Contact Center Software Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F

Contact Center Software Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F

Global contact center software market is predicted to proliferate during the forecast period due to the growing adoption of omnichannel customer by enterprises to meet the need for growing businesses. The use of cloud-based contact center solutions can improve business continuity and is a significant factor in the market's expansion. In addition, AI and ML are being used to automate tasks in contact centers, such as routing calls, answering questions, and resolving issues. Furthermore, businesses are adopting contact center software to lower power consumption and to create much faster computers that are attributed to the growth of contact center software market globally.

A contact center software is a suite of applications that automate essential contact center operations, such as call routing, agent scheduling, and customer data management. It assists organizations in controlling cost, creating agents, improving customer experience, adhering to regulatory requirements, and increasing efficiency. The contact center software typically includes the following features such as interactive voice response (IVR), automatic call distribution (ACD), customer relationship management (CRM), and workforce management (WFM). In addition to these core features, a contact center software might have a variety of other features, such as email, social media, video conferencing, speech analytics, and many more. Moreover, by automating key contact center processes, contact center software can enable enterprises to incorporate cutting-edge technologies including artificial intelligence (AI). This will create new opportunities for companies that develop and manufacture contact center software in the upcoming years.

The increasing adoption of Cloud is Boosting the Global Contact Center Software Market

Numerous businesses are increasingly utilizing cloud-based software because of the growing acceptance of internet-based services. The cloud-based solution is so adaptable that representatives can access customers' information in real time and communicate with them across channels and locations. Additionally, the software removes the requirement for agents or representatives to be present in offices round-the-clock. Additionally, this software's main selling points are reliability and security enabled for businesses to adopt it. Additionally, small, and medium-sized businesses have adopted cloud technology because of lower costs associated with implementation, upkeep, and upgrades, whereas large businesses continue to utilize cloud solutions due to their high operational efficacy and simple integration into existing systems. Moreover, enterprises that are already using cloud technology intend to increase their cloud budgets. When compared to conventional on-premises options, cloud-based contact center software frequently offers better value. It is because businesses do not have to purchase and maintain their own software and hardware, and they are free to increase or decrease the size of their contact center as required without incurring additional costs. Cloud-based software can make it simple for businesses to incorporate AI, machine learning, and other omnichannel solutions, as well as a variety of analytical tools utilized. Businesses will have the chance to make long-term investments because of it. As a result, the demand for contact center software is expected to rise significantly over the forecast period due to all these factors. Therefore, the increasing adoption of cloud is expected to grow the global contact center software market in the forecasting period.

Rising need for Automated Client Services is Proliferating the Contact Center Software Growth

The rising need for automated client services is one of the key factors driving the growth of the contact center software market. Businesses are increasingly seeking to automate their customer service operations to improve efficiency, reduce costs, and provide a better customer experience. Automated client services can help businesses to improve the efficiency of their customer service operations by freeing up agents to focus on more complex issues. To create long-term value for the business, executives in charge of customer service are required to maintain closer ties with customers. In addition, enterprises are required to concentrate on preserving their present audience if they want to ensure brand loyalty. Automation in the process can aid to improve the customer experience by providing customers with 24/7 access to support by reducing the time it requires to resolve issues. Due to this, enterprises are integrating automated client services to cut down on the time spent while answering typical customer inquiries and instead utilizing that time to address more complicated issues and interaction with new customers. For instance, artificial intelligence (AI)-powered chatbots and social media management systems are increasing in demand to resolve customer issues rapidly. Chatbots can be used to answer frequently asked questions and self-service portals can be used to allow customers to resolve their own issues without the need to speak to a live agent. Moreover, there will be more interactions at contact centers through automated communication than through human agents owing to machine learning and artificial intelligence (AI). This in turn is raising the need for automated client services, proliferating the growth of global contact center software market in the forecast period.

The Rise of Omnichannel Customer Service is Enabling Contact Center Software

Customer satisfaction is essential for the retailer to maintain its sustainability and profitability. Enterprises such as Amazon, Starbucks, Home Depot etc. uses contact center software to provide a seamless omnichannel customer experience. Customers can contact enterprises through a variety of channels, including phone, email, chat, and social media. The retail industry is entering a new era owing to increasing digitalization, which has a significant and beneficial impact on business strategy. The goal of retailers is to make shopping easy, smooth, enjoyable, and relaxing for their customers. Omnichannel retailing is one of the disruptive digital innovations in retailing. When compared to their rivals, businesses that utilize omnichannel contact center solutions have a higher rate of customer retention. Additionally, the expansion of digital channels and emerging communication technologies has enabled the integration of omnichannel customer support in the business.

