Quick Summary:
The rapidly expanding contact center software market offers a myriad of growth opportunities for businesses eager to enhance their customer interactions and gain a competitive edge. This comprehensive report offers insight on the sector's significant growth projections, driven largely by the increasing demand for personalized and streamlined customer experiences.
Targeted at Senior Business Executives, the analysis covers vital areas of the market's evolution including sector bifurcation, competitive landscape, and regional trends. Emphasizing the SME sector's substantial CAGR, the report illustrates how budget constraints can be overcome by innovative and cost-effective solutions that not only improve workflow but also ensures customer satisfaction.
An in-depth examination of the highest CAGR holder - the consumer goods and retail vertical, demonstrates how contact center solutions help businesses to develop customer-centric strategies for quick decision making and improved customer interactions. Regional analysis of Europe's strong market share provides insights into the challenges and opportunities for cloud providers amidst stringent data privacy regulations.
This report furnishes comprehensive insights into the key driving factors, challenges, market diversification, competitive assessment, and the anticipated advancements in the contact center software market. Make informed, strategic decisions to stay ahead of the curve in this fast-evolving sector.
Need to Control Contact Center Attrition and Absenteeism is to Drive the Market
The market size of contact center software is projected to grow from USD 41.9 billion in 2023 to USD 109.7 billion by 2028 at a CAGR of 21.2% during the forecast period. The growing demand for personalized and streamlined customer interactions drives the contact center software market’s growth.
As per organization size, the SME segment holds the highest CAGR during the forecast period.
The contact center software market by organization size bifurcates into large enterprises and SMEs. The SME segment is estimated to grow at the highest CAGR during the forecast period. Due to budget constraints, SMEs rely on manual processes to manage their contact center software processes. However, the competitive market has encouraged SMEs to invest in contact center software solutions to achieve significant business efficiency. Due to limited budgets and staff, SMEs seek flexible, scalable, and cost-effective solutions. SMEs incorporate innovative contact center solutions to manage customer-agent interactions and workforce performance better based on global regulatory standards, thereby accelerating contact center agent and customer engagements and enhancing their experiences. SMEs are recognizing the value and importance of effective customer service and attention. They are investing in contact center software to improve customer interactions, enhance customer satisfaction, and gain a competitive edge.
As per vertical, consumer goods & retail vertical hold the highest CAGR during the forecast period.
The verticals studied in the report are Telecommunications, BFSI, IT & ITeS, Government & Public Sector, Retail & Consumer Goods, Energy & Utilities, Manufacturing, Healthcare & Life Sciences, and Other Verticals (media and entertainment, travel and hospitality, transportation and logistics, and education). During the forecast period, 2023-2028, the retail & consumer goods vertical segment holds the highest CAGR. The retail and consumer goods industry is customer-centric and looks forward to improving customer experiences and retention. In addition, IT budgets are enormous as they try to maintain a reputed brand image in terms of both employee and customer retention. Therefore, retailers increasingly implement advanced analytics practices to address significant business challenges and maximize benefits. Contact center solutions help retail businesses develop customer-centric market strategies to make quick decisions based on past buying behaviors, customer preferences, and real-time client interactions.
As per region, Europe holds the second-largest market share during the forecast period.
The contact center software market includes an analysis of five regions. Europe holds the second-largest market share in 2023 and will have similar dominance over the forecast period. Europe has diverse business needs, as several large retailers and manufacturing companies demand robust and scalable IT infrastructure solutions. The region has always been a challenging market for cloud providers due to the stringent regulations and security standards regarding user data privacy. Europe also has strict rules and regulations for data privacy and security, so various contact center software providers have improved their solutions to address companies’ data localization needs and comply with consumer privacy regulations in the region. The European BFSI industry has focused on customer orientation with its offerings and economic value creation. Cloud-based contact center solutions are becoming popular in Europe as they offer several advantages over on-premises solutions, such as cost-effectiveness, scalability, and ease of use. Customers increasingly use multiple channels to contact businesses, such as phone, email, chat, and social media. Companies must be able to provide a seamless customer experience across all channels, which requires contact center software that supports omnichannel customer service.
