Artificial intelligence, machine learning and augmented reality create vast growth opportunities in a highly competitive market, finds Frost & Sullivan
SANTA CLARA, Calif., Jan. 17, 2019 /PRNewswire/ -- As enterprises in North America increasingly migrate their processes and applications to the cloud, contact center service providers (CCSPs) will have to deliver next-level customer experience (CX) and contact center performance and productivity to gain a competitive edge. Using a broadened set of analytics tools that incorporate novel technologies such as artificial intelligence (AI), machine learning (ML), augmented reality (AR), and Big Data, companies are adding intelligence to existing applications such as interactive voice response (IVR). They are also integrating multiple contact channels such as mobile, chat, messaging, and social media to offer a richer omnichannel experience with a focus on simplicity and ease of use.
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"In addition to the continual addition of new channels, the hosted/cloud contact center market will be driven by end of lifecycles of existing system platforms, innovative workforce optimization (WFO) tools, and redesigned agent desktops," said Nancy Jamison, Contact Center Principal Analyst at Frost & Sullivan. "Focusing on partnership programs, developer communities, and app stores will enable them to expand their market and technology shares in a fiercely competitive market."
Frost & Sullivan's recent analysis, Growth Opportunities in the North American Contact Center Market, Forecast to 2022, finds that the hosted/cloud contact center market is expected to reach $4.2 billion by 2022, while the contact center systems market is forecasted to attain $1.6 billion in the same timeframe. The report assesses some of the CX trends that will influence customer contact centers. The study outlines the developments in select industries, business models, and technology areas, including inbound contact routing, interactive voice response, outbound dialing, workforce management, call recording, and analytics.
"Owing to the evolving demands for the current workforce, traditional contact center systems suppliers also have begun to acquire advanced capabilities and differentiate their offerings through AI-enhanced workforce engagement management (WEM) and analytics," noted Jamison. "Mobile-first strategies, automated self-service including bots, virtual assistants (VAs), and the modernization of agent/supervisor workspaces are keys to growth."
While catering to their large installed bases of on-premise products, CCSPs also need to position themselves for greenfield growth opportunities. The most successful vendors will:
- Focus on process transformation and top-down cross-organizational support to drive business benefits.
- Make gathering voice of the customer (VoC) and voice of the employee (VoE) intelligence core to the business culture.
- Leverage Big Data Analytics to add layers of information on top of traditional contact center data to predict customer behavior, drive engagement, and personalize the CX.
- Employ listening engagement teams to monitor social and non-social conversations across all channels.
- Deploy agent desktops with intuitive, step-saving interfaces and greater access to information.
- Gamify the retail associate experience (awarding points for positive customer feedback, for instance) to gain a more accurate view of the types of behaviors that drive outcomes.
- Use video to enhance customer service and agent productivity by enabling agents to collaborate more effectively with customers.
- Design hosted solutions with comparable functionality and security as on-premise applications.
Growth Opportunities in the North American Contact Center Market, Forecast to 2022 is part of Frost & Sullivan's global Customer Contact Growth Partnership Service program.
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Growth Opportunities in the North American Contact Center Market, Forecast to 2022
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SOURCE Frost & Sullivan