The global Contact Center Software market size is expected to be worth around US$ 72.5 billion by 2028, according to a new report by Vision Research Reports.
The global Contact Center Software market size was valued at US$ 18.2 billion in 2020 and is anticipated to grow at a CAGR of 19.8% during forecast period 2021 to 2028.
Growth Factors
The increasing consumer base and high adoption rate of cloud-based services, social media, and mobile analytics among various industry sectors is projected to boost market growth. Also, the demand for improved omnichannel experiences and technological advancements in communication services are expected to drive market growth.
Factors such as increasing advancements in artificial intelligence (AI) and its application in business analytics are expected to accelerate market growth over the forecast period. Rapid technological advancements have resulted in introduction of the Business Process Automation, thereby, reducing the workload of customer care representatives. The availability of interactive voice response (IVR) and automatic call distribution (ACD) software has further resulted in an increase in productivity of customer-centric organizations.
The increased adoption of cloud-based contact center services has empowered organizations in reinforcing the security of customers’ confidential information through web security and centralized database. Additionally, cloud-based contact center services provide multiple customer point of contact, which allow access to the necessary data from anywhere and at any time across the globe. Cloud-based contact center services easily integrate with AI, machine learning, omnichannel, and various analytical tools, subsequently opening up ways for an organization to advance technologically.
Report Highlights
The interactive voice response (IVR) segment accounted for a major revenue share in 2019 owing to high demand for quick resolution of queries over calls. IVR solutions enable customers to resolve product-related issues by themselves rather than relying on customer care representatives. Moreover, innovative uses of IVR, such as marketing for customers, feedback surveys, and payment processing, are projected to boost growth. Some of the applications of IVR include call center forwarding, office calls routing, and surveys, and polls.
The customer collaboration segment is anticipated to grow rapidly in the market for contact center software over the forecast period. The software allows organizations to interact with their existing and potential customers in a better way. It also helps them establish a long-term bond with their customers and upgrade product quality through feedback, thereby, improving the overall performance of a company.
Based on services, the contact center software market has been segmented into integration and deployment, support and maintenance, training and consulting, and managed services. The integration and deployment function accounted for the largest market share in 2019. The large-scale demand for the implementation of new contact center software and integration of new systems with the existing ones at the workplace is expected to drive segment growth.
The recent years have witnessed technological changes at a considerable pace, resulting in continuous upgrades in the contact center software services. There exists a significant demand for updating customer experience software and solutions with varying technologies. The buyers require vendor support for troubleshooting and resolving technical issues, which might have a positive influence on the growth of the support and maintenance segment.
Based on deployment, the market for contact center software has been segmented into hosted and on-premise. The transition of customer care departments from manually noting problems to automatically resolving queries and issues through IVRs and self-service portals has resulted in substantial changes in the business process automation technology.
The hosted deployment segment is expected to grow remarkably in the market for contact center software over the forecast period. The availability of affordable internet connections is expected to increase the demand for hosted deployment of contact center solutions in organizations. Various organizations widely prefer this deployment mode as it is hosted on a vendor’s server and can be accessed by only authorized people through a web browser. It also eliminates the need to regularly upgrade the software.
Based on enterprise size, the market for contact center software has been segmented into large enterprises and small and medium enterprises. The Small and Medium Enterprises (SME) segment is projected to register the highest growth over the forecast period. Increasing implementation of customer care solutions to reduce the burden of carrying out regular mundane tasks and to allow employees to focus on organizational development is expected to drive the contact center software adoption in SMEs.
Large enterprises have enormous amounts of customer data that needs to be managed effectively in local offices as well as overseas. In order to manage this data, such enterprises implement contact center systems. These systems allow professionals to focus on customer retention and critical queries instead of resolving traditional queries. In large enterprises, contact center software allows employees from various domains to communicate and share accurate information about their clients through updates.
Increasing demand from IT and telecom, BFSI, government, consumer goods, and retail, travel, and hospitality, and healthcare sectors is anticipated to drive the growth. The contact centers and unified collaboration software increasingly offer flexibility and multimedia to customers, thereby, enhancing customer satisfaction and ensuring brand loyalty.
In emerging countries, such as China and India, as a part of the e-government initiative, offices and public organizations are expected to implement contact center solutions to efficiently carry out online processes related to citizen complaints, queries, inquiries, and feedback.
In North America, the market for contact center software accounted for the largest revenue share in the year 2019. The presence of a large number of contact center software vendors in North America has resulted in increased awareness among local organizations about these softwaers.
In Asia Pacific, the market for contact center software is experiencing immense growth owing to the increasing number of favorable government initiatives for supporting automation of business processes and adoption of cloud-based systems.
Key Players
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.
Market Segmentation
Solution Outlook
Automatic Call Distribution (ACD)
Call Recording
Computer Telephony Integration (CTI)
Customer Collaboration
Dialer
Interactive Voice Responses (IVR)
Reporting & Analytics
Workforce Optimization
Others
Service Outlook
Integration & Deployment
Support & Maintenance
Training & Consulting
Managed Services
Deployment Outlook
Hosted
On-premise
Enterprise Size Outlook
Large Enterprise
Small & Medium Enterprise (SME)
End-Use Outlook
Banking, Financial Services, and Insurance (BFSI)
Consumer Goods & Retail
Government
Healthcare
IT & Telecom
Travel & Hospitality
Others
Regional Outlook
North America
The U.S.
Canada
Europe
Germany
The U.K.
Spain
Asia Pacific
China
India
Japan
Latin America
Brazil
MEA
The Contact Center Software market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Contact Center Software market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Contact Center Software market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Contact Center Software market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Contact Center Software market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Contact Center Software capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Contact Center Software by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Contact Center Software market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Contact Center Software market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Contact Center Software market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Contact Center Software industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Contact Center Software market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Contact Center Software market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Contact Center Software market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Contact Center Software market. These factors have benefited the growth of the global market for Contact Center Software. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Contact Center Software. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Contact Center Software are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
Research Methodology:
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
Primary Sources
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers