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Industry Insights, Market Size, CAGR, High-Level Analysis: Contact Center Software Market The global contact center software market size was valued at USD 18.1 billion in 2019, growing at a CAGR of 19.7% from 2020 to 2027. Rapid technological advancements in the field of customer relationship management and integration of machine learning and artificial intelligence into business processes are anticipated to boost market growth. Also, businesses are focusing on integrating stack technologies into their processes as it enables agents to address customer issues and queries in consistent ways across all communication channels. As a result, businesses are able to enhance customer loyalty and operational performance. The evolution of contact centers, from traditional voice-centric facilities, followed by multimedia customer interaction, to the unified communication social media with integrated channels, has enabled professionals to retain their customers. The emergence of the omnichannel customer experience towards contact center software is expected to accelerate the growth over the forecast period.An omnichannel contact center allows customers to reach out for help across every channel. In addition, it allows agents to easily move between channels so that they can effectively help their customers. Nowadays, buyers widely prefer cloud-based systems owing to benefits, such as usage flexibility, elimination of installation time and costs, and reduced maintenance charges. Subsequently, several customer relationship solution providers have extended their offerings to the cloud platform, enabling easy access to data virtually from any system across an organization. Furthermore, businesses are using the communication-as-a-service model as this model uses the functionality of the cloud to provide efficient and flexible customer service. Also, easy to upgrade capability of the cloud platform allows companies to adjust to the constantly changing environment. Robotic process automation (RPA) is likely to be a vital part of the market for contact center software over the forecast period. RPA helps reduce errors and improve work quality of the agents. Also, RPA facilitates the integration of various systems that assist various agents in keeping track of the process on a specific problem. Organizations are seeking solutions that allow managers and agents in the customer relationship management department to invest their time in analytical activities and decision-making for organizational development and rely on robots for routine tasks. Increasing demand for flexibility in conducting banking activities, wherever and whenever required by customers, has resulted in the Banking, Financial Services, and Insurance (BFSI) sector adopting advanced customer service solutions. These solutions also find application in the healthcare, government, media and entertainment, and travel and hospitality segments for resolving various customer queries. As a result, the demand for contact center software is anticipated to grow over the forecast period. However, the inability to achieve low first call resolution (FCR) and higher average speed of answer (ASA) is acting as a challenge for the market for contact center software. Solution Insights of Contact Center Software Market The interactive voice response (IVR) segment accounted for a major revenue share in 2019 owing to high demand for quick resolution of queries over calls. IVR solutions enable customers to resolve product related issues by themselves rather than relying on customer care representatives. Moreover, innovative uses of IVR, such as marketing for customers, feedback surveys, and payment processing, are projected to boost the growth. Some of the applications of IVR include call center forwarding, office calls routing, and surveys and polls. The customer collaboration segment is anticipated to grow rapidly in the market for contact center software over the forecast period. The software allows organizations to interact with their existing and potential customers in a better way. It also helps them establish a long-term bond with their customers and upgrade product quality through feedback, thereby, improving the overall performance of a company. The high adoption rate of social media tools for communicating across different industries for retaining customers is expected to drive the customer collaboration segment over the forecast period. Service Insights of Contact Center Software Market Based on services, the contact center software market has been segmented into integration and deployment, support and maintenance, training and consulting, and managed services. The integration and deployment function accounted for the largest market share in 2019. The large-scale demand for the implementation of new contact center software and integration of new systems with the existing ones at the workplace is expected to drive segment growth. Integration and deployment function takes care of data privacy needs, regulatory compliance, and specific business continuity requirements; thereby creating growth opportunities for the segment over the forecast period. The recent years have witnessed technological changes at a considerable pace, resulting in continuous upgrades in the contact center software services. There exists a significant demand for updating customer experience software and solutions with the varying technologies. The buyers require vendor support for troubleshooting and resolving technical issues, which might have a positive influence on the growth of the support and maintenance segment. The managed services segment is expected to witness significant growth over the forecast period, as it allows organizations to focus on their core products and services while managing IT-related tasks for the company. Deployment Insights of Contact Center Software Market Based on deployment, the market for contact center software has been segmented into hosted and on-premise. The transition of customer care departments from manually noting problems to automatically resolving queries and issues through IVRs and self-service portals has resulted in substantial changes in the business process automation technology. Prior to the advent of cloud-based solutions, the most feasible option for companies was the implementation of on-premise solutions as it is easy to deploy and requires less capital investment. The hosted deployment enables the organizations to manage technical and operational needs of their respective contact centers. The hosted deployment segment is expected to grow remarkably in the market for contact center software over the forecast period. The availability of affordable internet connections is expected to increase the demand for hosted deployment of contact center solutions in organizations. Various organizations widely prefer this deployment mode as it is hosted on a vendor’s server and can be accessed by only authorized people through a web browser. It also eliminates the need to regularly upgrade the software. Enterprise Size Insights Based on enterprise size, the market for contact center software has been segmented into large enterprises and small and medium enterprises. The