Global Contact Center Software Industry Forecasts and Research Report
Contact Center Software Market Insights
The global Contact Center Software market is estimated to grow at a CAGR of close to 15.5% over the forecast period. Contact center management software enables easy management of agent and customer interactions, increase the productivity of contact centers by accurately forecasting workloads, monitoring agent performance, and real-time reporting. Growing technological advancements in Customer Relationship Management (CRM), use of analytics and artificial intelligence in business operations are factors expected to drive growth in the contact center software management market.
Companies are inclined towards developing solutions that can perform routine tasks automatically, reducing operational time. This allows companies to focus on more important activities such as decision making and analytics. Contact center software finds applications in sectors such as banking, finance, healthcare, government, and media among others. Multiple benefits of contact center software such as competitive edge, cost-effectiveness, operational efficiency and improved customer relations are expected to drive the market. However, companies may face problems integrating this software into traditional business management systems, which is expected to have a potential negative impact on the market up to some extent.
Contact Center Software Market: Vertical Insights
Based on Vertical, the contact center software market is segmented into BFSI, Consumer Goods & Retail, Government, Healthcare, IT & Telecom, Travel & Hospitality, and Media & Entertainment. Contact centers provide benefits such as flexibility, enhanced customer management, and improved operational efficiency.
The consumer goods and the retail segment is estimated to demonstrate the highest CAGR over the forecast period. Demand for contact center software in this segment is driven by the need for better client database management and increased use of analytics in retail management.
Contact Center Software Market: Service Insights
The contact center software management market can be classified into Integration & Deployment, Support & Maintenance, Training & Consulting, and Managed Services based on service. The integration & deployment segment is expected to hold the major share in terms of revenue over the forecast period. The demand for contact center management software is growing due to improved technological advancements, innovation, and benefits of using digitized techniques in business operations.
The segment is further expected to be driven by growing adoption of contact center systems and integration of new systems with existing conventional business management systems. Demand for better customer experience, need for better customer service with respect to troubleshooting and resolving technical issues is expected to further boost market growth.
Contact Center Software Market: Solution Insights
Based on the solution, the contact center software market is classified into Customer Collaboration, Dialers, ACD ( Automatic Call Distribution), IVR (Interactive Voice Response), CTI (Computer Telephony Integration), Workforce Optimization, Reporting, and Analytics.
The Interactive Voice Responsive (IVR) segment is expected to hold the largest revenue share over the forecast period owing to growing demand for quick query resolution. The IVR solution enables customers to solve their issues related to products without the help of customer care representatives. IVR is also being used for marketing, feedback and payment processing, further boosting growth in the segment. Further, the customer collaboration segment is estimated to record the highest CAGR, owing to use of the service to establish long-term relationships with their customers.
Contact Center Software Market: Deployment Type Insights
The contact center software market based on deployment type can be segmented into On-Premises and Cloud. Cloud-based solutions are hosted on the vendor’s server and access is allowed only to authorized individuals through a browser. Factors such as improved security and affordability of internet connections is anticipated to boost the demand for cloud-based deployment segment over the coming years.
Contact Center Software Market: Organization Size Insights
The Small and Medium Enterprise segment is expected to grow at a faster CAGR over the forecast period. Growing popularity and accessibility to customer care solutions across all business segments are driving growth in the contact center software market. Large enterprises have huge amounts of data which requires efficient management locally and internationally. Need for improved efficiency and cost-effectiveness is thus expected to drive the market growth.
Contact Center Software Market: Regional Insights
North America is expected to hold the largest market share over the forecast period. Highly developed technological solutions, investment in research, focus on technology adoption are some factors expected to contribute to the market growth in the region. The global rise in mobile analytics, mobiles, and social media across various industries has led to a need for better operations and business process automation.
The Asia Pacific region is estimated to demonstrate the highest growth owing to numerous emerging opportunities with respect to process automation in healthcare, banking, retail, e-commerce, and IT industry. Growing number of small and medium businesses in the region is also expected to boost the demand for contact center software..
Contact Center Software Market: End-Use Landscape
The end-use landscape entails a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase contact center software over the coming years. Some leading consumers of this market are Walmart, Apollo Hospital, and Bank of America among others.
Contact Center Software Market: Vendor Landscape
The report contains a chapter dedicated to vendors operating in the market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.
Contact Center Software Market Share & Competitor Analysis
Major companies operating in the contact center software market are Genesys Telecommunications Laboratories Inc., Enghouse Interactive, Huawei Technologies Co., Ltd., Oracle Corporation, Drishti Soft Solutions Pvt. Ltd, Cisco Systems, SAP SE, Alcatel-Lucent Enterprise, Masergy Communication Inc, Mitel Networks Corporation, 8x8, Amazon Web Services (AWS), Inc, Avaya Inc. and Five9, Inc among others.
Please note: This is not an exhaustive list of companies profiled in the report.
In March 2017, AWS launched Amazon Connect, contact center software developed by Amazon.
In February 2017, Masergy Communications Inc. launched its cloud contact center with predictive analytics and salesforce capabilities.
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The global Contact Center Software Market has been studied from the year 2016 till 2025. However, the CAGR provided in the report is from the year 2017 to 2025. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Contact Center Software Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the company and customer analytics.
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