Contact Center Software Market: Global Industry Analysis, Segments, Top Key Players, Drivers and Trends to 2024
Selbyville, Delaware, United States, November 4 2020 (Wiredrelease) Global Market Insights, Inc –:The Interactive Voice Response (IVR) segment dominates the contact center software market and accounted for over 15% of the market share in 2017. The rising adoption of smartphones by customers has replaced the traditional voice-based IVR with the visual IVR technology. This transformative platform allows customers to touch the screen menus and to get their required answers instead of waiting for the traditional IVR to read the unwanted options not required by customers. This visual IVR software handles around 75% of the customer service calls thereby transforming the functioning of contact center and leading to customer delight.
The managed services for contact center software are growing at a fast rate and are projected to grow at a CAGR of over 21% over the forecast period. By providing the right knowledge and experience required to make critical contact center software technologies, the managed service providers augment the customers’ internal capabilities by using the resources more effectively. The managed service providers carry out the regular installation of all software updates associated with the contact center environment, ensuring that the communication servers are secured and updated timely, driving the contact center software market demand.
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Contact Center Software Market is projected to surpass USD 40 billion by 2024. The growing demand for meeting dynamic customer requirements, technological advancements in the field of machine learning, AI, and IoT, and the rising integration with social media platforms are the major factors driving the global contact center software market growth. The increasing demand for cloud-based contact center software solutions by various industry verticals including BFSI, healthcare, IT & Telecom, travel and hospitality, and government organizations also has a positive impact on the market.
The automation of contact center solutions also propels the contact center software market growth. The automation process brings up the self-service processes by enabling the customer service platform to automate low-level concerns, allowing the contact center agents to concentrate on complex and high-value interactions. This also helps organizations in saving costs and increasing the overall business productivity along with an augmented customer experience.
The cloud-based deployment model is projected to account for around 29% of the market share by 2024. The cloud model provides contact centers access to various channels and the latest technologies with the ability to scale agents up and down as per requirement. It also reduces support costs and removes the expenses for upgrades, ensuring smooth business functioning with a rapid growth in ROI. It provides end-to-end visibility, providing the operations staff and clients a comprehensive set of historical data, real-time dashboards, and performance and quality management tools. This provides organizations with critical insights, allowing them to take the necessary steps to meet the changing customer requirements.
The travel & hospitality industry segment is projected to grow at a CAGR of over 16% over the forecast timeline. The use of contact center software is booming in this industry as it delivers automated customer service to passengers on the company’s website or operates through other communication platforms including chat and social media. Maintaining efficient communication between the contact center, billing, marketing, and related departments to provide a smooth customer experience is essentially boosting the contact center software market growth. Furthermore, hospitality companies are rapidly shifting from on-premise contact center software to cloud-based solutions due to the added benefits associated with them. For instance, in July 2016, an international hospitality company adopted inContact’s customer interaction cloud. This omnichannel cloud solution will assist the company in achieving enhanced business outcomes.
The Latin America contact center market is projected to cross over USD 3 billion over the forecast timeframe. The regional growth is attributed to the rising adoption of new technologies including cloud computing, speech recognition, analytics, and AI accompanied by an increase in the demand for augmented customer experience. Various industry verticals including healthcare, telecommunications, and retail are investing in the Latin America contact center software market to deliver an omnichannel communication experience to its customers. The adoption of cloud-based contact centers in this region is still in the nascent stage with major development witnessed mainly in Argentina, Brazil, Mexico, Chile, and Peru. Its adoption is anticipated to grow over the forecast period, mainly in the regions of Colombia and Costa Rica, driving the contact center software market growth.
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Avaya, Cisco, Five9, Huawei Technologies, BT, and 8×8 are among the prominent vendors in the contact center software market. Other noticeable players include Ameyo, Enghouse Interactive, Aspect Software, Fenero, Genesys, Mitel, NEC, Nice, Nixxis, Oracle, Ring Central, Solgari, Unify, Verizon, and Vocalcom. Mergers and acquisitions are the major strategies adopted by the players to gain a competitive market share. For instance, in September 2018, Twilio acquired a contact center software company Ytica aimed at expanding its position in the highly lucrative market.
Table of Contents (ToC) of the report:
Chapter 3. Contact Center Software Market Insights
3.2. Industry segmentation
3.3. Industry landscape, 2013-2024
3.4. Contact center software ecosystem analysis
3.4.1. Contact center software providers
3.4.2. Contact center providers
3.4.3. Contact center component integrators
3.4.5. End users
3.5. Contact center software architecture analysis
3.6. Contact center software evolution
3.7. Technology & innovation landscape
3.7.1. Artificial Intelligence (AI) and machine learning
3.7.2. Cloud-based technology
3.7.3. Big data and predictive analytics
3.8. Regulatory landscape
3.8.1. European Contact Centre Standard (ECCS)
3.8.2. General Data Protection Regulation (GDPR)
3.8.3. Financial Industry Regulatory Authority (FINRA)
3.8.4. Payment Card Industry Data Security Standard (PCI DSS)
3.8.5. Health Insurance Portability and Accountability Act (HIPAA)
3.8.6. Telemarketing Sales Rule (TSR)
3.8.7. California Online Privacy Protection Act (CalOPPA)
3.9. Industry impact forces
3.9.1. Growth drivers
220.127.116.11. Rising demand for the automation of contact center solutions
18.104.22.168. Emergence of omnichannel communication
22.214.171.124. Increasing adoption of social media by customers
126.96.36.199. Advancement in latest technologies including IoT and AI
188.8.131.52. Growing adoption of cloud-based contact center solutions
3.9.2. Industry Pitfalls and Challenges
184.108.40.206. High initial investment and complex integrations
220.127.116.11. Inefficiency to achieve low first call resolution and improved average speed of answer
3.10. Porter’s Analysis
3.10.1. Threat of new entrants
3.10.2. Threat of substitutes
3.10.3. Bargaining power of buyer
3.10.4. Bargaining power of supplier
3.10.5. Industry rivalry
3.11. PESTEL analysis
3.12. Growth potential analysis
Chapter 4. Competitive Landscape, 2017
4.2. Competitive analysis of key market players
4.2.4. Huawei Technologies
4.3. Competitive analysis of other prominent vendors
4.3.4. Top Down Systems
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