Dublin, Aug. 25, 2023 (GLOBE NEWSWIRE) -- The "Contact Center Software Market by Component (Solutions (Omnichannel Routing, Reporting & Analytics), Services), Organization Size, Deployment Mode, Vertical (BFSI, Telecommunications, & Retail & Consumer Goods) and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The trajectory of the contact center software market presents a remarkable journey from USD 41.9 billion in 2023 to an anticipated USD 109.7 billion by 2028, reflecting a compelling Compound Annual Growth Rate (CAGR) of 21.2%
The driving force behind this surge lies in the burgeoning demand for personalized and efficient customer interactions, underscoring the pivotal role that contact center software plays in shaping exceptional customer experiences.
This comprehensive market study delves into the multifaceted landscape of contact center software, encompassing a diverse array of segments. The study also delves into an intricate competitive intelligence analysis, shining a spotlight on key market players. Their company profiles reveal insights into their products, services, business offerings, recent developments, and strategic market approaches.
Moreover, the evaluation extends to a detailed assessment of market shares, growth strategies, and service portfolios of industry frontrunners, including prominent names like NICE (Israel), IBM (US), Genesys (US), AWS (US), and Five9 (US), among others, who collectively shape the contours of the dynamic contact center software market.
As per organization size, the SME segment holds the highest CAGR during the forecast period.
The contact center software market by organization size bifurcates into large enterprises and SMEs. The SME segment is estimated to grow at the highest CAGR during the forecast period. Due to budget constraints, SMEs rely on manual processes to manage their contact center software processes.
However, the competitive market has encouraged SMEs to invest in contact center software solutions to achieve significant business efficiency. Due to limited budgets and staff, SMEs seek flexible, scalable, and cost-effective solutions. SMEs incorporate innovative contact center solutions to manage customer-agent interactions and workforce performance better based on global regulatory standards, thereby accelerating contact center agent and customer engagements and enhancing their experiences.
SMEs are recognizing the value and importance of effective customer service and attention. They are investing in contact center software to improve customer interactions, enhance customer satisfaction, and gain a competitive edge.
As per vertical, consumer goods & retail vertical hold the highest CAGR during the forecast period.
The verticals studied in the report are Telecommunications, BFSI, IT & ITeS, Government & Public Sector, Retail & Consumer Goods, Energy & Utilities, Manufacturing, Healthcare & Life Sciences, and Other Verticals (media and entertainment, travel and hospitality, transportation and logistics, and education).
During the forecast period, 2023-2028, the retail & consumer goods vertical segment holds the highest CAGR. The retail and consumer goods industry is customer-centric and looks forward to improving customer experiences and retention. In addition, IT budgets are enormous as they try to maintain a reputed brand image in terms of both employee and customer retention.
Therefore, retailers increasingly implement advanced analytics practices to address significant business challenges and maximize benefits. Contact center solutions help retail businesses develop customer-centric market strategies to make quick decisions based on past buying behaviors, customer preferences, and real-time client interactions.
As per region, Europe holds the second-largest market share during the forecast period.
The contact center software market includes an analysis of five regions. Europe holds the second-largest market share in 2023 and will have similar dominance over the forecast period. Europe has diverse business needs, as several large retailers and manufacturing companies demand robust and scalable IT infrastructure solutions.
The region has always been a challenging market for cloud providers due to the stringent regulations and security standards regarding user data privacy. Europe also has strict rules and regulations for data privacy and security, so various contact center software providers have improved their solutions to address companies' data localization needs and comply with consumer privacy regulations in the region.
The European BFSI industry has focused on customer orientation with its offerings and economic value creation. Cloud-based contact center solutions are becoming popular in Europe as they offer several advantages over on-premises solutions, such as cost-effectiveness, scalability, and ease of use.
