Contact Center Software Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Solution (Automatic Call Distribution (ACD), Computer Telephony Integration (CTI), Call Recording, Dialer, Customer Collaboration, Reporting & Analytics, Interactive Voice Responses (IVR), Workforce Optimization, and Others), By Service (Integration & Deployment, Support & Maintenance, Tra
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: ICT | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationContact Center Software Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Solution (Automatic Call Distribution (ACD), Computer Telephony Integration (CTI), Call Recording, Dialer, Customer Collaboration, Reporting & Analytics, Interactive Voice Responses (IVR), Workforce Optimization, and Others), By Service (Integration & Deployment, Support & Maintenance, Tra
| Forecast Period | 2024-2028 |
| Market Size (2022) | USD 43.1 Billion |
| CAGR (2023-2028) | 18.87% |
| Fastest Growing Segment | Healthcare |
| Largest Market | North America |
Global contact center software market is predicted to proliferate during the forecast period due to the growing adoption of omnichannel customer by enterprises to meet the need for growing businesses. The use of cloud-based contact center solutions can improve business continuity and is a significant factor in the market's expansion. In addition, AI and ML are being used to automate tasks in contact centers, such as routing calls, answering questions, and resolving issues.
A contact center software is a suite of applications that automate essential contact center operations, such as call routing, agent scheduling, and customer data management. It assists organizations in controlling cost, creating agents, improving customer experience, adhering to regulatory requirements, and increasing efficiency. The contact center software typically includes the following features such as interactive voice response (IVR), automatic call distribution (ACD), customer relationship management (CRM), and workforce management (WFM).
The increasing adoption of Cloud is Boosting the Global Contact Center Software Market
Numerous businesses are increasingly utilizing cloud-based software because of the growing acceptance of internet-based services. The cloud-based solution is so adaptable that representatives can access customers' information in real time and communicate with them across channels and locations. Additionally, the software removes the requirement for agents or representatives to be present in offices round-the-clock. Additionally, this software's main selling points are reliability and security enabled for businesses to adopt it. Additionally, small, and medium-sized businesses have adopted cloud technology because of lower costs associated with implementation, upkeep, and upgrades, whereas large businesses continue to utilize cloud solutions due to their high operational efficacy and simple integration into existing systems. Moreover, enterprises that are already using cloud technology intend to increase their cloud budgets. When compared to conventional on-premises options, cloud-based contact center software frequently offers better value. It is because businesses do not have to purchase and maintain their own software and hardware, and they are free to increase or decrease the size of their contact center as required without incurring additional costs. Cloud-based software can make it simple for businesses to incorporate AI, machine learning, and other omnichannel solutions, as well as a variety of analytical tools utilized. Businesses will have the chance to make long-term investments because of it. As a result, the demand for contact center software is expected to rise significantly over the forecast period due to all these factors. Therefore
The rising need for automated client services is one of the key factors driving the growth of the contact center software market. Businesses are increasingly seeking to automate their customer service operations to improve efficiency, reduce costs, and provide a better customer experience. Automated client services can help businesses to improve the efficiency of their customer service operations by freeing up agents to focus on more complex issues. To create long-term value for the business, executives in charge of customer service are required to maintain closer ties with customers. In addition, enterprises are required to concentrate on preserving their present audience if they want to ensure brand loyalty. Automation in the process can aid to improve the customer experience by providing customers with 24/7 access to support by reducing the time it requires to resolve issues. Due to this, enterprises are integrating automated client services to cut down on the time spent while answering typical customer inquiries and instead utilizing that time to address more complicated issues and interaction with new customers. For instance, artificial intelligence (AI)-powered chatbots and social media management systems are increasing in demand to resolve customer issues rapidly. Chatbots can be used to answer frequently asked questions and self-service portals can be used to allow customers to resolve their own issues without the need to speak to a live agent. Moreover, there will be more interactions at contact centers through automated communication than through human agents owing to machine learning and artificial intelligence (AI). This in turn is raising the need for automated client services, proliferating the growth of global contact center software market in the forecast period.