The breakup of the profiles of the primary respondents is provided below:
- By Company: Tier I: 35%, Tier II: 25%, and Tier III: 40%
- By Designation: C-Level Executives: 25%, Director Level: 30%, and Others: 45%
- By Region: North America: 42%, Asia Pacific: 25%, Europe: 18%, Rest of World: 15%
Note: Others include sales managers, marketing managers, and product managers
Note: The rest of the World consists of the Middle East & Africa, and Latin America
Note: Tier 1 companies have revenues of more than USD 100 million; tier 2 companies’ revenue ranges from USD 10 million to USD 100 million; and tier 3 companies’ revenue is less than 10 million
The key technology vendors in the market include NICE (Israel), IBM (US), Genesys (US), AWS (US), Five9 (US), Twilio (US), Mitel (Canada), Cisco (US), BT (UK), Verizon (US), Avaya (US), Vonage (US), 8x8 (US), Talkdesk (US), Alcatel Lucent Enterprise (France), Sinch (Sweden), Oracle (US), RingCentral (US), Lifesize (US), Content Guru (UK), Alvaria (US), Enghouse Interactive (US), 3CLogic (US), Ameyo (India), West (US), NEC (Japan), ZTE (China), Vocalcom (France), Evolve IP (US), UJET (US), Amtelco (US), AVOXI (US), VCC Live (Hungary), Glia (US), Bright Pattern (US), ComputerTalk (Canada), and C-Zentrix (India).
Research coverage:
The market study covers the contact center software market across segments. The study aims to estimate the market size and the growth potential of the contact center software market across different market segments, including components (solutions, services), vertical, organization size, deployment mode, and region analysis. It includes an in-depth competitive intelligence analysis of the key players in the market, company profiles, observations related to products, services, business offerings, recent developments, and key market strategies.
Reasons to buy this report:
The report provides insights on the following pointers:
- Analysis of key drivers (rising adoption of advanced contact center technologies, need for handling contact center attrition and absenteeism, role of social media in contact center operations, continuous transition to cloud-based contact centers, integration with CRM and Other Business Systems, growing demand for personalized and enhanced customer interactions), restraints (inadequate network bandwidth minimizes the adoption of VoIP and cloud-based telephony, high costs and long-term contracts associated with PRI phone services, impact of IVR frauds and cyber-attacks on business operations, implementation and Integration challenges), opportunities (growing demand for analyzing audio and video conversations, increasing demand for AI and Automation, dynamic customer demands for robust self-service interactions), and challenges (data privacy and security aspects, barriers to shifting contact centers to cloud environments, need for training and skill requirements) influencing the growth of the contact center software market
- Product Development/Innovation: Detailed insights on the latest technologies in the contact center software market
- Market Development: In-depth information about lucrative markets - the report analyses the contact center software market across various regions.
- Market Diversification: Comprehensive information about new products & services, recent developments, untapped geographies, and investments in the contact center software market.
- Competitive Assessment: Detailed assessment of market shares, growth strategies, and service offerings of leading players like NICE (Israel), IBM (US), Genesys (US), AWS (US), and Five9 (US), among others, in the contact center software market.
What is the estimated value of the Global Contact Center Software Market?
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Who are the key companies in the Global Contact Center Software Market?
| Report Attribute | Details |
|---|---|
| No. of Pages | 331 |
| Published | July 2023 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value ( USD | $ 41.9 Billion |
| Forecasted Market Value ( USD | $ 109.7 Billion |
| Compound Annual Growth Rate | 21.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 37 |
Table of Contents
Executive Summary
Companies Mentioned
- 3Clogic Inc
- 8X8
- Alcatel-Lucent Enterprise
- Alvaria
- Ameyo
- Amtelco
- Avaya
- Avoxi
- AWS
- Bright Pattern
- BT Group
- C-Zentrix
- Cisco
- Computertalk
- Content Guru
- Enghouse Interactive
- Evolve IP
- Five9
- Genesys
- Glia Technologies
- IBM
- Lifesize
- Mitel
- NEC Corporation
- Nice
- Oracle
- Ringcentral
- Sinch
- Talkdesk
- Twilio
- Ujet
- VCC Live
- Verizon
- Vocalcom
- Vonage
- West Technology Group
- ZTE Corporation
Methodology
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