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Contact Center Software Market Size, Share & COVID-19 Impact Analysis, By Component (Solution and Services), By Deployment (Cloud and On-Premise), By Enterprise Type (Small & Medium Enterprises and Large Enterprises), By Vertical (BFSI, ITES, IT and Telecom, Government, Healthcare, Consumer Goods & Retail, Travel & Hospitality, Media & Entertainment, and Others), and Regional Forecast, 2023-2030

Region : Global | Format: PDF | Report ID: FBI100840

 

KEY MARKET INSIGHTS

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The global contact center software market size was valued at USD 34.66 billion in 2022 and is projected to grow from USD 42.47 billion in 2023 to USD 164.01 billion by 2030, exhibiting a CAGR of 21.3% during the forecast period. North America is predicted to hold the largest market share.


Emerging technologies, such as artificial intelligence, cloud, predictive analysis, and machine learning, are projected to enhance contact center software capabilities. The increasing awareness of consumer rights has resulted in the growth of customer queries across industries. The customer service-oriented sectors, such as consumer goods and retail, healthcare, BFSI, and others, are increasingly investing in contact centers to improve the customer experience and ensure service satisfaction. In the scope of the market report, we have included component solutions and services offered by companies including NICE CXone, Genesys Cloud CX, 3CX, and Five9 Inc., among others.


Advancements in technologies assisted customers to contact companies via all accessible platforms, including phone conversations, video chats, emails, and social media. Omni-channel solutions are provided by the contact center solution to reach customers across several channels. For instance, to create a seamless and intelligent customer experience, Capital One installed the Amazon Connect cloud-based contact center technology. As a result, the market for contact center software is driven by the increased rivalry to retain loyal consumers through seamless services.


COVID-19 IMPACT


Demand for Support Services to Accelerate Adoption of Contact Centers during Pandemic


To deal with the crisis and fulfill social distancing conventions, businesses globally are adopting work-from-home policies in large numbers. This strategy has a significant impact on the demand for contact center services in a variety of sectors. In addition, owing to pandemic complications, businesses are observing unexpected behavioral changes among their client bases. Customers expect immediate solutions to their queries. So, most businesses have moved their customer support to the cloud. For occurrence, Avaya Holdings Corp. launched remote contact center solutions for workforces working from home.


The company has offered its software to over 5 million contact center agents and assisted over 150,000 remote agents in dealing with the challenges arising from the pandemic. Cloud platforms assist customers and agents working from different places to communicate easily. Using cloud-based solutions during the pandemic ensured employee safety by allowing them to access data from anywhere. According to a Cisco System, Inc. report published on the global contact center market, 2020, around 62% of industries aim to develop cloud-based contact center software in the next 18 months.


The COVID-19 impact is expected to drive the adoption of cloud-based contact centers. For instance,



  • Five9 Inc.'s intelligent cloud contact center solution is used across the U.S. to handle COVID-19 hotlines.

  • In 2020, according to NICE Flash Survey, 66% of contact center survey respondents said they were planning to accelerate their move toward cloud due to COVID-19 impact.


LATEST TRENDS


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Artificial Intelligence Integrated Software to Drive Market Growth


Artificial intelligence is being integrated by the developer to improve the software's efficiency. At every stage of service, AI-based software aids in analyzing customer behavior. It gives customers real-time customer insights and forecasts their future behavior. This analysis assists the agents in handling and guiding clients through the call with the appropriate solutions. By engaging and filtering the conversations, AI-enabled chatbots assist in minimizing customers' waiting time. The data gathered throughout the interaction is transferred to an analytics engine that assists in contact center process optimization.


Similarly, in conjunction with predictive analysis, sentimental analysis searches for a keyword to anticipate the tone of a customer's expression. NLP and machine learning assist agents in making judgments that improve customer service and caller’s experience. According to Kearney, a worldwide management consulting organization, implementing AI and robotic process automation can reduce agent support time by 25% by 2022.


