Contact Center Software Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028

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Contact Center Software Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028

Status : September, 2021 | Technology & Media

Report Digest


Global Contact Center Software Market: Snapshot

The global contact center software market is prognosticated to gain from the rising demand in a number of industry verticals. However, there could be rapid growth of the global contact center software market witnessed in retail and consumer goods. Professional and managed are the two main types of services offered in the global contact center software market. Improvement in technology is expected to play a critical role in the development of the global contact center software market. The need for greater business continuity and improved business agility could swell the demand in the global contact center software market.

Contact center software helps enterprises to increase customer satisfaction by offering multimedia and flexibility to customers, which could also improve brand loyalty. The need to manage extensive customer databases because of the globalization of the IT industry is predicted to push the global contact center software market. In the government sector, the need to handle queries and complaints with great efficiency could increase the demand in the global contact center software market as public organizations show high adoption. Moreover, there are government initiatives taken to implement such solutions at worksites.

The hosted deployment of contact center software is prophesied to increase owing to the growing affordability of the internet. Such a type of deployment allows organizations to limit access only to authorized individuals because the solutions are hosted on one of the vendor’s servers. Compared to on-premise, cloud-based solutions are envisaged to gain more demand in the global contact center software market. Integration of new systems could set the tone for significant growth of the global contact center software market.

The need to avoid technical issues and high demand for troubleshooting support when updating customer experience software is foreseen to augment the demand for integration and deployment services in the global contact center software market.

Global Contact Center Software Market: Overview

Simply put, the concept of contact center software is to enable redirection of phone calls from customers to designated agents who then provide for the sales solutions as well as diagnose and resolve issues remotely. In the past couple of decades, contact centers have turned into a viable and feasible mode for small and medium enterprises to attend to their customers round the clock, but their concept is not limited to merely making calls and enabling live interactions.

Contact center have now advanced their game to integrate information resources in a real time manner and solve customer problems more efficiency. As per the findings of this business publication, the global contact center software market is poised for a healthy future, with the demand expanding at a highly profitable compound annual growth rate (CAGR) during the forecast period of 2018 to 2028.

Global Contact Center Software Market: Trends and Opportunities

There are a number of factors that are poised for propel the demand in the contact center software market, but none more glaring that SMEs are relentlessly looking for methods to increase sales as well as develop a brand name by the means of greater after-sales customer services. Technological advancements in the field of customer relationship management (CRM) have enabled methods for unified communication solutions. On top of this, the advent of omnichannel customer care is expected to further enhance the performance and drive demand.

Growing adoption across the flourishing application sectors of banking, financial services, and insurance (BFSI), government, healthcare, transportation, and media and entertainment is further fueling the demand. Over the negative side, the inability of these methods to attain higher rates of average speed of answer (ASA) and low first call resolution (FCA) are somewhat obstructing the market for contact center software from attaining greater profitability.

Based on solution, the contact center software market can be segmented into workforce optimization, reporting and analysis, interactive voice responses (IVR), dialer, customer collaboration, computer telephony integration (CTI), call recording, and automatic call distribution (ACD). On the basis of services, the market can be bifurcated into managed services, training and consulting, support and maintenance, and integration and deployment. End users can be travel and hospitality, healthcare, IT and telecom, government, consumer goods and retail, and BFSI.

Global Contact Center Software Market: Market Potential

Strong new potential opportunities are emerging in the contact center software market as a result of growing possibilities with artificial intelligence (AI) and cloud computing. With AI, SMEs are now able to build strong virtual agents for the product sales and services, thanks to their ability to quickly assess customer’s history and source the best answers. On the other hand, cloud-based systems enable benefits including remote accessibility to data, reduced maintenance charges, and usage flexibility, which all are expected to further push the demand for the software over the course of the aforementioned forecast period.

Global Contact Center Software Market: Regional Outlook

Over the course of the forecast period, North America is expected to remain the region with greatest demand potential. However, emerging economies within Asia Pacific are expected to transform its lucrativeness substantially in the near future. This is a reflection of favorable governmental initiatives and the presence several vendors within the India.

Global Contact Center Software Market: Competitive Landscape

While there are vast opportunities for profits, the mushrooming of new vendors is substantially eating into the global shares, which are currently confined with a few major companies including Enghouse Interactive, Inc., Alcatel-Lucent Enterprise, Cisco Systems, Inc., Avaya, Inc., Five9, Inc., Genesys, SAP SE, Mitel Corporation, Nice Systems Ltd., and Huawei Technologies Co., Ltd.

The reports at TMR Research provide qualitative solutions that break the barriers of doubt or uncertainties when the stakeholders plan to expand their growth reach. The researchers compile the necessary information that enlightens the CXOs about the current growth opportunities in a specific market and enables them to make the most of the opportunities.

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TMR Research has rich experience in developing state-of-the-art reports for a wide array of markets and sectors. The brilliance of the experts at TMR Research and their alacrity to conduct thorough research and create phenomenal reports makes TMR Research better than others.

5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?