The Contact Center Software market size is expected to grow from USD 35.2 billion in 2022 to USD 93.7 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 21.6% during the forecast period. The infusion of Artificial Intelligence (AI)-related technologies, such as Machine Learning (ML) and Natural Language Processing (NLP), further adds to the available opportunities for contact center solution providers to innovate in the market.
The services enable benefit the organizations by enhancing the contact center solution’s execution and streamlining their operations
Services form an integral part of the Contact Center Software life cycle. With these services, contact center solution providers enables end users to integrate and deploy software configured to their requirements. Enterprises across the globe are investing heavily on integrating several applications and tools, such as CRM into their business processes, thus, driving the growth of this segment. The growing need for business agility and rapid deployment of cloud-based solutions also contributes well for the growth of these services in the market. The managed services segment is expected grow at fast rate over the forecast period.
Scalability and cost-effectiveness are the major factors driving the adoption of cloud-based Contact Center Software.
While enabling contact centers to optimize agent performance, enhance customer experiences, and streamline routing of calls and similar demands, cloud-based contact center solutions help eliminate costs related to physical telephony systems, servers, storage hardware, and technical staff. The cloud-based deployment model is expected to replace the on-premises-based deployment model in the short-term.
The intensely competitive market scenario has encouraged SMEs to invest in contact center solutions to achieve high business efficiency
Being constrained by limited budgets, small IT infrastructure, and staff, SMEs look for flexible, scalable, and cost-effective solutions. Hence, SMEs increasingly adopt cloud-based Contact Center Software solutions to optimize and automate customer communications and outreach.
Contact Center Software in the retail and consumer goods industry has a specific importance in the overall business operations and is expected to deliver a higher RoI
Contact center solutions are one-stop solutions that help retail and consumer goods businesses in building customer-centric market strategies and making faster decisions based on customer preferences, past buying behaviours, and real-time interactions. These solutions assist companies in making significant enhancements in business operations. Using the contact center solutions, companies can easily analyse the historical interest of customers and purchase patterns to deliver the best possible recommendations and gain maximum profits.
North America to dominate the Contact Center Software Market in 2022
The two major countries contributing towards region’s growth: the US and Canada are expected to boost the adoption of contact center software solution in the region. The vendors in this region are continuously focusing on developing and integrating contact center solutions for organizations that are willing to streamline their customer care processes. For instance, in December 2021, 8X8, Inc. has announced that DMV Veterinary Centers, an emergency and specialty pet hospitals and services provider in Canada, have deployed their 8×8 Contact Center for Microsoft Teams which has helped DMV Veterinary Centers in meeting the growing demand for veterinary services and thus, effectively enhance the customer experience for pet owners. The solution provides advanced omnichannel contact center capabilities to ensure quick resolution of customer issues across the four veterinary centers in Canada. The growth in call volumes, increase in demand for the remote management of contact center agent performance, heightened adoption of contact center solutions by government and public sector organizations, and rise in M&As and partnerships by contact center providers in the region drive the adoption of contact center solutions in North America.
In the process of determining and verifying the market size for several segments and sub segments gathered through secondary research, extensive primary interviews were conducted with the key people. The breakup of the profiles of the primary participants as follows:
- By Company Type: Tier I:35%, Tier II: 25%, and Tier III:40%
- By Designation: C-Level:25%, D-Level:30%, and Others:45%
- By Region: North America:42%, Europe:25%, APAC: 18%, Row: 15%
The report profiles the following key vendors:
- Genesys (US)
- IBM (US)
- AWS (US)
- Five9 (US)
- Twilio (US)
- Mitel (Canada)
- NICE (Israel)
- Cisco (US)
- BT (UK)
- Verizon (US)
The report segments the Contact Center Software market by the component segment which includes solutions and services. The solutions has various types such as omnichannel routing, workforce engagement management, reporting and analytics, customer engagement, others. The services are further segmented into consulting, integration and implementation, and training, support, and maintenance.
Based on the deployment model, the market is segmented into on-premises and cloud.
The market is also segmented based on organization sizes as small and medium-sized enterprises and large enterprises.
Different industries using contact center solutions include BFSI, telecommunications, IT and ITES, government and public sector, retail and consumer goods, manufacturing, energy and utilities and other industries.
The geographic analysis of the contact center market is spread across five major regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.