SAN FRANCISCO, March 9, 2020 /PRNewswire/ -- The global contact center software market size is expected to reach USD 72.3 billion by 2027, registering a CAGR of 19.7% over the forecast period, according to a new report by Grand View Research, Inc. The increasing consumer base and high adoption rate of cloud-based services, social media, and mobile analytics among various industry sectors is projected to boost market growth. Also, the demand for improved omnichannel experiences and technological advancements in communication services are expected to drive market growth.
Key suggestions from the report:
The contact center software market is expected to witness remarkable growth over the forecast period, owing to the significant demand for cloud-based technology and need for enhanced levels of customer satisfaction
The customer collaboration segment is projected to witness the highest CAGR over the forecast period, due to the growing use of the solution for engaging customers through social media platforms
The Interactive Voice Response (IVR) software segment is expected to hold the largest market share in 2027, owing to features such as reduced amount of call drops and better customer satisfaction levels
Technical advancements in communication and collaboration application result in an increased demand for training and consulting services, as professionals and customers are required to be trained to understand and get knowledge about new applications
The hosted deployment segment is expected to witness increased demand over the forecast period on account of benefits such as ease of deployment, improved accessibility anywhere anytime, and simplicity in integration with other systems
Numerous large enterprises have adopted contact center solutions to efficiently manage the vast database of customers; thereby driving the demand for these solutions in large enterprises over the forecast period
The demand for contact center software and services in the retail segment is driven by the rising need among organizations to ensure satisfaction of customers and overcome challenges involved in customer retention processes
The Asia Pacific regional market is projected to witness considerable growth over the forecast period, owing to the rapid digitization and industrialization initiatives undertaken by the government in this region
The major players operating in the market include Avaya, Inc.; SAP SE; Enghouse Interactive; Five9, Inc.; Mitel Corporation; Alcatel Lucent Enterprise; Cisco Systems; and Unify, Inc.
Factors such as increasing advancements in artificial intelligence (AI) and its application in business analytics are expected to accelerate market growth over the forecast period. Rapid technological advancements have resulted in introduction of the Business Process Automation, thereby, reducing the workload of customer care representatives. The availability of interactive voice response (IVR) and automatic call distribution (ACD) software has further resulted in an increase in productivity of customer-centric organizations.
The increased adoption of cloud-based contact center services has empowered organizations in reinforcing the security of customers' confidential information through web security and centralized database. Additionally, cloud-based contact center services provide multiple customer point of contact, which allow access to the necessary data from anywhere and at any time across the globe. Cloud-based contact center services easily integrate with AI, machine learning, omnichannel, and various analytical tools, subsequently opening up ways for an organization to advance technologically.
With the competition intensifying over the years, it has become crucial for organizations to maintain stable and consistent relationships with their customers and ensure customer loyalty. Various companies are extensively adopting contact center software in order to improve customer satisfaction levels and their experience over the inquiry call. With the help of contact center software, customer care executives are finding it easier to build a deeper relationship with customers, which helps provide long term value for the business.
Grand View Research has segmented the global contact center software market based on solution, service, deployment, enterprise size, end use, and region:
Contact Center Software Solution Outlook (Revenue, USD Million, 2016 - 2027)
Automatic Call Distribution (ACD)
Computer Telephony Integration (CTI)
Interactive Voice Responses (IVR)
Reporting & Analytics
Contact Center Software Service Outlook (Revenue, USD Million, 2016 - 2027)
Integration & Deployment
Support & Maintenance
Training & Consulting
Contact Center Software Deployment Outlook (Revenue, USD Million, 2016 - 2027)
Contact Center Software Enterprise Size Outlook (Revenue, USD Million, 2016 - 2027)
Small & Medium Enterprise
Contact Center Software End-use Outlook (Revenue, USD Million, 2016 - 2027)
Banking, Financial Services, and Insurance (BFSI)
Consumer Goods & Retail
IT & Telecom
Traveling & Hospitality
Contact Center Software Regional Outlook (Revenue, USD Million, 2016 - 2027)
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.