Newark, May 04, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 31.49 Billion in 2022 contact center software market will reach USD 248.57 Billion by 2032. Using virtual and cloud-based contact center solutions to enhance business continuity is a key driver of market growth. Contact centres worldwide aim to transform the customer experience from a single interaction to a comprehensive journey of reliable and personalised connections. Currently, businesses use contact center software to help ensure clients have a positive experience when using all available communication channels. The market is growing due to businesses' emphasis on streamlining and individualised customer interactions.
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Key Insight of the Contact Center Software Market
Asia-Pacific is anticipated to expand at the highest CAGR of 25.07% over the projection period.
Asia-Pacific is expected to grow at the highest CAGR of 25.07% over the forecast period. It is due to the high concentration of Information Technology-enabled Services (ITES) and IT businesses. The expansion of the regional market is predicted to be fueled by the increased adoption of contact center solutions by both major and small & medium-sized businesses. The favourable initiatives taken by local governments to promote the use of cloud-based systems and the automation of business operations are anticipated to play a significant part in propelling the expansion of the regional market. It is encouraging for the expansion of the regional market that many businesses worldwide continue to invest in the Asia-Pacific area.
In the contact center software market, the customer collaboration segment is expected to register the highest CAGR of 26.38% over the projected period.
The customer collaboration segment is anticipated to grow at the highest CAGR of 26.38% in the contact center software market. Solutions for customer collaboration enable companies to communicate with current and potential customers more effectively. In addition to obtaining and utilising client input to enhance the company's product and service offerings, these systems assist organisations in tracking, receiving, and resolving customer support concerns rapidly. Over the projection period, the segment is predicted to rise due to the significant focus on boosting collaboration by using photos and videos to interact with clients.
The managed services segment is expected to register the highest CAGR of 24.85% in the contact center software market over the projected period.
Over the forecasted period, the managed services segment is anticipated to grow at the highest CAGR of 24.85% in the contact center software market. Managed services enable businesses to concentrate on their core services and products while transferring their IT-related responsibilities to managed service providers. Utilising configuration management, provisioning, common change management, and patch management tools, managed services assist enterprises in keeping their applications operational for end users. These services also come with a wide range of value-added services to assist companies in getting the most out of contact center solutions in terms of performance and dependability while limiting operational expenses. The managed services segment will develop as cloud solutions continue to gain popularity.
The on-premise segment dominated the market, with a market share of around 59.27% in 2022 in the contact center software market.
In the market for contact center software, the on-premise segment held a market share of 59.27% in 2022. The client's business will get every tool and software needed to run and manage a contact center in an on-premise deployment setting. Integrability, dependability, customizability, and scaling are benefits of on-premise systems. However, sometimes deploying them can be highly expensive and complicated. Only when companies actively engage in professional services they can realise the customizability advantages of on-premise solutions.
Market Dynamics
Driver: A rising need for automated client services
One of the main factors driving the growth of the contact center software market is the increasing need for automated customer care services. To generate long-term value for the organisation, executives in customer service are also responsible for maintaining closer ties with customers. They must focus on maintaining their current customer to ensure brand loyalty. Therefore, businesses choose automation to reduce the time spent responding to typical customer inquiries and instead use that time to address complicated issues and attract new customers. Businesses use machine learning and artificial intelligence (AI) technology more widely to enhance the customer experience. Artificial intelligence (AI)-powered chatbots and social media management tools, for instance, can make it simple for customers to resolve their issues. Robotic process automation (RPA) is expected to develop contact center software during the projected period significantly. Businesses that adopted omnichannel contact center solutions had a higher client retention rate than competitors. Businesses that provided omnichannel services had a significantly larger average profit margin per customer than other companies. Customers also place a high value on self-service alternatives when reviewing their experiences with contact centers since these options make it possible for them to quickly and effortlessly identify the solutions they need on any device whenever they need them.
Restraint: Inadequate average response time and poor initial call resolution
Reduced customer and agent satisfaction, high abandonment rates, longer handle times, and higher contact center expenses are just a few of the negative impacts of low FCR (First Call Resolution) and high ASA on contact centers. There is still a significant gap between the number of incoming phone calls answered and the number of questions resolved on the first call. However, many contact center solution providers are taking several measures to resolve client inquiries within the given time.
Opportunity: An increase in the popularity of cloud-based contact center solutions
Due to the rising popularity of internet-based services, many organisations have switched to cloud-based contact centers. Because of the flexibility offered by cloud-based solutions, agents can connect from any place and have instant access to client information in real-time. Agents no longer need to work full-time from an office location because cloud-based contact center solutions make them reachable anywhere in the world. Utilising cloud-based contact center services has additional advantages for enterprises, like enhanced system security and stability. By processing end-use infrastructure across two sites, contact center system providers build a functional architecture that improves security.
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Some of the major players operating in the contact center software market are:
• ALE International
• Amazon Web Services, Inc.
• Amtelco
• Avaya Inc.
• Cisco Systems, Inc.
• Exotel Techcom Pvt. Ltd.
• Genesys
• NEC Corp.
• Spok, Inc.
• Twilio Inc.
• Unify Inc.
• 8X8, Inc.
Key Segments cover in the market:
By Solution:
• Call Recording
• Customer Collaboration
• Interactive Voice Responses (IVR)
• Workforce Optimization
• Automatic Call Distribution (ACD)
• Dialer
• Computer Telephony Integration (CTI)
• Reporting & Analytics
By Service:
• Support & Maintenance
• Managed Services
• Integration & Deployment
• Training & Consulting
By Deployment:
• On-premise
• Hosted
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
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