The Rise of Omnichannel Customer Service is Enabling Contact Center Software
Customer satisfaction is essential for the retailer to maintain its sustainability and profitability. Enterprises such as Amazon, Starbucks, Home Depot etc. uses contact center software to provide a seamless omnichannel customer experience. Customers can contact enterprises through a variety of channels, including phone, email, chat, and social media. The retail industry is entering a new era owing to increasing digitalization, which has a significant and beneficial impact on business strategy. The goal of retailers is to make shopping easy, smooth, enjoyable, and relaxing for their customers. Omnichannel retailing is one of the disruptive digital innovations in retailing. When compared to their rivals, businesses that utilize omnichannel contact center solutions have a higher rate of customer retention. Additionally, the expansion of digital channels and emerging communication technologies has enabled the integration of omnichannel customer support in the business.
Inadequate Average Response Time and Poor Initial Call Resolution
A contact center's First Call Resolution (FCR) and Average Speed of Answer (ASA) can have several negative effects, including a decrease in agent and customer satisfaction. High rates of abandonment, longer processing times, and increased costs for the contact center are all challenges that contact centers face. These challenges can lead to customer dissatisfaction, lost revenue, and increased operational costs. There is a significant discrepancy between the volume of incoming phone calls and the volume of questions that are answered on the initial call, even though many providers of contact center solutions are taking steps to ensure that client inquiries are processed within the allotted time frame. ASA and FCR are two types of metrics that are used to evaluate the effectiveness of contact centers. Businesses have struggled to provide the necessary customer service as customer demands have increased. Most of the customers prefer not to wait more than 20 seconds in a call queue. But the call volume, or the number of calls handled each day is negatively impacted when a customer waits longer than 20 seconds. Therefore, the inadequate average response time and poor initial call resolution are restraining the growth of the global contact center software market in the forecast period.
Recent Development
- On April 18, 2023,Teckinfo Solutions Pte. Ltd. recently unveiled its newest product, ID Cloud, a premiumcontact centre software platform. With the release of "ID Cloud",Teckinfo Solutions aims to provide a comprehensive customer engagement platformthat simplifies and optimizes customer engagement for organizations of allsizes.
- On March 15, 2023, ZIWOannounced the expansion of new branch in Cairo, Egypt. The company’s expansionof cloud contact center solutions for enterprises aims to provide the bestsolutions for customer experience and call center software in the MENA region.With features such as virtual numbers, call routing, and contact centersoftware, ZIWO's solutions make it easy for businesses to manage their callsand provide excellent customer service.
- On January 09, 2023, Playvoxannounced the collaboration with Salesforce to bring new levels of efficiencyand innovation for their customers. With the collaboration, the customers cannow access Playvox's leading-edge workforce engagement solutions on SalesforceAppExchange.
Market Segmentation
Company Profiles
Cisco Systems Inc., ZTE Corporation, NEC Enterprise Solutions, Oracle Corporation, SAP SE, Enghouse Interactive Inc., Five9 Inc., Genesys Telecommunications Laboratories Inc., Mitel Networks Corporation, and Aspect Software Inc.
| Attribute | Details |
| Base Year | 2022 |
| Historical Years | 2018 – 2021 |
| Estimated Year | 2023 |
| Forecast Period | 2024 – 2028 |
| Quantitative Units | Revenue in USD Billion and CAGR for 2018-2022 and 2023E-2028F |
| Report Coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
| Segments Covered | Solution Service Deployment Enterprise Size Industry Region |
| Regional Scope | Asia-Pacific, North America, Europe, Middle East & Africa, and South America |
| Country Scope | China, Japan, India, Australia, South Korea, United States, Canada, Mexico, United Kingdom, Germany, France, Spain, Italy, Israel, Qatar, Saudi Arabia, UAE, Brazil, Argentina, Colombia |
| Key Companies Profiled | Cisco Systems Inc., ZTE Corporation, NEC Enterprise Solutions, Oracle Corporation, SAP SE, Enghouse Interactive Inc., Five9 Inc., Genesys Telecommunications Laboratories Inc., Mitel Networks Corporation, Aspect Software Inc. |
| Customization Scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and Purchase Options | Avail of customized purchase options to meet your exact research needs. Explore purchase options |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request) |
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