%, and RoW– 15%

Key benefits of the report

The report would help the market leaders/new entrants in this market with the information on the closest approximations of the revenue numbers for the overall contact center software market and the sub segments. This report would help stakeholders understand the competitive landscape and gain insights to better position their businesses and plan suitable go-to-market strategies. The report would help stakeholders understand the pulse of the market and provide them with information on the key market drivers, restraints, challenges, opportunities, and COVID-19 impact.

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Table Of Contents

1 Introduction
1.1 Introduction To Covid-19
1.2 Covid-19 Health Assessment
Figure 1 Covid-19: The Global Propagation
Figure 2 Covid-19 Propagation: Select Countries
1.3 Covid-19 Economic Assessment
Figure 3 Revised Gross Domestic Product Forecasts For Select G20 Countries In 2020
1.3.1 Covid-19 Economic Impact—Scenario Assessment
Figure 4 Criteria Impacting The Global Economy
Figure 5 Scenarios In Terms Of Recovery Of The Global Economy
1.4 Objectives Of The Study
1.5 Market Definition
1.5.1 Inclusions And Exclusions
1.6 Market Scope
1.6.1 Market Segmentation
1.6.2 Regions Covered
1.6.3 Years Considered For The Study
1.7 Currency Considered
Table 1 United States Dollar Exchange Rate, 2016–2020
1.8 Stakeholders
1.9 Summary Of Changes

2 Research Methodology
2.1 Research Data
Figure 6 Contact Center Software Market: Research Design
2.1.1 Secondary Data
2.1.2 Primary Data
2.1.2.1 Breakup Of Primary Profiles
Figure 7 Breakup Of Primary Interviews: By Company Type, Designation, And Region
2.1.2.2 Key Industry Insights
2.2 Market Breakup And Data Triangulation
Figure 8 Data Triangulation
2.3 Market Size Estimation
Figure 9 Contact Center Software Market: Top–Down And Bottom–Up Approaches
Figure 10 Market Size Estimation Methodology – Approach 1 (Supply Side): Revenue Of Services From Contact Center Software Vendors
Figure 11 Market Size Estimation Methodology: Bottom-Up Approach (Supply Side): Collective Revenue Of Contact Center Software Vendors
Figure 12 Market Size Estimation Methodology – Supply Side: Illustration Of Vendor Revenue Estimation
Figure 13 Market Size Estimation Methodology – Supply Side: Cagr Projections From The Supply Side
Figure 14 Market Size Estimation Methodology – Approach 2 (Demand Side): Revenue Generated From Industries (1/2)
2.4 Market Forecast
Table 2 Factor Analysis
2.5 Research Assumptions
2.6 Limitations Of The Study

3 Executive Summary
Figure 15 Contact Center Software Market: Global Snapshot
Figure 16 Top–Growing Segments In The Market
Figure 17 Market: Regional Snapshot

4 Premium Insights
4.1 Attractive Growth Opportunities In The Contact Center Software Market
Figure 18 Rising Adoption Of Advanced Technologies In Contact Centers Driving Contact Center Adoption Across Enterprises
4.2 Market, By Solution, 2020 Vs. 2026
Figure 19 Omnichannel Routing Segment To Hold The Largest Market Share During The Forecast Period
4.3 Market, By Deployment Model, 2020
Figure 20 On-Premises Segment To Hold A Larger Market Share In 2020
4.4 Market, By Organization Size, 2020
Figure 21 Large Enterprises Segment To Hold A Larger Market Share In 2020
4.5 Market, By Industry, 2020 Vs. 2026
Figure 22 Manufacturing Vertical To Hold The Largest Market Share During The Forecast Period

