Contact center software is a technology that facilitates the effectiveness and efficiency of contact centers, majorly focusing on improving interactions between customers and agents. These solutions help agents effectively handle customer interactions and deliver a better service experience while augmenting sales. Inkwood Research predicts that the global contact center software market will propel with a CAGR of 14.49% during the forecast years, 2022-2030.
The market has witnessed a surging adoption of advanced and innovative contact center technologies as they manage the workforce, offer intelligent monitoring, boost customer satisfaction, and improve agent efficiency across multiple outbound and inbound campaigns. For instance, 8×8 Inc launched its contact center for Microsoft Teams, which offers agents and employees an integrated contact center and global direct routing solution, which can be easily administered from any team’s endpoint.
On the other hand, with the introduction of AI-driven digital contact centers, the companies accelerate business outcomes while offering efficient customer experiences. For instance, SAP Contact Center 365 by SAP SE is a new cloud service that builds on-premise contact center software and eases the use of modern contact center solutions for the agents. These advancements and innovative measures drive the demand for contact center software globally.
Emerging Trends
Personalized customer services tailor experiences to past interactions of a person and leverage user data to recognize a person’s specific profile that attributes to customize the experience. Nearly 80% of consumers are inclined toward a company that provides a personalized experience. Also, around 65% of customers believe that personalization influences their brand loyalty. Therefore, customized services to suit customer experience enable easy adoption of contact center software among the market players.
Moreover, the integration of customer relationship management (CRM) with significant investments creates opportunities for contact center software in various developed and developing regions. For instance, Open Platform from Vocalcom integrates easily with the CRM and business applications to boost productivity while giving the customers a more personalized and richer experience. This product provides access to customer data and empowers the agents to address customers individually while solving issues, and further promotes the market during the forecast period.
Restraining Factors
Data privacy and security concerns restrict the growth of the global contact center software market during the forecast period. As per a 2021 report, around 66% of surveyed people have witnessed novel types of frauds in contact centers, and more than 57% have witnessed misuse of IVR by the fraudsters for reconnaissance or account mining during COVID-19. But, more contact centers are adopting IVRs, self-service channels, and webchats to minimize call volumes. These additional steps will increase the security of firewalls and are expected to prevent fraud significantly.
Key Segments | Market Overview
The global contact center software market analysis is segmented by component, deployment, enterprise size, and industry verticals. These segments are assessed as per their prospects in various regions, such as Europe, North America, Asia-Pacific, and Rest of World.
Asia-Pacific is set to lead the global contact center software market during the forecast period.
The rapid and wide-scale adoption of emerging technologies such as predictive analysis, artificial intelligence, cloud, machine learning, etc., facilitates market growth in the region. Also, major investments in the network and IT infrastructure, the growth of the IT & telecommunications companies, like NEC Corporation, Atos, ZTE Corporation, Genesys Telecommunications Laboratories Inc, Amazon Web Services Inc, etc., create opportunities in the regional market.
Retail & E-Commerce is predicted to be the fastest-growing industry vertical by 2030.
Customers adopt the latest channels and technologies, prompting retail, consumer goods, and e-commerce firms to opt for contact center solutions to provide superior customer experiences. Adopting this software also assists retailers and brands in delivering automated and high-quality services while focusing on generating revenues and brand enhancement activities with AI. Further, the growth of the e-commerce sector is expected to fuel developments in the market during the forecast period.
Conclusion
Contact center software solutions are witnessing traction with the integration of advanced technologies such as robotic process automation, predictive analytics, artificial intelligence, etc. The advent of browser-based features with improved internet connectivity is further promoting the demand for the global contact center software market among agents and consumers. Also, industries of every scale leverage these solutions to resolve questions or problems from customers efficiently and quickly. Large enterprises are pushing its use to counter low customer satisfaction scores and unavailability of agents and improve overall productivity and efficiency.
FAQs:
What is the predicted market value of contact center software during the forecast period?
The global contact center software market is expected to generate $80959.98 million in revenue during the forecast period, 2022-2030.
What is the leading enterprise size in the global contact center software market?
Large enterprises are leading the enterprise size segment in the global contact center software market during the forecast years.