USD 29.03 billion
Contact Center Software Market Size, Share, Growth Analysis, By Component(Solutions (Omnichannel Routing, Digital Channels, Intelligent Routing, Interactive Voice Response (IVR)), By Deployment Mode(On-Premises, Cloud), By Organization Size(Large Enterprises, Small and Medium-Sized Enterprises (SMEs)), By Vertical(Large Enterprise and Small & Medium Enterprise), By End Use(BFSI, Telecommunications, Healthcare & Life Sciences, IT & ITES), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45A2061 |
Region:
Global |
Published Date: October, 2024
Pages:
157
|Tables:
151
|Figures:
78
Contact Center Software Market Insights
Global Contact Center Software Market size was valued at USD 33.01 billion in 2022 and is poised to grow from USD 41.93 billion in 2023 to USD 194.97 billion by 2031, growing at a CAGR of 21.18% during the forecast period (2024-2031).
Emerging technologies such as machine learning, cloud, predictive analytics, and artificial intelligence are anticipated to enhance help desk functionality. As consumer rights are becoming more commonly understood, customer inquiries have increased across all industries. Consumer goods and retail, healthcare, the BFSI sector, and other companies that place a high priority on customer service are investing more and more in contact Centers to improve the customer experience and ensure service satisfaction. The scope of the market analysis includes the component services and products offered by companies like NICE CXone, Genesys Cloud CX, 3CX, and Five9 Inc., among others. The advancement of technology made it simpler for clients to connect with companies thru all channels available, including phone calls, video chats, emails, and social media. The contact center solution offers omni-channel solutions to reach clients via various media. For instance, Capital One adopted the Amazon Connect cloud-based contact center technology to deliver a smooth and intelligent client experience. The growing competition to retain loyal consumers through seamless services, as a result, that drives the market growth.
US Contact Center Software Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
On-premise
Fastest Growth
On-premise
Growth Rate
21.6% CAGR
Global Contact Center Software Market ($ Bn)
Country Share for North America Region (%)
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Contact Center Software Market Segmental Analysis
Global Contact Center Software Market is segmented by Component, Deployment Mode, Organization Size, Vertical, and Region. Based on Component, the market is segmented into Solutions (Omnichannel Routing, Digital Channels, Intelligent Routing, Interactive Voice Response (IVR), Automatic Call Distributors (ACD), Dialers, Virtual Agents), Workforce Engagement Management (Workforce Optimization, Call Recording and Quality Management, Gamification), Reporting and Analytics (Historical and Customized Reports, Speech and Text Analytics, Real-Time Analytics and Dashboard), Customer Engagement Management (IVR and Advanced Chat, Self-Service Automation, Customer Surveys), Other Solutions), Services (Consulting, Implementation & Integration, Training, Support & Maintenance). Based on Deployment Mode, the market is segmented into On-Premises, Cloud. Based on Organization Size, the market is segmented into Large Enterprises, Small and Medium-Sized Enterprises (SMEs). Based on Vertical, the market is segmented into BFSI, Telecommunications, Healthcare & Life Sciences, IT & ITES, Manufacturing, Retail & Consumer Goods, Government & Public Sector, Energy & Utilities, Other Verticals. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Contact Center Software Market Analysis by Solution
The IVR sector dominated the market in 2021 with a revenue share of more than 23%. Interactive voice response systems can identify tones and accents more precisely than standard speech recognition software. IVR systems can be used by companies to assist direct callers to the appropriate departments or agents as needed. IVR services can let customers solve product-related issues on their own rather than relying on representatives from customer service. IVR systems are frequently used by contact centers that receive a high volume of calls to handle multiple calls continuously without let the callers realize there are other callers on the line. Customer collaboration services are expected to grow at the rapid speed during the projected period. Organizations can communicate with both present and potential consumers more efficiently by using customer collaboration solutions. These solutions let businesses track, receive, and quickly address service issues as well as collect and use client feedback to improve their product and service offerings. The segment's expansion is predicted to be driven throughout the course of the projection period by the heavy focus on fostering cooperation by interacting with customers via images and videos.
Contact Center Software Market Analysis by Deployment
The on-premise category led the market in 2021 with a revenue share of more than 58%. On-premise deployment is the practice of installing all the hardware and software required to operate and manage a contact center on the client's property. On-premise solutions offer capabilities like inerrability, dependability, customizability, and to some extent scalability. However, they can occasionally be quite costly and challenging to deploy. Organizations can only benefit from the customizability of on-premise systems when they invest a lot of money in expert services. The hosted category is expected to see the fastest CAGR during the projected period. Businesses all over the world prefer cloud-based contact center solutions versus on-premise alternatives because of their ability to extend services. Cloud-based contact center apps are accessible to agents through these systems, which also offer a secure intranet for employee collaboration and communication. The extensive information on the agents and clients that cloud-based systems are capable of delivering would not be available to executives utilizing on-premise solutions. According to study by RingCentral, Inc., the average speed of answer (ASA) can be reduced by as much as 50% while improving customer call answer rates by roughly 5%.
Global Contact Center Software Market By Deployment
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Contact Center Software Market Regional Insights
In 2022, North America held a revenue share of over 35.0%, leading the global market. Some of the key companies in the sector are based in North America. Furthermore, companies in North American regions are investing heavily in trying to cut technologies like big data, analytics, and cloud platforms. Both major and small & medium firms in the region are placing more attention on boosting efficiency by optimizing outgoing and incoming operations. The fast-growing e-commerce industry in combination with the more popular omnichannel approach to sales is expected to increase the growth of the regional market.