DRIVING FACTORS


Increased Implementation of Omnichannel Services to Ensure Customer Satisfaction


Customers communicate with the organization via digital communication channels, including emails, social media, SMS, phone calls, video, live chats, and more with the help of an omnichannel solution. It provides personalized communication with customers, which increases customer satisfaction. The contact center solution reduces customer service costs while increasing the improved number of customer complaints. The presence of service providers across all available channels assists developing client trust. It also provides real-time insights into customers across channels to the agents who deal with them. This enables the agent to develop stronger customer relationships and provide enhanced customer experience. This is anticipated to accelerate the contact center software market growth.


For instance, in April 2023, Enghouse Interactive Inc. launched a new CX suite that combines unified communications, omnichannel contact center, and IoT capabilities. The suite integrates AI to enhance customer interactions and IoT to meet specific demands.


Increased Demand for Cloud-based Contact Centers to Support Market Growth


Companies are increasingly adopting cloud-based software owing to increased competition and the rising cost of on-premise solutions. Cloud-based software provides greater flexibility and scalability in an organization than traditional contact centers. It provides immediate assistance to the agent for them to deliver better service to the customer. The agents use the information stored in the cloud to help the customer within the time frame specified. This reduces customer wait times and increases customer loyalty to the brand. For instance,



  • In March 2021 – 8x8, Inc. launched the 8x8 Contact Center for Microsoft Teams, a certified Microsoft Teams integration. The 8x8 cloud contact center and communication solution provide agents and employees with an integrated contact center and global direct routing solution, which can be administered easily from any Teams endpoint.


RESTRAINING FACTORS


High-cost Investment to Inhibit the Market Growth


End-use enterprises face challenges as the cost of contact center solutions increases. The on-premise contact center solutions need in-house hardware that requires regular maintenance and services. The requirement for service maintenance and dedicated staff results in massive company expenses. Similarly, in the case of cloud-based software, extended downtime can be extremely costly to the business. Due to the rising number of cloud attacks, companies enabling cloud systems are required to provide dedicated cybersecurity solutions. This is expected to hamper market growth during the forecast period.


SEGMENTATION


By Component Analysis


Rising Customer Experience Demand to Drive the Solution Segment Growth


Based on component, the market is categorized into solution and services.


The solution segment is subdivided into Interactive Voice Response (IVR), automatic call distribution, Computer Telephony Integration (CTI), call recording, reporting and analytics, dialer, workforce optimization, customer collaboration, and others.


During the forecast period, the solution segment is expected to gain a significant market share. Integrating advanced technologies, such as AI, predictive analytics, robotic process automation, and others, with contact center solutions is accelerating market growth. IVR solutions are expected to capture a significant market share. The intelligent IVR understands the needs of the customers through speech recognition and notifies the operatives about updates. Similarly, workforce optimization is expected to grow rapidly as it improves agent’s efficiency and performance. The solution analyzes customer communication and provides agents with insights.


The services segment is further bifurcated into professional services and managed services. The services segment is expected to witness high growth during the forecast period owing to rising software adoption. Contact center services assist businesses in deploying and implementing solutions without disrupting the existing network. Similarly, implementing technical support and maintenance services reduces the likelihood of communication disruption.


By Deployment Analysis


Cloud's Flexibility and Scalability to Lead to Cloud to Grow Significantly


Based on deployment, the market is categorized into cloud and on-premise.


The on-premise segment is expected to hold the largest revenue share. However, due to high investment costs, it is likely to experience declining growth over the forecast period. Cloud is anticipated to grow significantly during the forecast period owing to its capabilities such as ease of implementation, deployment, enhancements, and others. The adoption of cloud-based technology also aids in the reduction of enterprise operational costs. This is expected to drive the cloud segment.


By Enterprise Type Analysis


Growing Competition in Small and Medium-Sized Businesses to Enhance Market Size


Based on enterprise type, the market is segmented into large enterprises and small & medium enterprises.


During the forecast period, the large enterprises segment is expected to gain a significant revenue share. The integration of cloud services and AI with contact centers is accelerating software adoption across large enterprises.


The small & medium enterprises segment is expected to witness high growth as competition to increase customer base grows. The software provides agents with analytical skills to ensure customer satisfaction during communication. Furthermore, cloud-based software provides a better experience at a lower cost.