Small and Medium Enterprises (SME) segment is projected to register the highest growth over the forecast period. Increasing implementation of customer care solutions to reduce the burden of carrying out regular mundane tasks and to allow employees to focus on organizational development is expected to drive the contact center software adoption in SMEs. Increasing awareness related to enhancing customer service management, improving reporting features, and enhancing productivity and efficiency of SMEs is expected to further drive the growth. Large enterprises have enormous amounts of customer data that needs to be managed effectively in local offices as well as overseas. In order to manage this data, such enterprises implement contact center systems. These systems allow professionals to focus on customer retention and critical queries instead of resolving traditional queries. In large enterprises, contact center software allows employees from various domains to communicate and share accurate information about their clients through updates. End-Use Insights Increasing demand from IT and telecom, BFSI, government, consumer goods and retail, travel and hospitality, and healthcare sectors is anticipated to drive the growth. The contact centers and unified collaboration software increasingly offer flexibility and multimedia to customers, thereby, enhancing customer satisfaction and ensuring brand loyalty. These software enhance efficiency and productivity, which eventually help reduce operational costs; thereby increasing the adoption in end-use industries. Moreover, this software is widely used in the retail industry owing to the increasing need among enterprises to ensure the satisfaction of their customers and overcome challenges involved in customer retention processes. In emerging countries, such as China and India, as a part of the e-government initiative, offices and public organizations are expected to implement contact center solutions to efficiently carry out online processes related to citizen complaints, queries, inquiries, and feedback. For instance, in India, the Ministry of Electronics and Information Technology (MeitY) has initiated the Centre for e-Governance. The center focuses on the advancement in Information and Communication Technology (ICT) domain, thereby creating growth opportunities in the market for contact center software. Globalization of the IT industry has resulted in a large customer/client database. The database is spread across the globe and needs to be managed effectively. This is subsequently increasing the demand for these solutions in end-use industries. Regional Insights of Contact Center Software Market In North America, the market for contact center software accounted for the largest revenue share in the year 2019. The presence of a large number of contact center software vendors in North America has resulted in increased awareness among local organizations about these software. Numerous vendors in the region are focusing on offering effective and easy self-service IVR options for customer queries saving customer effort and time, thereby creating growth opportunities for the adoption of software in the region. Also, a large number of businesses are migrating to cloud storage; thereby creating growth opportunities for the regional market. In Asia Pacific, the market for contact center software is experiencing immense growth owing to the increasing number of favorable government initiatives for supporting automation of business processes and adoption of cloud-based systems. For instance, the Contact Centers Asia 2017 provided a platform for industry experts from different organizations to share insights on the latest technologies, which include speech analytics, biometrics, and virtual assistants for contact center solutions. The presence of a large number of contact centers and customer experience regarding benefits associated with these software are instrumental in driving the market for contact center software. Also, several multinational organizations are keen on investing in Asia Pacific, which is expected to drive market growth in the region. Market Share Insights of Contact Center Software Market The key vendors in the market for contact center software include Alcatel-Lucent Enterprise; Avaya, Inc.; Cisco Systems, Inc.; Enghouse Interactive, Inc.; Five9, Inc.; Genesys; Microsoft Corporation; NEC Corporation; Mitel Corporation; SAP SE; Nice Systems Ltd.; and Huawei Technologies Co., Ltd. These companies develop and deploy contact center solutions for organizations that desire to streamline their customer experience processes. Furthermore, these companies are also investing in R&D to offer innovative products and to enhance customer experience. For instance, the Avaya DevConnect program promotes the compliance-testing, development, and co-marketing of innovative products, which are developed by partner organizations and compatible with Avaya’s standard-based products. The presence of stiff competition in the market for contact center software has resulted in the formation of strategic business units by organizations. Consequently, this has led to increased emphasis on customer feedback and its incorporation for streamlining their operations and improving customer satisfaction. Several companies are also focusing on inorganic growth strategies. For instance, in January 2018, Avaya Holdings Corporation acquired Spoken Communications, a Contact Center as a Service (CCaaS) solutions provider. This acquisition helped existing customers of Avaya Holdings to migrate from premise-based services to cloud service offerings at their respective pace. Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Contact Center Software Market Research Report This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2019 to 2030. For the purpose of this study, this market research report has segmented the global contact center software market report based on solution, service, deployment, enterprise size, end use, and region: Solution Outlook (Revenue, USD Million, 2019 - 2030) Automatic Call Distribution (ACD) Call Recording Computer Telephony Integration (CTI) Customer Collaboration Dialer Interactive Voice Responses (IVR) Reporting & Analytics Workforce Optimization Others Service Outlook (Revenue, USD Million, 2019 - 2030) Integration & Deployment Support & Maintenance Training & Consulting Managed Services Deployment Outlook (Revenue, USD Million, 2019 - 2030) Hosted On-premise Enterprise Size Outlook (Revenue, USD Million, 2019 - 2030) Large Enterprise Small & Medium Enterprise (SME) End-Use Outlook (Revenue, USD Million, 2019 - 2030) Banking, Financial Services, and Insurance (BFSI) Consumer Goods & Retail Government Healthcare IT & Telecom Travel & Hospitality Others
Table of Contents Chapter 1 Methodology and Scope 1.1 Research Methodology 1.2 Research Scope and Assumptions 1.3 List of Data SourcesChapter 2 Executive Summary 2.1 Contact Center Software Market - Industry Snapshot & Key Buying Criteria, 2016 - 2027 2.2 Global Contact Center Software Market, 2016 - 2027 (USD Million) 2.2.1 Global contact center software market, by region, 2016 - 2027 2.2.2 Global contact center software market, by solution, 2016 - 2027 2 | read more...