The contact center software market is expected to grow from USD 17.65 billion in 2018 to USD 35.32 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 14.9% during the forecast period.
Increasing use of contact center solutions among organizations to offer customers with enhanced experience through multiple channels including the voice, video, web, mobile, and social media is one of the major growth factors for the market. The contact center software offers competitive advantages by increasing productivity of organizations through the automation of inbound and outbound operations of contact center.
However, difficulty in integrating new age digital contact center solutions with existing legacy systems of organizations may restrain the growth of contact center software market.
Professional services are a major service type in the contact center software market. Professional services include integration and implementation, consulting, and training and support for contact center software. The managed services type is expected to record a higher adoption rate than professional services.
Major industry verticals, such as banking, financial services, and insurance (BFSI); consumer goods and retail; healthcare; IT and telecom; and travel and hospitality, are increasingly adopt contact center software and services. The retail and consumer goods industry vertical is expected to grow at the highest rate in the global market during the forecast period.
North America is expected to hold the largest market size and dominate the global contact center software market from 2018 to 2023. This is mainly due to the high focus on innovations obtained from research and development and technology adoption, especially in the developed economies of North America. The high adoption rate of cloud, mobile, analytics, and social media among enterprise across industry verticals is expected to help contact center market to grow in North America.
APAC is expected to be the fastest-growing region in the global contact center software market, owing to the presence of considerable number of SMEs and a broad customer base in the region.
Major vendors have adopted different types of organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions to expand their offerings in the global contact center software market.
Key Topics Covered
1 Introduction 1.1 Objectives of the Study 1.2 Market Definition 1.3 Market Scope 1.4 Years Considered for the Study 1.5 Currency 1.6 Stakeholders
2 Research Methodology 2.1 Research Data 2.1.1 Secondary Data 2.1.2 Primary Data 18.104.22.168 Breakdown of Primaries 22.214.171.124 Key Industry Insights 2.2 Market Size Estimation 2.3 Research Assumptions and Limitations 2.4 Limitations
3 Executive Summary
4 Premium Insights 4.1 Attractive Market Opportunities in the Contact Center Software Market 4.2 Market By Component 4.3 Market By Software 4.4 Market By Service 4.5 Market By Deployment Type 4.6 Market By Organization Size 4.7 Market By Vertical and Region
5 Market Overview and Industry Trends 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 126.96.36.199 Rise in Omnichannel Communication 188.8.131.52 Growing Need to Cater to Dynamic Customer Requirements 5.2.2 Restraints 184.108.40.206 Difficult to Integrate With Legacy Systems 5.2.3 Opportunities 220.127.116.11 Rise in the Use of Social Media By Customers 18.104.22.168 Advancements in Technologies Such as Artificial Intelligence and Analytics 5.2.4 Challenges 22.214.171.124 Need to Redesign Contact Center Business Processes to Be Compliant With New Data Laws and Regulations 126.96.36.199 Constant Need to Train Contact Center Employees Due to High Attrition Rate 5.3 Industry Trends 5.3.1 Use Cases 188.8.131.52 Use Case #1 184.108.40.206 Use Case #2
6 Contact Center Software Market, By Component 6.1 Introduction 6.2 Software 6.2.1 Intelligent Call Routing 6.2.2 Workforce Optimization 6.2.3 Reporting and Analytics 6.2.4 Intelligent Virtual Assistants 6.2.5 Security 220.127.116.11 Fraud Management 18.104.22.168 Network Security 22.214.171.124 Others 6.2.6 Dialer 126.96.36.199 Preview Dialer 188.8.131.52 Progressive Dialer 184.108.40.206 Predictive Dialer 6.2.7 Customer Collaboration 6.2.8 Automatic Call Distribution 6.2.9 Computer Telephony Integration 6.2.10 Call Recording 6.2.11 Interactive Voice Response 6.2.12 Others 6.3 Services 6.3.1 Professional Services 220.127.116.11 Integration and Implementation 18.104.22.168 Consulting 22.214.171.124 Training and Support 6.3.2 Managed Services
7 Contact Center Software Market, By Deployment Type 7.1 Introduction 7.2 Cloud 7.3 On-Premises
8 Market By Organization Size 8.1 Introduction 8.2 Large Enterprises 8.3 Small and Medium-Sized Enterprises
9 Contact Center Software Market, By Vertical 9.1 Introduction 9.2 Banking, Financial Services, and Insurance 9.3 Consumer Goods and Retail 9.4 Healthcare 9.5 IT and Telecom 9.6 Government 9.7 Travel and Hospitality 9.8 Media and Entertainment 9.9 Others
10 Contact Center Software Market, By Region 10.1 Introduction 10.2 North America 10.2.1 United States 10.2.2 Canada 10.3 Europe 10.3.1 United Kingdom 10.3.2 Germany 10.3.3 France 10.3.4 Rest of Europe 10.4 Asia Pacific 10.4.1 China 10.4.2 Japan 10.4.3 Australia and New Zealand 10.4.4 Rest of Asia Pacific 10.5 Middle East and Africa 10.5.1 Kingdom of Saudi Arabia 10.5.2 United Arab Emirates 10.5.3 South Africa 10.5.4 Rest of Middle East and Africa 10.6 Latin America 10.6.1 Brazil 10.6.2 Mexico 10.6.3 Rest of Latin America
11 Competitive Landscape 11.1 Overview 11.2 Competitive Scenario 11.2.1 New Product Launches/Service Launches/Upgradations 11.2.2 Mergers and Acquisitions 11.2.3 Business Expansions 11.2.4 Partnerships, Agreements, and Collaborations