CHICAGO, April 6, 2021 /PRNewswire/ -- According to the new market research report "Contact Center Software Market by Component (Solutions and Services), Deployment Model (Cloud and On-premises), Organization Size (Large Enterprises and SMEs), Industry, and Region - Global Forecast to 2026", published by MarketsandMarkets™, the Contact Center Software Market size is expected to grow from USD 24.1 billion in 2020 to 75.5 USD billion by 2026, at a Compound Annual Growth Rate (CAGR) of 20.9% during the forecast period.
Major factors that are expected to drive the growth of the Contact Center Software Market include the rising adoption of advanced contact center technologies, need for handling contact center attrition and absenteeism, emerging role of social media in contact center operations, increasing adoption of virtual and cloud-based contact center solutions during and post-COVID-19 to achieve better business continuity, growing need for omnichannel solutions to minimize efforts in reaching end customers, continuous transitions to cloud-based contact centers, and rising demand for personalized and streamlined customer interactions to achieve high customer satisfaction.
Browse in-depth TOC on "Contact Center Software Market" 232 – Tables 52 – Figures 325 – Pages
Solutions segment to hold a larger market size during the forecast period
Contact center solutions include omnichannel routing, workforce engagement management, reporting and analytics, customer engagement management, and others (CTI, messaging, compliance, and data integration). These solutions address critical contact center needs related to the management of agent performance, and inbound and outbound operations such as customer query resolution, selling and prospecting, and information delivery and customer communication management. The need for minimizing AHT, TAT, call bounces, abandoned calls, and ACW and increasing CSAT, CES, and NPS scores and customers' life time value are expected to drive the demand for omnichannel routing, reporting and analytics, and customer engagement solutions. Omnichannel routing solutions deal with routing calls and assigning work to agents based on their skills in terms of understanding customer requests from any digital channel. These digital channels can be web, social media, email, text, or phone.
SMEs segment to grow at the highest CAGR during the forecast period
SMEs considered for this report are organizations with an employee size of 1–999. SMEs are majorly dependent on manual processes to manage their contact center processes due to the lack of awareness and budget constraints. However, the intensely competitive market scenario has encouraged SMEs to invest in automated solutions to achieve high business efficiency. Being constrained by limited budgets, small IT infrastructure, and limited staff, SMEs are looking for flexible, scalable, and cost-effective solutions. The need for minimizing costs associated with the manual routing of calls and management of contact center processes and the requirement for the diffusion of technologies at contact centers for WFO drive the adoption of contact center solutions among SMEs.
Retail and consumer goods industry vertical to grow at the highest CAGR during the forecast period
The retail and consumer goods industry is highly customer-centric, and companies across this industry are adopting different penetration strategies and leveraging various industry-ready technologies to enhance customer experiences and improve customer retention. IT budgets are huge as retail and consumer goods companies try to maintain a certain brand image in terms of both employee and customer retention, which is key to higher revenue. The need to capture a larger market share, increase sales, and enhance customer experiences with the accurate management of customer profiles and agent interactions with customers drives the use of contact center solutions in the retail and consumer goods industry.
North America to account for the highest market share during the forecast period
North America is estimated to hold the largest market size in the global Contact Center Software Market in 2020, and the trend is expected to continue during the forecast period. The adoption of contact center solutions is expected to be the highest in North America as compared to other regions. This is mainly because of the presence of various contact center solution providers as well as developed economies, such as the US and Canada, in the region. Companies leverage contact center solutions to reduce churn, maximize customer satisfaction, and increase upselling and cross-selling to drive their revenues. According to American Express, an America-based financial services company, 58% of consumers are willing to spend more on companies that provide excellent customer services.
The Contact Center Software Market comprises major providers, such as NICE (Israel), Genesys (US), Cisco (US), Avaya (US), Five9 (US), Talkdesk (US), Vonage (US), 8x8 (US), AWS (US), Atos (France), Alcatel-Lucolent Enterprise (France), SAP (Sweden), Oracle (US), RingCentral (US), IBM (US), Lifesize (US), Content Guru (UK), Aspect Software (US), Enghouse Interactive (US), 3CLogic (US), Ameyo (India), Verizon (US), Intrado (US), AT&T (US), BT (UK), Twilio (US), Vocalcom (France), NEC (Japan), Evolve IP (US), Mitel (Canada), and ZTE (China). The study includes an in-depth competitive analysis of key players in the Contact Center Software Market with their company profiles, recent developments, COVID-19 developments, and key market strategies.
Cloud-based Contact Center Market by Component (Solutions and Services), Deployment Model (Public Cloud and Private Cloud), Organization Size, Industry (BFSI, Telecommunications, and Retail and Consumer Goods), and Region - Global Forecast to 2025
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