By Vertical Analysis


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Increasing Online Trade Demand to Boost BFSI Market Share Significantly


Based on vertical, the market is segmented into BFSI, IT and telecom, government, media and entertainment, ITES, healthcare, travel and hospitality, consumer goods and retail, and others.


During the forecast period, the BFSI segment is expected to lead the market with majority of the market share. The increasing cross-selling and up-selling of the financial portfolio is driving the BFSI industry's adoption of contact center software. Other industry verticals, including ITES, IT and telecom, government, travel and hospitality, media and entertainment are expected to grow steadily.


The healthcare segment is expected to grow rapidly due to increased customer inquiries across the industry. The industry's growing emphasis on patient-centric services is expected to drive market growth. The pandemic crisis has increased the demand for contact center software solutions in healthcare to provide 24-hour hotline services.


Software is also in high demand in the consumer goods & retail segment. The growing popularity of online shopping drives the demand for continuous customer service facilities. The software improves the customer experience by providing retailers with omnichannel services. The growing number of customer inquiries in the consumer goods and retail sectors is expected to surge the demand for contact center solutions.


REGIONAL INSIGHTS


North America Contact Center Software Market Size, 2022 (USD Billion)

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The market has been analyzed across five major regions, North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.


The North America Contact Center Software Market size was valued at USD 10.37 Billion in 2022 and is growing at a CAGR of 15.9% from 2023 to 2030. North America is predicted to hold the largest market share during the forecast period. The U.S. is expected to witness high growth due to increased integration and innovation in technologies such as cloud computing, Big Data analytics, and AI. These emerging technologies are providing real-time analytics capabilities to contact center software. The BFSI, healthcare, retail, and government sectors are more concerned with providing excellent customer service.


Similarly, Europe is expected to grow steadily during the forecast period, owing to the region's expanding service-based industries. Germany and the U.K. are expected to lead the regional market.


Asia Pacific is likely to grow rapidly during the forecast period owing to the presence of a significant number of IT and ITES companies in the region. Healthcare, BFSI, consumer goods, and retail, among other businesses, are all experiencing rapid expansion in the region. The need for contact center software is likely to rise as a result of this.


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During the forecast period, the Middle East & Africa as well as Latin America are expected to increase steadily. The demand for contact center solutions is driven by increased competition among local and multinational businesses.


KEY INDUSTRY PLAYERS


Key Players to Diversify their Product Portfolios through Strategic Acquisitions and Collaborations


Cisco Systems, Inc. integrated AI and automation tools to deliver advanced software solutions and is strategically broadening its services by acquiring small and medium vendors. Other key market players, such as NEC Corporation, Genesis Corporation, NICE Corporation, Microsoft Corporation, and Mitel Networks Corporation, are concentrating on expanding their operations by providing creative and advanced solutions. These key players are investing in developing cloud-based contact center software solutions.



  • April 2023: Teckinfo Solutions Pvt. Ltd. launched ID Cloud - Premium Contact Centre Software platform to provide a complete set of customer engagement platforms that streamlines and simplifies customer engagement for businesses of all sizes and types.

  • July 2021: 3CLogic. Inc. formed a strategic partnership with ScreenMeet. The partnership will augment ServiceNow's existing digital channels and self-service by combining their respective communication offerings across SMS, voice, video, screen-sharing, and co-browsing to extend ServiceNow's omnichannel customer support capabilities.

  • May 2021: Mitel Networks Corporation announced a strategic partnership with Five9, Inc. The partnership aims to deliver customers and partners around the world to access the Contact Center as a Service (CCaaS) solution, which works in conjunction with Mitel's communications solutions.


List of the Key Companies Profiled:



KEY INDUSTRY DEVELOPMENTS:



  • April 2023: Bright Pattern launched an omni-enterprise contact center platform. This platform enhances customer experiences and drives greater enterprise productivity.

  • March 2023: Five9 and Qualtrics collaborated to improve the contact center experience for customers and agents. The partnership aided integrating between Qualtrics’ XM Platform and Five9 Event Subscription Services to respond to customers more efficiently.

