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The global contact center software market size was valued at USD 16,750.7 Mn in 2018, is projected to reach USD 48,010.0 Mn by the end of 2026, exhibiting a CAGR of 14.62%.
In the current scenario, the consumer plays a significant role in the business sector. A contact center addresses the increasing significance of offering omnichannel customer support. Consumers are increasingly expecting the companies they patronize to be present on multiple channels and to deliver continuous, skilled service to them. To regularize customer support and cater to increasing requirements of the customers, contact center software is required. Various organizations are extensively implementing contact center software to enhance the level of customer satisfaction and their experience with the inquiry calls.
Some of the key features of contact centers over call centers are advanced call distribution, VoIP telephone service, email, text chat, fax services, direct website interface which intent to offer a customizable service where a customer has multiple ways to reach the contact centers. Contact centers are also run by external businesses and are used to manage customer service as well as other operations such as telemarketing, debt collection, and accounting.
Additionally, new communication platforms redefined content value, and changing customer preferences drive the implementation of contact center software solution across the vertical sector. An increasing need to meet the ever grossing client demands and rising omnichannel communications could be the major market drivers for the global market. With the rising competition over the years in the market sector, it has become essential for organizations to maintain a stable and coherent relationship with their clients and ensure customer loyalty which in turn, would fuel the global contact center software market growth.
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"An increase in demand for cloud-based contact center software to drive the global market"
Nowadays, many organizations prefer automatic contact center technology over contact centers with human operators, which benefits the market expansion. There are countless advantages to cloud-based contact centers, including increased flexibility, streamlined integration, and plenty of space for development. Advanced technology guides the organization's interest in cloud-based services that provide organizations with effective and faithful services. Due to the need for automation in banking operations, sophisticated client solutions are adopted in the BFSI industry; this will be a factor driving the global contact center software market.
The advanced customer solutions also help in the fields of media and entertainment, healthcare, government and travel, and hospitality to solve different queries. The cloud platform allows organizations to set up simple surveys quickly and connect to the current IT systems. As a result, surveys are updated at real-time, which helps the organizations to follow up on the reviews they receive immediately so that clients are left satisfied.
The functionality of cloud-based solutions guarantees handling of all types of client interactions, eventually resulting in improved customer experience for end-users. Cloud-based contact center software provides quality management solutions which contribute to building positive customer experience, enhanced compliance, and reduced risk. It is expected that the cloud-based contact center software segment would grow remarkably for the 2019 – 2026 forecast.
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"Increasing investment in the cloud-based driven solutions is supplementing the revenue growth of North America, whereas the Asia Pacific is estimated to have a significant growth"
North America generated a revenue of US$ 5421.1Mn in 2018 and is anticipated to emerge dominant in the global cloud-based global market during the projected period. Growth in the region is likely to be driven by the existence of powerful and prominent players across the U.S. researching and working on implementing contact center software systems in different public and private organizations.
Likewise, Asia Pacific generated a revenue of US$ 3412.6 Mn in 2018 in the global contact center software market and is expected to witness growth in the investments of small and medium organizations in adopting technologically enhanced and cloud-based software services for the contact center. Due to technological advancements in developing nations such as China and India, Asia Pacific is likely to retain a significant share of the worldwide contact center software services in the coming years.
North America Contact Center Software Market(US $ Mn), 2017
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"A significant trend observed in the penetration of the global market across the range of end-use industries."
The report provides qualitative and quantitative insights on the market and detailed analysis of market size & growth rate for all possible segments in the contact center software market. The market is segmented by component, organization size, deployment, verticals, and geography. Based on the component, the market is divided into solutions and services. The solution segment is further bifurcated into interactive voice response(IVR), automatic call distribution, computer telephony integration(CTI), call recording, reporting and analytics, dialer, workforce optimization, customer collaboration, and others.
By services, global market is classified into professional services and managed services. By professional services, the market is segmented into consulting, training and education, and support and maintenance. By organization size, it is divided into small and medium enterprises(SMEs) and large enterprises(LE). By deployment, the market is further classified into the cloud and on-premises deployment. By Industry vertical, it is classified into banking, financial services and insurance(BFSI), IT and telecommunication, government, healthcare, consumer goods and retail, travel and hospitality, media and entertainment, and others. Geographically, the contact center software market is segmented into five major regions, which are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The regions are further categorized into countries.
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Along with this, the report provides elaborative analysis of the market dynamics and competitive landscape of the global market. Various key insights provided in the report are the price trend analysis, recent industry developments in contact center software solutions such as mergers & acquisitions, the regulatory scenario in crucial countries, an analysis of pages printed by digital technology, macro, and microeconomic factors, SWOT analysis, and key industry trends, competitive landscape.
o Interactive voice response(IVR)
o Automatic Call Distribution
o Computer Telephony Integration (CTI)
o Call Recording
o Reporting and Analytics
o Workforce Optimization
o Customer Collaboration
§ Training and Education
§ Support and Maintenance
By Organization Size
As per our (Fortune Business Insights) study, the global Contact Center Software market is predicted to reach USD 48.0 Bn by 2026 with a CAGR of 14.6% (2019 -2026).
As per our study, there is an increasing demand for contact center software in recent years. Currently (in 2019), global contact center software market value at USD 18.5 Bn, and it is anticipated to reach USD 48.0 Bn by 2026 at a CAGR of 14.6% during the forecast period (2019 -2026)
Globally, spending on contact center software is increasing each year. For example, such as in North America generated a revenue of USD 5.4 Bn in 2018 and is expected to generate a remarkable revenue share by 2026.
In the contact center software market, contact center software solution is the leading segment. Contact Center software solutions include Interactive Voice Response (IVR), Automatic Call Distribution, Computer Telephony Integration (CTI), Call Recording, Reporting and Analytics, Dialer, Workforce Optimization, Customer Collaboration, and others.
Some of the driving factors for the contact center software market are the organization’s goal to achieve significant revenue generation, operation efficiency, and customer satisfaction. The increasing need for omnichannel communication to cater grossing customer demands and rapid adoption of advanced technologies like Artificial Intelligence and IoT over the traditional contact centers.
In the contact center software market, some of the key players are Alcatel-Lucent Enterprise, Avaya, Inc., Cisco Systems, Enghouse Interactive, Inc., Five9, Inc. These market players are focusing on agreements, acquisitions, and developments in the contact center software market.
By industry vertical IT and Telecommunication industry is anticipated to lead the contact center software market during the forecast period. Owing to the advanced products and services offered by the companies to the customers there is a need for the companies to maintain a healthy customer relationship.
Latin America is expected to witness steady growth in the contact center software market due to insufficient investments of government and private organizations in call centers and contact centers services which in the future would restrict the market growth.