By providing a single view of all interactions, omnichannel contact center software makes it easier for agents to respond to inquiries from customers coming from a variety of channels. Enterprises that are offering omnichannel services to business are outperforming other companies in terms of average profit margin per client. Moreover, when reviewing their contacts with centers, clients give self-service alternatives a high rating. With these alternatives, customers can quickly and conveniently locate the information they require, using any device. As cloud-based technology may be easily combined with omnichannel contact center solutions to provide a seamless communication experience across all devices. The demand for omnichannel services enable the contact center software’s in the enterprises are growing rapidly, attributing the growth of global contact center software market in the forecast period.

Inadequate Average Response Time and Poor Initial Call Resolution

A contact center's First Call Resolution (FCR) and Average Speed of Answer (ASA) can have several negative effects, including a decrease in agent and customer satisfaction. High rates of abandonment, longer processing times, and increased costs for the contact center are all challenges that contact centers face. These challenges can lead to customer dissatisfaction, lost revenue, and increased operational costs. There is a significant discrepancy between the volume of incoming phone calls and the volume of questions that are answered on the initial call, even though many providers of contact center solutions are taking steps to ensure that client inquiries are processed within the allotted time frame. ASA and FCR are two types of metrics that are used to evaluate the effectiveness of contact centers. Businesses have struggled to provide the necessary customer service as customer demands have increased. Most of the customers prefer not to wait more than 20 seconds in a call queue. But the call volume, or the number of calls handled each day is negatively impacted when a customer waits longer than 20 seconds. Therefore, the inadequate average response time and poor initial call resolution are restraining the growth of the global contact center software market in the forecast period.

Market Segmentation

Global Contact Center Software Market is divided into solution, service, deployment, enterprise size, industry. Based on solution, the market is segmented into automatic call distribution (ACD), computer telephony integration (CTI), call recording, dialer, customer collaboration, reporting & analytics, interactive voice responses (IVR), workforce optimization, and others. Based on service, the market is further divided into integration & deployment, support & maintenance, training & consulting, and managed services. Based on deployment, the market is bifurcated into cloud and on-premises. Based on enterprise size, the market is segmented into large enterprises, small and medium-sized enterprises. Based on industry, the market is segmented into consumer goods & retail, government, BFSI, healthcare, information technology (IT) & telecom, and others.

Company Profiles

Cisco Systems Inc., ZTE Corporation, NEC Enterprise Solutions, Oracle Corporation, SAP SE, Enghouse Interactive Inc., Five9 Inc., Genesys Telecommunications Laboratories Inc., Mitel Networks Corporation, and Aspect Software Inc. are among the major players that are driving the growth of the global contact center software market.

Report Scope:

In this report, the global contact center software market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Contact Center Software Market, By Solution:
• Automatic Call Distribution (ACD)
• Computer Telephony Integration (CTI)
• Call Recording
• Dialer
• Customer Collaboration
• Reporting & Analytics
• Interactive Voice Response (IVR)
• Workforce Optimization
• Others
• Contact Center Software Market, By Service:
• Integration & Deployment
• Support & Maintenance
• Training & Consulting
• Managed Services
• Contact Center Software Market, By Deployment:
• Cloud
• On-premise
• Contact Center Software Market, By End User:
• Large Enterprises
• Small and Medium-Sized Enterprises
• Contact Center Software Market, By Industry:
• Consumer Goods & Retail
• Government
• BFSI
• Healthcare
• Information Technology (IT) & Telecom
• Others
• Contact Center Software Market, By Region:
• Asia-Pacific
• China
• Japan
• India
• Australia
• South Korea
• North America
• United States
• Canada
• Mexico
• Europe
• United Kingdom
• Germany
• France
• Spain
• Italy
• Middle East & Africa
• Israel
• Qatar
• Saudi Arabia
• UAE
• South America
• Brazil
• Argentina
• Colombia

Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the global contact center software market.

Company Information

• Detailed analysis and profiling of additional market players (up to five).

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