Contact Center Software Market size to surpass $40 Bn by 2024

Contact Center Software Market size is set to exceed USD 40 billion by 2024; according to a new research report by Global Market Insights Inc.
 

Growing adoption of social media platforms by contact centers to communicate with current and prospective customers is driving the contact center software industry growth. The integration of social media platforms with contact center software enables businesses to communicate efficiently with their customers to provide improved sales opportunity, increased customer awareness, and high-quality customer service. Many businesses have their social media accounts that enable them to educate and update customers about their products and services. This creates a favorable opportunity for improving the sales for businesses.
 

The advancement in AI technology helps businesses to gather customer information, predict customers’ needs, and learn customers’ behavior by understanding customer requests and assisting in solving complex tasks.
 

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The IVR software segment is predicted to hold the highest contact center software market share by 2024 on account of the integration of using AI, voice recognition, and machine learning technology in contact center solutions. Virtual assistants are used in contact centers to augment customer experience by collecting data, predicting customer requirements, and learning customer behavior. Various leading technology companies, such as Google and Pega, are working toward AI software aimed at replacing contact center workers.
 

Browse key industry insights spread across 220 pages with 366 market data tables & 31 figures & charts from the report, “Contact Center Software Market Size 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 {IVA}], Service [Integration and Deployment, Training and Consulting, Support and Maintenance, Managed Service]), By Deployment Model (On-Premise, Cloud), By Application (BFSI, Consumer Goods & Retail, Government, Healthcare, IT & Telecom, Travel and Hospitality), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2018 - 2024” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/contact-center-software-market
 

The on-premise deployment model captured over 70% of the contact center software market share in 2018 led by high dependency on in-house servers and IT infrastructure. The on-premise approach provides enterprises with the leverage to decide how and when software upgrades occur. It also provides reliable connections without affecting the call quality.
 

As these contact center systems are established for location-specific deployments consisting of hardware & software architectures, the integration process across multiple sites involves complexities and high cost. Once the system is installed, bringing about modification is a challenging process and clients often hesitate due to the fear of disabling primary functionality. Furthermore, with rapid urbanization and industrialization, organizations are expanding globally to improve their customer base and serve a larger market.
 

The BFSI application is likely to account for more than 30% of the contact center software market share by 2024 impelled by an increase in the adoption of digital banking services. In the present scenario of a connected, digital, and mobile-friendly environment, customers are increasingly moving toward social media and mobile devices for managing their banking processes. In the U.S., mobile payments’ transactional value rose from around USD 11.9 billion in 2012 to USD 90 billion by 2017. The adoption of cloud-based contact center software in the banking sector enables companies to deliver better customer service.
 

The cloud’s integration and agility capabilities allow banks to provide smooth customer care solutions across multiple communication channels including voice, video, SMS, and social media. Various banks are adopting advanced cloud services to augment their business functioning and deliver higher customer experience.
 

North America contact center software market is projected to maintain its dominance with around 40% share by 2024 owing to the rise in the demand for advanced technologies such as IoT, AI, and big data analytics. Enhanced application functionality, high customer retention, addition of customer contact channels with improved channel integration, and proactive customer contact are anticipated to further expand the market revenue.
 

Companies operating in this region are shifting from a product-centric to a customer-centric approach, creating substantial market demand. The major players in regional market are Cisco, IBM, West Corporation, and Oracle. These companies are investing funds to enhance their R&D to deliver improved service benefits to their customers.
 

The industry participants are focusing on strategic acquisitions to enhance their cloud capabilities. For instance, in October 2017, Cisco acquired BroadSoft to deliver a robust suite of collaboration capabilities across every market segment. This acquisition helped the company to leverage BroadSoft’s portfolio of cloud collaboration platforms & business applications to strengthen its cloud investments.
 

Key contact center software market players are 8x8, Avaya, BT, Cisco, Five9, Oracle, Alcatel-Lucent, Mitel, Genesys, Nice, Fenero, SAP, Ameyo, Unify, Vocalcom, Zendesk, West Corporation, Top Down Systems, ZTE, and Aspect Software.