5 Market Overview And Industry Trends
5.1 Introduction
5.2 Market Dynamics
Figure 23 Contact Center Software Market: Drivers, Restraints, Opportunities, And Challenges
5.2.1 Drivers
5.2.1.1 Rising Adoption Of Advanced Contact Center Technologies
Figure 24 Advanced Technology Adoption Trends Across Contact Centers
5.2.1.2 Need For Handling Contact Center Attrition And Absenteeism
5.2.1.3 Emerging Role Of Social Media In Contact Center Operations
5.2.1.4 Increasing Adoption Of Virtual And Cloud-Based Contact Center Solutions During And Post-Covid-19 To Achieve Better Business Continuity
Figure 25 Impact Of Covid-19 On Call Center Volume
Figure 26 Covid-19 Statistics: Transitions To Cloud Contact Centers
5.2.1.5 Growing Need For Omnichannel Solutions To Minimize Efforts In Reaching End Customers
Figure 27 Most Demanded Capabilities In Contact Center Solutions
5.2.1.6 Continuous Transitions To Cloud-Based Contact Centers
5.2.1.7 Growing Demand For Personalized And Streamlined Customer Interactions To Achieve High Customer Satisfaction
5.2.2 Restraints
5.2.2.1 Inadequate Network Bandwidth In The Emerging Economies Minimizes The Adoption Of Voip And Cloud-Based Telephony
5.2.2.2 High Costs And Long-Term Contracts Associated With Pri Phone Services
5.2.2.3 Impact Of Ivr Frauds And Cyber Attacks On Business Operations
5.2.3 Opportunities
5.2.3.1 Dynamic Customer Demands For Robust Self-Service Interactions
5.2.3.2 Growing Demand To Analyze Audio And Video Conversations In Real Time
Figure 28 Take-Up Of Speech Analytics In The Next Five To Ten Years
5.2.3.3 Shifting Focus Of Enterprises Toward The Work From Home Culture
5.2.4 Challenges
5.2.4.1 Data Privacy And Security Aspects
5.2.4.2 Barriers In Moving Contact Centers To Cloud Environments
5.3 Covid-19-Driven Market Dynamics
5.3.1 Drivers And Opportunities
5.3.2 Restraints And Challenges
5.4 Regulatory Implications And Industry Standards
5.4.1 General Data Protection Regulation
5.4.2 International Organization For Standardization 9001 Quality Management
5.4.3 International Organization For Standardization/ International Electrotechnical Commission 27000 Standards
5.4.4 Cloud Security Alliance Controls
5.4.5 System And Organization Control Reports
5.4.5.1 System And Organization Control 2
5.4.6 Health Insurance Portability And Accountability Act
5.4.7 Payment Card Industry Data Security Standard
5.4.8 Ofcom Regulations
5.5 Porter’s Five Forces Analysis
Table 3 Contact Center Software Market: Porter’s Five Forces Analysis
Figure 29 Market: Porter’s Five Forces Analysis
5.5.1 Threat Of New Entrants
5.5.2 Threat Of Substitutes
5.5.3 Bargaining Power Of Suppliers
5.5.4 Bargaining Power Of Buyers
5.5.5 Intensity Of Competitive Rivalry
5.6 Case Study Analysis
5.6.1 Case Study 1: Banking, Financial Services, And Insurance
5.6.2 Case Study 2: Manufacturing
5.6.3 Case Study 3: Retail
5.6.4 Case Study 4: Healthcare
5.6.5 Case Study 5: Telecommunications
5.6.6 Case Study 6: Information Technology
5.6.7 Case Study 7: Government
5.6.8 Case Study 8: Media And Entertainment
5.7 Value Chain Analysis
Figure 30 Contact Center Software Market: Value Chain Analysis
5.8 Market Ecosystem
Figure 31 Market: Ecosystem
5.9 Technology Analysis
5.9.1 Advanced Analytics
5.9.1.1 Data Analytics
5.9.1.2 Speech Analytics
5.9.1.3 Sentiment Analytics
5.9.2 Artificial Intelligence
5.9.2.1 Machine Learning
5.9.2.2 Natural Language Processing
5.10 Pricing Analysis
Table 4 Market: Pricing Analysis
5.11 Patent Analysis
Table 5 Market: Patent Analysis

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