"Smart Strategies, Giving Speed to your Growth Trajectory"

Contact Center Software Market Size, Share & COVID-19 Impact Analysis, By Component (Solution and Services), By Deployment (Cloud, and On-Premises), By Enterprise Size (Large Enterprises and Small & Medium Enterprises), By Industry (BFSI, ITES, IT and Telecom, Government, Healthcare, Consumer Goods & Retail, Travel & Hospitality, Media & Entertainment, and Others), and Regional Forecast, 2022-2029

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

 

KEY MARKET INSIGHTS

Play Audio Listen to Audio Version

The global contact center software market size was valued at USD 26.93 billion in 2021 and is projected to grow from USD 30.74 billion in 2022 to USD 78.75 billion in 2029, exhibiting a CAGR of 14.4% during the forecast period. The market exhibited a substantial growth of 14.02% in 2020, as compared to the average year-on-year growth compared to 2019. The global impact of COVID-19 has been unprecedented and staggering, with contact center software experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.


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


Advancement 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 all around the world are adopting work-from-home policies in large numbers. This strategy has a significant impact on 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 that have arisen because of the pandemic. Cloud services assists customers and agents working from different places to communicate easily. Using cloud-based contact center solutions during a pandemic ensures employee safety by allowing them to access data from anywhere. According to a Cisco System, Inc. report published on the global contact center, 2020, around 62% of industries aim to develop cloud-based contact center in the next 18 months.


The covid-19 impact is expected to drive the adoption of cloud-based contact centers. In Instance,



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

  • In 2020, According to NICE Flash Survey, 66% contact center survey respondent said they are planning to accelerate their move towards cloud because of covid-19 impact.


LATEST TRENDS


Request a Free sample to learn more about this report.


Artificial Intelligence Integrated Software to Drive Contact Center Software 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 the analysis of 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-enables chatbots assist to minimize customers' waiting time. The data gathered throughout the interaction is transferred to analytics engine that assists in contact center process optimization.


Similarly, sentimental analysis, in conjunction with predictive 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 the experience of callers. According to Kearney, a worldwide management consulting organization, implementing AI and robotic process automation can reduce agent support time by 25% by the year 2022.


DRIVING FACTORS


Increased Implementation of Omnichannel Services to Ensure Customer Satisfaction


Customers communicate with the organization via digital communication channel including emails, social media, SMS, phone calls, video, live chats, and more, with the help of Omni channel 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 in the development of 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.


Increased Demand for Cloud-Based Contact Centers to Support Contact Center Software Market Growth


Companies are increasingly adopting cloud-based software owing to increased competition and the rising cost of on-premises 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 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 Market Demand


The end-use enterprises are facing challenges as the cost of contact center solutions increases. The on-premises 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 Contact Center Solution Growth


Based on the component, the contact center software market is categorized into solutions and services.


The solution is subdivided further 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 is expected to gain a significant contact center software market share. The integration of 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 the updates. Similarly, workforce optimization is expected to grow rapidly as it improves agent’s efficiency and performance. The solution analyses customer communication and provides agents with insights.


The services are further bifurcated into professional services and managed services. The service 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 Fuel Market Demand


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


The on-premises 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 other. The adoption of cloud-based technology also aids in the reduction of enterprise operational costs. This is expected to drive the market for cloud-based software.


By Enterprise Size Analysis


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


Based on enterprise size, the contact center software market is segmented as large enterprises and small & medium enterprises.


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


Small & medium enterprises are expected to witness high growth as competition to increase customer base grows. The software provides agents with analytical skills that aid in ensuring customer satisfaction during communication. Furthermore, cloud-based software provides a better experience at a lower cost.


By Industry Analysis


To know how our report can help streamline your business, Speak to Analyst


Increasing Online Trade Demand to Significantly Boost BFSI Market Share


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


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


Software is also in high demand in the consumer goods and retail industries. The growing popularity of online shopping is driving up the demand for continuous customer service facilities. The software improves the customer experience by providing retailers with Omni channel services. The growing number of customer inquiries in the consumer goods and retail sectors is expected to drive demand for contact center solutions.


During the forecast period, the BFSI is expected to lead the market with the majority of contact center software 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.


REGIONAL INSIGHTS


North America Contact Center Software Market Size, 2021 (USD Billion)

To get more information on the regional analysis of this market, Request a Free sample


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 predicted to hold the largest market share during the forest period. The U.S. is expected to witness high growth as a result of increased integration and innovation in technologies such as cloud computing, Big Data, 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 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.


To know how our report can help streamline your business, Speak to Analyst


During the forecast period, the Middle East and Africa as well as Latin America are expected to increase steadily. The demand for contact center solutions is being 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 it 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 on developing cloud-based contact center software solutions.



  • 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, and video, screen-sharing, and co-browsing to extend ServiceNow's Omni channel 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 contact center as a service (CCaaS) solution which works in conjunction with Mitel's communications solutions.

  • May 2020: NICE Corporation announced the collaboration of NICE in Contact CXone with Microsoft Teams and Microsoft Dynamics 365 Customer Service. This collaboration assisted agents at contact centers to collaborate with experts and offer a personalized experience to the customers.


List of the Key Companies Profiled:



KEY INDUSTRY DEVELOPMENTS:



  • August 2021: Avaya Inc. acquired CTIntegrations, a contact center software development company. This acquisition enables Avaya with additional digital capabilities for its large contact center customer base and improve Avaya OneCloudTM an AI-powered experience platform.

  • June 2021: Genesys Telecommunications Laboratories, Inc. introduced new AI-Driven Customer Experiences capabilities to assist quick 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.

  • January 2020 – Cisco System, Inc. announced an advancement in contact center services by its Webex AI assistant. The integration of Voice and Google Cloud's Contact Center AI (CCAI) came up with the company's innovation.


REPORT COVERAGE


An Infographic Representation of Contact Center Software Market

To get information on various segments, share your queries with us



The contact center software market 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



2018-2029



Base Year



2021



 Estimated Year



 2022



Forecast Period



2022-2029



Historical Period



2018-2020



Unit



Value (USD Billion)



Segmentation



Component, Deployment, Enterprise Size, Industry, 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-Premises



By Enterprise Size




  • Large Enterprises

  • Small & Medium Enterprises



By Industry




  • 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 Size, By Industry, By Region)

    • U.S. (By Industry)

    • Canada (By Industry)



  • Europe (By Component, By Deployment, By Enterprise Size, By Industry, By Region)

    • U.K. (By Industry)

    • Germany (By Industry)

    • France (By Industry)

    • Spain (By Industry)

    • Rest of Europe





  • Asia Pacific (By Component, By Deployment, By Enterprise Size, By Industry, By Region)





    • China (By Industry)

    • Japan (By Industry)

    • India (By Industry)

    • Southeast Asia (By Industry)

    • Rest of Asia Pacific



  • Middle East & Africa (By Component, By Deployment, By Enterprise Size, By Industry, By Region)

    • GCC (By Industry)

    • South Africa (By Industry)

    • Rest of the Middle East & Africa



  • Latin America (By Component, By Deployment, By Enterprise Size, By Industry, By Region)

    • Brazil (By Industry)

    • Mexico (By Industry)

    • Rest of Latin America





Frequently Asked Questions

The market is projected to reach USD 78.75 billion by 2029.

In 2020, the market was valued at USD 26.93 billion.

The solution segment predicted to lead the market.

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.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts

Speak to an Expert
  • Mar, 2022
  • 2021
  • 2018-2020
  • 160

    CHOOSE LICENSE TYPE

  • $4850
    $5850
    $7850

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Client Testimonials

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X