Customers increasingly use multiple channels to contact businesses, such as phone, email, chat, and social media. Companies must be able to provide a seamless customer experience across all channels, which requires contact center software that supports omnichannel customer service.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 331 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $41.9 Billion |
| Forecasted Market Value (USD) by 2028 | $109.7 Billion |
| Compound Annual Growth Rate | 21.2% |
| Regions Covered | Global |
Premium Insights
- Increasing Investments in Contact Center Software to Enhance Customer Experiences and Boost Market Growth
- Solutions Segment to Account for Larger Market Share During Forecast Period
- Omnichannel Routing Segment to Account for Largest Market Share During Forecast Period
- Consulting Segment to Account for Largest Market Share During Forecast Period
- Large Enterprises Segment to Account for Larger Market Share During Forecast Period
- Cloud Segment to Account for Larger Market Share During Forecast Period
- BFSI Vertical to Account for Largest Market Share During Forecast Period
- Asia-Pacific to Emerge as Best Market for Investments in Next Five Years
Market Dynamics
Drivers
- Rising Adoption of Advanced Contact Center Technologies
- Need to Control Contact Center Attrition and Absenteeism
- Impact of Social Media on Contact Center Operations
- Continuous Transition to Cloud-Based Contact Centers
- Integration with Crm and Other Business Systems
- Growing Demand for Personalized and Streamlined Interactions
Restraints
- Inadequate Network Bandwidth to Minimize Adoption of Voip and Cloud-Based Telephony
- High Costs and Long-Term Contracts Associated with Pri Phone Services
- Impact of Ivr Fraud and Cyberattacks on Business Operations
Opportunities
- Growing Demand for Analyzing Audio and Video Conversations
- Growing Demand for Ai and Automation
- Dynamic Customer Demand for Robust Self-Service Interactions
Challenges
- Data Privacy and Security Aspects
- Barriers to Moving Contact Centers to Cloud Environments
- Lack of Trained and Skilled Workforce
- Implementation and Integration Challenges
Case Study Analysis
- Ecsi Improved Telephonic Interaction Speed and Reduced Chat Handling Time with Nice's Solution
- 8X8 Virtual Contact Center Helped Bailey International Reduce Call Answer Times and Abandonment Rates
- Genesys Helped Techstyle Fashion Group Enhance Visibility and Experience
- Five9 Helped Teladoc Increase Uptime, Improve Customer Satisfaction, and Prevent Outages
- Kantar Streamlined Global Market Research Centers with Sytel's Multi-Tenant Ccaas Platform
- Orange Optimized Message Handling and Enhanced Customer Relations with Ringcentral's Solution
- Talkdesk Offered Real-Time Reports and Integrations with Business Tools to Improve Acxiom's Customer Experiences
- Atos Helped Municipality of Maastricht Improve Responsiveness of Calls
- Twilio's Solution Helped Hulu Improve Customer Experience
- Avaya Contact Center Select Helped Gtech Offer Minute Statistics
Technology Analysis
- Advanced Analytics
- Data Analytics
- Speech Analytics
- Sentiment Analytics
- Artificial Intelligence
- Ml
- Nlp
Business Model Analysis
- On-Premises Business Model
- Hosted Business Model
- Cloud-Based Business Model
Company Profiles
Major Players
- Genesys
- Nice
- IBM
- Aws
- Five9
- Twilio
- Mitel
- Cisco
- Bt Group
- Verizon
- Avaya
- Vonage
- 8X8
- Talkdesk
Other Players
- Alcatel-Lucent Enterprise
- Sinch
- Oracle
- Ringcentral
- Lifesize
- Content Guru
- Alvaria
- Enghouse Interactive
- 3Clogic Inc
- Ameyo
- Nec Corporation
- West Technology Group
- Zte Corporation
- Startups/Smes
- Vocalcom
- Evolve Ip
- Ujet
- Amtelco
- Avoxi
- Vcc Live
- Glia Technologies
- Bright Pattern
- Computertalk
- C-Zentrix
For more information about this report visit https://www.researchandmarkets.com/r/nw3xo8
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