  • March 2023: 8x8, Inc. launched AI-driven features to its Contact Center solution. The new additions include an 8x8 Supervisor Workspace, 8x8 Intelligent Customer Assistant, and platform integration with OpenAI. It transforms contact center performance through improved customer experiences.

  • March 2023: 3CLogic debuted its CTI and Contact Center solution on SAP Store. The solution integrates with SAP CRM Service Manager and SAP CRM Sales to enable SMS experiences and intelligent voice. This helps in optimizing live customer engagements while decreasing operational costs.

  • June 2021: Genesys Telecommunications Laboratories, Inc. introduced new AI-driven Customer Experiences capabilities to assist rapid innovation. The objective is to make it simple for businesses to create and manage their own bot experiences as well as to integrate third-party messaging apps and provide technical training to their workforces. In addition, this flexible consumption model allows businesses access to Genesys solutions, allowing them to grow or deploy new capabilities as needed to meet changing consumer and business requirements.


REPORT COVERAGE


An Infographic Representation of Contact Center Software Market

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The research report highlights leading regions across the world to offer a better understanding of the user. Furthermore, the report provides insights into the latest industry trends and analyzes technologies that are being deployed at a rapid pace at the global level. It further highlights some of the growth-stimulating factors and restraints, helping the reader to gain in-depth knowledge about the market.


REPORT SCOPE & SEGMENTATION






























































  ATTRIBUTE



  DETAILS



Study Period



2019-2030



Base Year



2023



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate  



CAGR of 21.3% from 2023 to 2030



Unit



Value (USD Billion)



Segmentation



By Component, Deployment, Enterprise Type, Vertical, and Region



By Component




  • Solution                      


    • Interactive Voice Response (IVR)

    • Automatic Call Distribution

    • Computer Telephony Integration (CTI)

    • Call Recording

    • Reporting and Analytics

    • Dialer

    • Workforce Optimization

    • Customer Collaboration

    • Others


  • Services


    • Professional Services








      • Consulting Services

      • Training and Education

      • Support and Maintenance








    • Managed Services




By Deployment




  • Cloud

  • On-premise



By Enterprise Type




  • Small & Medium Enterprises

  • Large Enterprises



By Vertical




  • Banking, Financial Services and Insurance (BFSI)

  • ITES

  • IT and Telecom

  • Government

  • Healthcare

  • Consumer Goods and Retail

  • Travel and Hospitality

  • Media and Entertainment

  • Others



By Region




  • North America (By Component, By Deployment, By Enterprise Type, By Vertical, By Region)

    • U.S. (By Vertical)

    • Canada (By Vertical)



  • Europe (By Component, By Deployment, By Enterprise Type, By Vertical, By Region)

    • U.K. (By Vertical)

    • Germany (By Vertical)

    • France (By Vertical)

    • Spain (By Vertical)

    • Rest of Europe





  • Asia Pacific (By Component, By Deployment, By Enterprise Type, By Vertical, By Region)





    • China (By Vertical)

    • Japan (By Vertical)

    • India (By Vertical)

    • Southeast Asia (By Vertical)

    • Rest of Asia Pacific



  • Middle East & Africa (By Component, By Deployment, By Enterprise Type, By Vertical, By Region)

    • GCC (By Vertical)

    • South Africa (By Vertical)

    • Rest of the Middle East & Africa



  • Latin America (By Component, By Deployment, By Enterprise Type, By Vertical, By Region)

    • Mexico (By Vertical)

    • Brazil (By Vertical)

    • Rest of Latin America





Frequently Asked Questions

The market is projected to reach USD 164.01 billion by 2030.

In 2022, the market was valued at USD 34.66 billion.

The market is projected to grow at a CAGR of 21.3% over the forecast period.

The solution segment is predicted to lead the market based on components.

The increased implementation of omnichannel services is expected to drive the market growth.

Cisco Systems, Inc., NEC Corporation, Genesis Corporation, NICE Corporation, Microsoft Corporation, Mitel Networks Corporation, and Bright Pattern, Inc. are some of the top players in the market.

North America is expected to hold the highest market share.

Asia Pacific is expected to grow with a significant growth rate.

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