Global Contact Center Software Market Size, Share, Forecast Report, 2020-2027

The report provides rational insights along with historical and forecast data to aid in better understanding of the Global Contact Center Software Market. The report provides a comprehensive analysis of key factors that are expected to drive the growth of the Contact Center Software market. This study also provides a detailed overview of the opportunities along with the current trends observed in the target 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

The report covers major players operating in the market along with the key strategies implemented to achieve a competitive edge against a majority of the vendors which provides a competitive outlook of the industry. The competitive landscape further includes details about different players and their position on a global and a local level is also explained in detail in this compiled study. These insights were prepared through mapping business strategies and products that offer high revenue generation capacities. Key players of the global Contact Center Software market are included as given below:

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

The global Contact Center Software market has been segmented as below:

• Solution 

  • Automatic Call Distribution (ACD)

  • Call Recording

  • Computer Telephony Integration (CTI)

  • Customer Collaboration

  • Dialer

  • Interactive Voice Responses (IVR)

  • Reporting & Analytics

  • Workforce Optimization

  • Others

• Service 

  • Integration & Deployment

  • Support & Maintenance

  • Training & Consulting

  • Managed Services

• Deployment

  • Hosted

  • On-premise

• Enterprise Size

  • Large Enterprise

  • Small & Medium Enterprise (SME)

• End-Use 

  • Banking, Financial Services, and Insurance (BFSI)

  • Consumer Goods & Retail

  • Government

  • Healthcare

  • IT & Telecom

  • Travel & Hospitality

  • Others

• Global Contact Center Software Market by Region
• North America
• Europe
• Asia Pacific
• Rest of the World

Reasons to Purchase this Report:

Estimates Contact Center Software development trends with SWOT analysis

• Detailed business profiles including product offerings, recent developments, key financial information, and strategies employed by main market players
• Analysis of various regions and countries that includes the demand and supply based actions, which consequently have a major influence on the market’s expansion
• Market dynamics scenario, along with growth opportunities for players in the years to come
• Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the mentioned forecast period
• Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects