Contact Center Software Market to Reach $72.04 Bn, Globally, by 2027 at 18.9% CAGR: Allied Market Research

Increase in usage of contact center software among organizations to enhance customer experience, rise in omnichannel communication approach and upsurge in need for personalized services fuel the growth of the market

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Allied Market Research

Feb 16, 2021, 08:40 ET

PORTLAND, Oregon, Feb. 16, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Contact Center Software Market by Component (Solution and Services), Deployment Type (On-premise and Cloud), Enterprise Size (Large Enterprises and Small & Medium Enterprises), Industry Vertical (BFSI, Healthcare, Retail and E-Commerce, Government and Education, IT and Telecom, Travel and Hospitality, and Others: Global Opportunity Analysis and Industry Forecast, 2020-2027." According to the report, the global contact center software industry was estimated at $18.70 billion in 2019, and is anticipated to hit $72.04 billion by 2027, registering a CAGR of 18.9% from 2020 to 2027.

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Drivers, restraints, and opportunities-

Increase in usage of contact center software among organizations to enhance customer experience, rise in omnichannel communication approach, rapid advancements in the field of customer relationship management, and upsurge in need for personalized services fuel the growth of the global contact center software market. On the other hand, cost issues in case of on-premise call center software impede the growth to certain extent. However, emergence of advanced technologies such as artificial intelligence, predictive analysis, cloud computing, and machine learning and increase in the usage of social media by customers are anticipated to create lucrative opportunities in the near future.

Impact of COVID-19 on Contact Center Software Market:

The outbreak of the pandemic led to increase in need for business ventures to develop a more agile approach for customer engagement, which in turn has impacted the global market for contact center software positively.
At the same time, most of the organizations with on-premise systems have moved their contact centers over cloud that has propelled the adoption of cloud based contact center at full tilt.

Get detailed COVID-19 impact analysis on the Contact Center Software Market: https://www.alliedmarketresearch.com/request-for-customization/4071?reqfor=covid

The software segment to maintain the lion's share-

Based on component, the software segment contributed to more than two-thirds of the global contact center software market share in 2019, and is expected to lead the trail by the end of 2027. Growing popularity of interactive voice response (IVR) solutions to enable the quick resolution of queries over calls boosts the segment growth. The services segment, on the other hand, would also exhibit the fastest CAGR of 21.1% during the forecast period, due to extensive adoption of services among end users.

The cloud segment to dominate by 2027-

Based on deployment mode, the cloud segment accounted for nearly three-fifths of the global contact center software market revenue in 2019, and is expected to rule the roost by 2027. The same segment would also manifest the fastest CAGR of 20.2% throughout the forecast period. The availability of affordable internet connections is expected to boost the demand for cloud based deployment of contact center solutions in organizations.

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North America garnered the major share in 2019-

Based on geography, North America held the major share in 2019, generating around two-fifths of the global contact center software market. The organizations across various industries in the region are rapidly adopting and investing in the emerging technologies, such as big data, analytics, and cloud platforms. This factor drives the market growth in the continent. Simultaneously, the region across Asia-Pacific would showcase the fastest CAGR of 23.3% from 2020 to 2027. This is due to the presence of a broad customer base and significant number of SMEs in the province.

Key players in the industry-

Alcatel-Lucent Enterprise
Avaya, Inc.
Cisco Systems, Inc.
Huawei Technologies Co., Ltd.
Microsoft Corporation
Mitel Corporation
NEC Corporation
Nice Systems Ltd.
Oracle Corporation
Genesys
8*8 Contact Center
SAP SE

Official Press Release: https://www.alliedmarketresearch.com/press-release/contact-center-market.html

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