Rise in usage of contact center software among organizations to enhance customer experience and increased need for personalized services are majorly driving the Contact Center Software Market globally.
The global contact center software market was valued at USD 23.9 billion in 2020 and is expected to reach USD 75.7 billion by 2027, with a Compound Annual Growth Rate (CAGR) of 21.1% during the forecast period (2021-2027).
The key driving factor for Global Contact Center Software Market include increasing usage of contact center solutions among organizations in order to offer its customers with enhanced experience through multiple channels, that includes mobile, voice, video, social media and web. With the rising competition among organizations, it has now become important for organizations to maintain consistent and stable relationships with their customers and ensure customer loyalty. Therefore, several organizations are now extensively adopting contact center software in order to improve customer satisfaction levels and their overall experiences. With the use of contact center software, customer care executives are now finding it easier to build a deeper relationship with customers, which helps them in providing long term value for the business.
Global Contact Center Software Market Segmentation
The Global Contact Center Software Market has been segmented on the basis of component, deployment model, organization size, end-use industry and region:
Global Contact Center Software Market Component Outlook (Revenue, USD Billion, 2021-2027)
Global Contact Center Software Market Deployment Model Outlook (Revenue, USD Billion, 2021-2027)
Global Contact Center Software Market Organization Size Outlook (Revenue, USD Billion, 2021-2027)
Global Contact Center Software Market End-Use Industry Outlook (Revenue, USD Billion, 2021-2027)
The improved and advanced technologies, such as predictive analysis, artificial intelligence, machine learning, big data, cloud-based systems and many others are expected to further improve the performance of contact center software. Artificial Intelligence is mainly used to develop bots and automated messaging, thereby enabling a positive impact on the overall operational efficiency of contact center software. For instance, in June 2017, 3CLogic, a leading cloud contact center platform, announced contact center software leveraging artificial intelligence which is primarily focused on chat-enabled bots using Polly(R) and Amazon Lex®. Moreover, now buyers extensively prefer cloud-based systems because of several advantages, such as usage elimination of installation cost and time, reduced maintenance cost and flexibility. Therefore, several customer relationship solution companies have now extended their services to the cloud platform, which has helped in getting easy access to data from any system with an internet connection across the organization.
Moreover, with the covid-19 outbreak, organizations globally are adopting work-from-home policies to tackle with the on-going crisis. This has positively affected the contact center services across the industries. Considering the safety of its employees, a lot of companies have moved their customer service on a cloud platform as most of its employees are working remotely. Could based deployment increase the demand for contact center solutions by integrating workforce management. Employees are the most valuable assets of any organization and in order to leverage maximum productivity from these assets, scheduling their work is vital. For instance, in April 2020, VOO, a leading Belgium telecommunication company, moved its employees to work remotely and implemented an agile cloud contact center solution due to the pandemic. Also, easy to upgrade capability of the cloud platform allows companies to adjust to the constantly changing environment.
Based on region, North America holds the largest market size in 2020 and is expected to exhibit similar trend in the forecast period. This is mainly because of expanding e-commerce platform and rising omnichannel approach to sales in the region. Organizations in this region have rapidly invested in emerging technologies, such as AI, big data, analytics, and cloud platforms which will help in positively boosting the contact center software market. For instance, in 2019, Amazon, using AI-based drone delivery systems has unveiled its Prime Air drone delivery system to reduce the delivery time of the products. This will highly help in increasing the demand of its products and expanding the operations of Amazon, and thereby increasing the need for Contact center software solutions for the organization.
Global Contact Center Software Market Region Outlook (Revenue, USD Billion, 2021-2027)
List of Key Players of Global Contact Center Software Market