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Contact Center Software Market Size
Contact Center Software Market size surpassed USD 14 billion in 2017 and is projected to expand at 15% CAGR between till 2024. Rising demand for unified communication platforms that provide communication through different modes such as video, voice, web, email, fax, and social media is likely to boost industry demand.
Contact center software enables enterprises to co-ordinate services across different communication channels to improve customer experience. The increasing demand for technology across various industries, such as BFSI, healthcare, IT & telecom, travel & hospitality, and government organizations, is also positively impacting market revenue.
| Report Attributes | Details |
|---|---|
| Base Year: | 2017 |
| Market Size in 2017: | 14 Billion (USD) |
| Forecast Period: | 2018 to 2024 |
| Forecast Period 2018 to 2024 CAGR: | 15% |
| 2024 Value Projection: | 40 Billion (USD) |
| Historical Data for: | 2013 to 2017 |
| No. of Pages: | 220 |
| Tables, Charts & Figures: | 397 |
| Segments covered: | Component, Deployment Model, Application and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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The integration of Artificial Intelligence (AI) technology in these solutions allows enterprises to automate their routine interactions and helps them to resolve their issues. It also helps in predicting new market trends using machine learning algorithms and understanding customer expectations to increase customer retention.
Contact Center Software Market Analysis
The service segment of the contact center software market is expected to observe 19% CAGR through 2024 due to the rapidly changing network requirements of enterprise customers. Contact center services help customers to ensure that their products work efficiently, remain available, and take advantage of the application software and up-to-date systems. They also assist consumers in protecting their investments, reducing downtime, and managing risks for systems that run on critical applications.
These services meet the specific requirements of their customers by providing preventive, responsive, and consultative support. These services include integration & deployment service that provides integration capabilities with traditional CRM systems at workplaces to ensure efficient and rapid deployment of new solutions in the infrastructure. This service also ensures high productivity, agility, and security for businesses.
The cloud deployment model is poised to register growth rate of over 22% up to 2024 owing to the adoption of cloud technology across enterprises. Cloud deployment provides easy and faster deployment & implementation, greater security, improved flexibility & scalability, ease of managing remote workforce, real-time data visibility, and customization capabilities over the legacy on-premise deployment model. These advantages are enabling enterprises to shift toward the cloud deployment model.
Cloud contact center solutions reduce support costs and eliminate the expenditure required for upgrading to ensure smooth business functioning with rapid growth in return on investment. Access to the latest product capabilities is allowing businesses to focus on delivering highly personalized services, thereby meeting customers’ demand.
The contact center software market from IT & telecom application is estimated to see at more than 17% CAGR over the forecast period on account of rising mobile and broadband penetration. Telecom companies are offering multiple calling and internet usage to acquire more customers. The increase in customers across the telecom sector is resulting in network connectivity issues in multiple communication channels.
Contact center software assists in solving these network connectivity issues through multiple communication channels. It provides the expertise and communication tools required to serve the customers by registering complaints, answering their queries, providing payment reminders, and delivering additional services to connect with their customers proactively. Contact center software also increases call handling efficiencies, reduces call avoidance rate, and enhances first call resolution rate, leading to improved customer satisfaction and lower service cost.
Asia Pacific contact center software market is set to witness a CAGR of around 20% through 2024 propelled by the growing digital transformation across enterprises. The companies operating in this region have adopted contact center software solutions to bring about transformations in their daily working environment. China helped in revolutionizing the adoption of contact center software by introducing a chatbot platform in WeChat application. In Japan, prompt customer service is significant to industries and consumers, enhancing the adoption of contact center software, providing advanced services, and customer loyalty programs.
Government authorities in the region are also keen on obtaining core AI technologies and are entering into partnerships with private corporations to ramp up their efforts in the field of AI. In May 2018, South Korea’s government announced its plan to invest USD 2 billion by 2022 to reinforce its AI R&D competence. This program comprises the formation of six new AI research institutions in the country.
Contact Center Software Market Share
Companies are focusing on the integration of AI and machine learning technologies in their solutions to enhance their customer experience. For instance, in August 2017, IBM Corporation announced the commencement of a new machine learning hub in Bengaluru, India for organizations to offer hands-on training on machine learning technology to build and deploy a new analytic model for the next-generation intelligent applications.
Some of the key vendors operating in the contact center software market are
- 8x8
- Ameyo
- Avaya
- BT
- Alcatel-Lucent
- Cisco
- Five9
- Mitel
- Oracle
- Genesys
- Nice
- Fenero
- SA
- Unify
- Top Down Systems
- Vocalcom
- Zendesk
- West Corporation
- ZTE
- Aspect Software
This market research report on contact center software includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2013 to 2024 for the following segments:
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Market, By Component
- Software
- Automatic Call Distribution (ACD)
- Dialer
- Call Recording
- Computer Telephony Integration (CTI)
- Workforce Optimization
- Customer Collaboration
- Reporting & Analytics
- Interactive Voice Response (IVR)
- Intelligent Virtual Assistant
- Service
- Integration and Deployment
- Training and Consulting
- Support and Maintenance
- Managed
Market, By Deployment Model
- On-Premise
- Cloud
Market, By Application
- BFSI
- Consumer Goods & Retail
- Healthcare
- Government
- IT & Telecom
- Travel and Hospitality
The above information has been provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- APAC
- China
- Japan
- Australia
- South Korea
- India
- Indonesia
- Philippines
- Latin America
- Brazil
- Mexico
- Argentina
- Chile
- MEA
- UAE
- Saudi Arabia
- South Africa
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