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Call Tracking Software Market New Trends, Growth Opportunities, Top Players And Forecast To 2033
Call Tracking Software Market New Trends
According to The Business Research Company's, The call tracking software market size has grown rapidly in recent years. It will grow from $8 billion in 2023 to $8.84 billion in 2024 at a compound annual growth rate (CAGR) of 10.5%. The growth in the historic period can be attributed to a rise in digital marketing, a shift to performance-based marketing, integration with CRM systems, demand for real-time analytics, and increased focus on lead generation.
The call tracking software market size is expected to see rapid growth in the next few years. It will grow to $13.3 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%. The growth in the forecast period can be attributed to increasing emphasis on customer experience (CX) optimization, demand for data-driven decision-making, focus on ROI measurement, regulatory compliance requirements, and expansion of small and medium-sized enterprises (SMEs). Major trends in the forecast period include AI-powered analytics, multi-channel tracking, advanced call routing, voice recognition technology, and customization and personalization.
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Market Drivers and Trends:
The increasing smartphone usage is expected to propel the growth of the call-tracking software market going forward. A smartphone is a cellular device featuring operating systems, web browsing, and numerous applications. The increasing smartphone usage is driven by a combination of advancing technology, widespread internet access, and the growing integration of smartphones into daily life for communication, entertainment, and productivity. Call tracking software for smartphones enables businesses to monitor and analyze incoming calls to optimize marketing strategies and improve customer service. For instance, in February 2024, according to Uswitch Limited, a UK-based financial conduct authority, beginning in 2022, there were 71.8 million mobile connections in the UK, a 3.8% (or around 2.6 million) increase over 2021. The UK population is expected to grow to 68.3 million by 2025, of which 95% (or around 65 million individuals) will own a smartphone. Therefore, the increasing smartphone usage is driving the growth of the call-tracking software market going forward.
Companies operating in the call-tracking software market are increasing their focus on developing advanced, AI-driven call-tracking capabilities to gain a competitive edge and advance their product offering. These capabilities involve using artificial intelligence algorithms to analyze and interpret data collected from phone calls. For instance, in June 2023, CallRai, a US-based software company, launched an integration with Adobe Analytics, which allows for enhanced customer journey tracking with call data. This integration combines online lead touchpoints, and offline conversions surfaced through call tracking from CallRail directly in Adobe Analytics. It is designed to help Adobe Analytics users optimize how visitors find and interact with a website, allowing for more informed marketing decisions. The integration is available through the Tray Platform, which provides robust connectors for Adobe Analytics and CallRail, enabling easy integration and automation.
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Major Key Players of the Market:
Call Box, Invoca, CallRail, Marchex Inc., CallSource Inc., Infinity Tracking, CloudTalk, ResponseTap Ltd, CallTrackingMetrics LLC, CallHippo, Telmetrics, Jet Interactive, CallFire Inc., CallRoot, Agile CRM, Phonexa Holdings LLC, Ringba, Clixtell, Convirza, DialogTech, AddSource, Retreaver, WhatConverts, Caller Insight
Call Tracking Software Market 2024 Key Insights:
• The call tracking software market size is expected to see rapid growth in the next few years. It will grow to $13.3 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%.
• Smartphone Usage Fuels The Growth Of The Call Tracking Software Market
• Growing Emphasis On AI-driven Call Tracking Integration For Enhanced Customer Journey Insights
• North America was the largest region in the call tracking software market in 2023
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