Fort Collins, Colorado, Oct. 31, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the Contact Center Software Market was valued at USD 39.7 Billion in 2022 and is expected to reach USD 264.3 Billion by 2032 and is expected to reach a CAGR of 20.9%.
Contact center solutions are one-stop solutions that help retail and consumer goods businesses develop customer-centric market strategies and make faster decisions based on customer preferences, past buying behaviors, and real-time interactions. These solutions assist companies in making significant enhancements to business operations.
The contact centers enhance customer experience, help optimize the agent’s performance, and streamline routes of calls. It helps eliminate the costs of physical assets such as hard drives, telephony systems, servers, and storage hardware. The increase in scalability with a cost-effective method for data streamlining is driving the contact center software market growth.
The integration of AI in the contact center software helps in increasing effectiveness. The AI can determine the customer’s behavior and provide real-time customer information. The data collected from the contact centers assists the company in making informed decisions regarding the products and services. Cloud-based contact centers help in assisting the additional expenses such as physical telephone systems, hardware, servers, and storage by enabling the contact centers to optimize their performance and improve customer experiences, which helps drive the market for contact centers.
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Segmentation Overview:
The global contact center software market has been segmented into solution, services, deployment, enterprise size, end-use, and region. The large enterprise segment dominated the market. They can invest heavily in cutting-edge technologies to ensure business continuity and efficiency. The IVR responses lead the segment based on the solution overview. Compared to traditional speech recognition software, IVR can detect and recognize accents more accurately. By region, North America dominated the Contact Center Software market. The growth in the region is attributed to aggressive investments in technologies such as Big Data, analytics, and cloud platforms. The increasing investment in large SMEs in the U.S. has helped the market growth here.
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Contact Center Software Market Report Highlights:
- The global contact center software market growth is anticipated at a CAGR of 20.9% by 2032.
- An increase in the popularity and adoption of cloud-based and virtual contact centers for achieving better business continuity drives the market for contact center software.
- The hosted segment shows a significant growth rate. Businesses worldwide prefer cloud-based contact center solutions versus on-premise solutions, as cloud-based contact center solutions can help upgrade the services from any location.
- The on-premise segment dominated the market based on deployment. It comprises all the hardware and software required to operate a contact center.
- Some prominent players in the contact center software market report include Microsoft, SAP, NEC Corp, Microsoft, Cisco, Genesys, Google, NEC Corp, Google, Avoxi, and Cisco.
Industry Trends and Insights:
- In 2023, Cisco introduced Webex AI tools for hybrid models and contact centers.
- Airtel launched Airtel CCaaS (contact center as a service) which offers integrated services in contact centers.
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Contact Center Software Market Segmentation:
- By Solution: Automatic call distribution, call recording, dialer, smart kitchen, and smart IVR responses.
- By Service: Integration & deployment, support & maintenance, training & consulting, managed services.
- By Deployment: Hosted, on-premise.
- By Enterprise Size: SMEs, large.
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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