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The global contact center software market size is expected to reach USD 60.35 billion by 2027. The growing concertation on retaining customer loyalty with unified services will spur opportunities for the market, mentioned in a report, titled “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 and Retail, Travel and Hospitality, Media and Entertainment, and Others), and Regional Forecast, 2020-2027.” The market size stood at USD 20.72 billion in 2019 and is expected to exhibit a CAGR of 14.3% between 2020 and 2027.
Integration of CXone with Microsoft Teams to Stimulate Growth
NICE inContact, a major leader in cloud contact center software announced that they have made it possible to integrate Microsoft Teams and Microsoft Dynamics 365 Customer Service with NICE inContact CXone. The amalgamation of the software will agents to provide instant case resolution to its customers. The Microsoft Dynamics 365 Customer Service offers voice connectivity and embedded agent controls, thus completing the app’s consolidated agent desktop besides boosting productivity and empowering personalized customer experiences. This collaboration will offer a comprehensive digital-first omnichannel for Contact Center as a Service (CCaaS) industry, thus enhancing customer experience, in turn augmenting the growth of the market during the forecast period.
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Rising Popularity of Omnichannel Services to Boost Market
The rising acceptance of omnichannel solutions is expected to create opportunities for the market. For instance, omnichannel solution enables customers to communicate through any channels such as emails, social media, SMS, calls, video, live chats, and more. It also offers personalized communication with customers, thus retaining customer locality. The growing implementation of such solutions among organizations owing to its advantages such as reduced customer service costs and resolved complaints will aid the expansion of the market. Moreover, it also provides real-time insights of customers across channels, thus leading to better customer relationships.
Strategic Acquisition and Collaborations Industry Players to Consolidate Business
Companies such as Genesis, NEC corporation, NICE corporation, Mitel Networks Corporation, Microsoft Corporation, among others are intensifying their businesses by offering innovative and advanced solutions. The heavy investment by eminently companies in unique and innovative solutions for clients will have an excellent effect on the market. The key players in the market are adopting strategies such as acquisition, partnerships, and collaborations to retain its position in the market. For instance, in August 2019, Cisco Systems, Inc announced the acquisition of CloudCherry, a customer experience management provider. With the acquisition, the company aims to imply predictive analytics to enhance the customer journey and the agent’s productivity.
The Report Lists the Main Companies in this Market:
Further Report Findings:
The Global Market of Contact Center Software is Segmented into:
Value (USD Billion)
By Enterprise Size