The presence of numerous Information Technology-enabled Services (ITES) and IT companies in the region is likely to offer the Asia Pacific region the quickest growth during the forecast period. The regional market is expected to grow as a result of the growing usage of contact center solutions by both small and large businesses. The positive efforts made by local governments to promote the use of cloud-based systems and the automation of business operations are also anticipated to play a significant part in propelling the expansion of the regional market. The fact that several businesses continuing to be interested in investing in the APAC regional market is positive for the local market's growth.
Global Contact Center Software Market By Region
- Largest
- Fastest
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Contact Center Software Market Dynamics
Contact Center Software Market Drivers
The demand for automated customer care services is growing
- The growing demand for automating customer care services is one of the most important market factors influencing the growth of the Contact Center Software market. To create long-term value for the company, customer care executives are now in charge of preserving stronger ties with customers. To ensure brand loyalty, they must concentrate on keeping their current clientele. This force companies and choose automation so that they can spend less time reacting to regular customer queries and much more time solving complex issues and acquiring new customers.
Enhanced Customer Experience through Omni Channels
- Customer retention rates are higher for companies utilizing omnichannel contact center solutions than for other businesses. The aforementioned figure shows that businesses that offer omnichannel services have an average profit margin per customer that is 61%, which really is significantly higher than that of other companies. Furthermore, customers place a high priority on self-service options when rating their encounters with customer support because these options save time while also making it easy to obtain the desired solutions from any device at any time.
Contact Center Software Market Restraints
Ability to Achieve Average Speed of Answer (ASA) and Low First Call Resolution (FCR)
- Low FCR and high ASA have various effects, such as reduced customer and agent satisfaction, high abandonment rates, longer handle times, and higher contact center costs. There is still a considerable disparity between the number of incoming phone calls attended and the number of questions answered on the first call, despite the fact that numerous contact center solution providers are taking numerous steps to ensure that client inquiries are treated within the time allotted. Contact center metrics, which evaluate a contact center's efficiency, such as ASA and FCR, can be employed to measure this.
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Contact Center Software Market Competitive Landscape
There are many major players in the highly competitive market for Contact Center Software . By planning for spending to launch new or improved solutions or by engaging in smart mergers and acquisitions, many companies are increasing their market presence.
Contact Center Software Market Top Player’s Company Profiles
- Genesys
- Nice
- IBM
- AWS
- Five9
- Twilio
- Transsion
- Cisco
- BT Group
- Verizon
- Avaya
- Ericsson
- 8X8
- Talkdesk
- Alcatel-Lucent Enterprise
- Sinch
- Oracle
- Ringcentral
- Content Guru
- Alvaria
- Enghouse Systems Ltd.
- 3Clogic Inc
- Ameyo
- NEC Corporation
- Vocalcom
- Evolve IP
- UJET
- Amtelco
- Avoxi
- VCC Live
- Glia Technologies
- Bright Pattern
- Computertalk
- C-Zentrix
Contact Center Software Market Recent Developments
- In March 2022, Artificial intelligence (AI) and machine learning (ML), two key components of Alcatel-Lucent Enterprise's technology development, are being prioritized. This leading provider of network, communications, and cloud solutions specialized to clients' sectors. For environments that demand more precision compared to typical solutions, ALE's upgraded OmniAccess Stellar Asset Tracking solution includes new, programmable push-button warnings and an AI/ML-powered real-time location algorithm.
- In 2022, The public was made aware of Cisco's Cloud Controls Framework (CCF). The Cisco CCF is a comprehensive set of certification and compliance requirements for international and domestic security that must be combined into a single framework. Through a streamlined, rationalized compliance and risk management strategy, it equips teams to ensure that cloud goods and services fulfil security and privacy requirements while saving considerable resources.
Contact Center Software Key Market Trends
- There are no longer single channel contact centers in the retail sector. The sector has seen many changes as a result of the expansion of e-commerce. The post-sale services provided to customers must now be managed with a rising amount of omnichannel sales, creating a significant opportunity for the Contact Center Software market. Consumers are increasingly accepting of omnichannel sales. More than 70% of customers are receptive to purchasing online, some of whom use online channels frequently, while a smaller number would suggest swapping if the experience and value for money are improved. In countries like the United Kingdom, where omni-channel sales are predicted to increase quickly, the market for retail products appears to have a very bright future. One perspective of the customer and a personal shopping experience were ranked as the top priorities by merchants nationwide in a Manhattan Associates survey. Due to this market environment, contact centers—as opposed to the classic contact center framework expected to assist omnichannel retailers.
Contact Center Software Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to global contact Center software market analysis, the demand for enhanced customer experience at relatively lower costs is the main factor primarily driving the market growth. This aids in meeting the higher customer expectations and heightened competition brought on by technological advancements. Due to a significant increase in customer bargaining power in the supply chain and a decline in the demand for hardware among businesses, this growth has reduced the hidden cost of switching vendors in most services. Customers are lost due to unpleasant experiences 67% of the time, so keeping them costs 70% less than getting new ones. Thus, as businesses work to keep their current customers, one of the factors expected to contribute to the growing use of contact Center software is the customer experience.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 33.01 billion |
| Market size value in 2031 | USD 194.97 billion |
| Growth Rate | 21.18% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Contact Center Software Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Contact Center Software Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Contact Center Software Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Contact Center Software Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Contact Center Software Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Contact Center Software Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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