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The global contact center software market is anticipated to gain impetus from the increasing demand from the client and the presence of omnichannel communications. According to a report by Fortune Business Insights, titled, “Contact Center Software Market: Global Market Analysis, Insights and Forecast, 2019-2026,” the global market covered value of US$ 16,750.7 Mn in the year 2018. The global market is projected to exhibit an impressive CAGR of 14.62%, as the market is expected to reach US$ 48,010.0 Mn by the end of 2026.
Contact centers are responsible for handling clients procured through various channels of communication. It is very important to take the maximum amount of advantage of the analytics to improve customer service and the performance of the agent. There has been a rise in the adoption of contact center software solutions for providing smooth experiences to the clients through several channels, such as web, voice, mobile, social media, and video. These factors would likely to propel the global market.
Demand for Automated Contact Centres to Drive the Cloud-Based Segment
The global market is divided into cloud-based and on-premises in terms of deployment. Out of these two, the cloud-based segment is anticipated to lead the global market throughout the forecast period. This is because the demands for automatic contact centers or bots are increasing among the masses. They are preferring automatic chatbots rather than contacting with human operators. Moreover, cloud-based contact centers possess numerous advantages, namely, streamlined integration, sufficient space for development, and a rise in flexibility.
Nowadays, advancements in technologies have started supporting and guiding the company’s interest in cloud-based software solutions as they are proving to be very effective. There is also a need for automation in client solutions, banking operations, and other similar processes. This is anticipated to boost the growth of the global market. These advanced cloud-based solutions aid in solving various queries in healthcare, hospitality, government and travel, and media and entertainment sectors.
North America to Hold Considerable Share in the Global Market Share
Geographically, the global contact center software market is divided into Latin America, North America, Europe, the Middle East and Africa, and Asia Pacific. According to Fortune Business Insights, North America had produced revenue of US$ 5421.1Mn in the year 2018. This is because numerous renowned organizations in the U.S. are investing huge amounts in research and development activities to enhance client experience through modern technologies. These organizations are also implementing methods to reduce the workload of the contact center personnel by smoothening the contact center software solutions. The populace is rapidly adopting cloud, social media platforms, and mobile analytics. All these factors contribute to the growth of the global market in North America.
On the other hand, Asia Pacific had generated a revenue of US$ 3412.6 Mn in 2018. The country is estimated to hold a significant share of the global contact center software market during the forecast period. It is likely to occur as the demand for various industry verticals such as consumer goods and retail, healthcare, IT, and more are increasing. Furthermore, small to medium enterprises are adopting contact center software solutions at a rapid rate. Government and non-profit organizations are also taking several initiatives to increase industrial automation. India and China, in Asia Pacific, are projected to retain a considerable share of the market during the forecast period.
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