According to a new market research report "Contact Center Software Market by Solution (Intelligent Virtual Assistants, Customer Collaboration, Dialers, IVR, Workforce Optimization, Reporting & Analytics), Service, Deployment Type, Organization Size, Vertical, and Region - Global Forecast to 2023" published by MarketsandMarkets™, the market size is expected to grow from USD 17.65 billion in 2018 to USD 35.32 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 14.9% during the forecast period.
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A growing need to cater to dynamic customer requirements and increasing omnichannel communications are the major drivers of the Contact Center Software Market. New communication platforms, redefined content value, and shifting consumer preferences are also driving the adoption of contact center solution across industry verticals.
Rapid adoption of contact center software is expected to make North America the largest regional market.
In the US and Canada, organizations have rapidly adopted and invested in the emerging technologies, such as analytics, big data, and cloud platforms. North America has the first-mover advantage of adopting new technologies, such as big data and cloud platforms. Moreover, there has been an increasing demand among enterprises to increase their overall productivity by optimizing inbound and outbound operations in the region. Several companies willingly invest in North America due to the presence of many large enterprises in the region. These factors along with stable economy, technology enhancements, and optimized infrastructure costs are expected to drive the North American Contact Center Software Market.
The BFSI vertical is expected to account for the largest market size during the forecast period.
The Banking, Financial Services, and Insurance (BFSI) vertical comprises commercial banks, insurance companies, non-banking financial companies, stock brokerage firms, and payment gateway providers. The BFSI vertical deals with critical financial data and credit risks; hence, it is a good contributor in the Contact Center Software Market. Owing to the continuous changes in the competitive environment, companies need to enhance their operational efficiencies and provide customized user experience. Contact center software helps financial institutions in mining customer data, including transactions, customer activities across banking and financial service websites, and customer queries through multiple channels. Furthermore, contact center software enables financial institutions to automate their business processes, thereby helping them reduce the service delivery time.
The large enterprises segment is expected to gain a larger market share during the forecast period.
Organizations with more than 1,000 employees are categorized as large enterprises. Large enterprises have their customers across regions and account for high market shares, technical expertise, and effective business strategies. Hence, large enterprises are expected to invest in new and latest technologies to run their business effectively. The large enterprises segment market size in the Contact Center Software Market is larger than that of SMEs. Moreover, adoption of contact center software has become an integral part of large enterprises to sustain their position in the highly competitive market. Furthermore, large enterprises prefer implementing software and services that are expected to assist them in enhancing their profit.
Major vendors in the Contact Center Software Market include 3CLogic (US), 8x8 (US), Alcatel-Lucent Enterprise (France), Ameyo (Drishti-Soft; India), Aspect Software (US), Avaya (US), BT (England), Cisco (US), Enghouse Interactive (US), Fenero (US), Five9 (US), Genesys (US), Huawei (China), IBM (US), Mitel (Canada), NEC (Japan), NICE (Israel), Oracle (US), RingCentral (US), SAP (Germany), Solgari (Ireland), Unify (Germany), Verizon (US), Vocalcom (France), West Corporation (US), Zendesk (US), and ZTE (China)
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