Contact center vendors to gain additional revenue opportunities by offering AI-powered solutions, finds Frost & Sullivan
SANTA CLARA, California, Dec. 10, 2019 /PRNewswire/ -- The addition of new channels, replacement of aging infrastructure, and integration of new functionality in the cloud with existing premise systems increased the revenues of the cloud contact center market by 12.5% in 2018. Contact center analytics, quality monitoring, and recording were particularly strong growth drivers as companies sought to make the most of their existing investments. The cloud contact center market will reach $5.02 billion by 2023. The higher adoption of hybrid solutions, meanwhile, will help the market maintain growth momentum at a compound annual growth rate (CAGR) of 2.3% during the forecast period of 2018-2024. The contact center systems market will also grow 2.9% in the same time period to $1.7 billion.
"Contact center vendors need to position themselves to capitalize on greenfield opportunities, while still catering to their large installed bases of premise products," said Nancy Jamison, Principal Analyst, Information & Communication Technologies. "Strong focus areas driving growth include workforce engagement and the infusion of artificial intelligence solutions across the customer contact landscape."
Frost & Sullivan's recent analysis, Growth Opportunities in the North American Contact Center Market, Forecast to 2023, examines the customer experience (CX) trends that will shape, grow, and influence customer contact, customers, and the employee experience (EX). It presents insights for select industries, business models, and technology areas, including inbound contact routing, interactive voice response, outbound dialing, workforce management, call recording, and analytics.
For further information on this analysis, please visit: http://frost.ly/3wr.
"Pure-play cloud providers continue to expand offerings at a rapid pace, while traditional contact center systems suppliers have been adding cloud offerings," noted Jamison. "Companies are looking to differentiate themselves through artificial intelligence (AI)-enhanced self-service applications, workforce engagement management, and enriched analytics offerings."
In addition to offering enriched self-service options for customers and contact center employees, vendors will find greater growth opportunities by:
- Focusing on process transformation and top-down cross-organizational support that drive business benefits.
- Refining an architecture that fills gaps in omnichannel CX by chaining pods of metadata.
- Embedding gamification across agent toolsets to provide training and insights into performance.
- Deploying new agent desktops with intuitive, step-saving interfaces and greater access to information.
- Incorporating AI in non-customer-facing apps, including workforce management (WFM), routing, and outbound dialing.
- Designing hosted solutions to provide the same functionality as on-premises applications.
Growth Opportunities in the North American Contact Center Market, Forecast to 2023 is part of Frost & Sullivan's global Customer Contact Growth Partnership Service program.
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Growth Opportunities in the North American Contact Center Market, Forecast to 2023
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SOURCE Frost & Sullivan