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Contact Center Software Market to Reach USD 60.35 Billion by 2027; Alcatel Lucent Enterprise (Colombes, France), Cisco Systems, Inc. (California, United States), Genesys Telecommunications Laboratories, Inc. (California, United States), Five9 (California,

Contact Center Software Market to Reach USD 60.35 Billion

The global contact center software market size is expected to reach USD 60.35 billion by 2027, exhibiting a CAGR of 14.3% during the forecast period. The rising investment in contact centers by consumer goods & retail, BFSI, and healthcare industries to improve customer experience will facilitate the growth of the market, states Fortune Business Insights, in a report, titled “Contact Center Software Market Size, Share & COVID-19 Impact Analysis, By Component (Solution and Services), By Deployment (Cloud, and On-Premises), By Enterprise Size (Large Enterprises and Small & Medium Enterprises), By Industry (BFSI, ITES, IT and Telecom, Government, Healthcare, Consumer Goods and Retail, Travel and Hospitality, Media and Entertainment, and Others), and Regional Forecast, 2020-2027.” The market size stood at USD 20.72 billion in 2019.

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The coronavirus incident has caused enormous loss to several industries across the globe. The governments of several countries have instigated lockdown to thwart the spread of this deadly virus. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.

To get to know more about the short-term and long-term impacts of COVID-19 on this market, please visit:

The report on the market for contact center software includes:

All-inclusive study of all the segments and sub-segments
Important insights into the competitive landscape
Key market drivers and restraints
Recent developments by eminent players
Leading regions in the world
Procured data about COVID-19 and its effect on the market
Click here to get the short-term and long-term impact of COVID-19 on this Market.

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Market Driver:

Increasing Adoption of Cloud-based Contact Center to Stimulate Growth

The growing improvement in cloud technology is expected to have a tremendous impact on the market. The expensiveness of on-premise solutions has urged companies to opt for cloud-based software, thus aiding the expansion of the market. For instance, cloud-based software offers more flexibility and scalability than traditional contact centers, besides providing instant support and better service to customers. It also makes it easier for agents to get access to information stored on the cloud to assist the customer. Thus, reducing customer waiting time, enhancing customer experience and loyalty.

Heavy Demand for Support Services to Boost Market Prospects Amid Pandemic

The increased demand for instant solutions among customers has led to the employment of contact center. However, the organizations have shifted their focus towards cloud-based customer service platforms because of its remote access advantage, which is extremely beneficial in the time of coronavirus. For instance, Avaya Holdings Corp announced the introduction of remote contact center solutions for the employees working from home. Cloud facilities provide smooth communication between the customer and the agent working from remote locations. The implementation of cloud-based solutions has resulted in employees' safety against the transmission of the virus. According to the survey conducted by the Cisco System, Inc. on the global contact center, 2020, 62% of industries are planning to implement a cloud contact center in the next 18 months.

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Regional Analysis:

Implementation of Advanced Technologies to Aid Development in North America

The contact center software market in North America is expected to experience a high growth rate during the forecast period owing to the rising integration of innovative technologies such as cloud, big data, and artificial intelligence in contact center software for enhanced customer service. The BFSI, retail, healthcare, and government sectors are focused on implementing the latest technologies in their systems, in turn promoting the market in the region. Europe is expected to hold a significant share during the forecast period owing to the flourishing service-based industries in Germany and the UK.

Key Development:

January 2020: Genesys announced that it has signed a partnership with Microsoft Corporation to run its customer experience solution, Genesys Engage on Microsoft Azure. The companies are focused on providing enriched cloud services to help companies integrate AI into their customer service.

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Table Of Content

Introduction
Definition, By Segment
Research Methodology/Approach
Data Sources
Executive Summary
Market Dynamics
Macro and Micro Economic Indicators
Drivers, Restraints, Opportunities and Trends
Impact of COVID-19
Short-term Impact
Long-term Impact
Competition Landscape
Business Strategies Adopted by Key Players
Consolidated SWOT Analysis of Key Players
Porter’s Five Force Analysis
Global Market Share Analysis and Matrix, 2019
Key Market Insights and Analysis, By Segments
Global Contact Center Software Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
By Component (Value)
Solution
Interactive Voice Response (IVR)
Automatic Call Distribution
Computer Telephony Integration (CTI)
Call Recording
Reporting and Analytics
Dialer
Workforce Optimization
Customer Collaboration
Others
Services
Professional Services
Consulting Services
Training and Education
Support and Maintenance
Managed Services
By Deployment (Value)
Cloud
On-premises
By Enterprise Size (Value)
Large Enterprises
Small & Medium Enterprises
By Industry (Value)
Continued..

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𝐂𝐨𝐧𝐭𝐚𝐜𝐭:
Name: Ashwin Arora
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Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.

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