Contact Center Software Market worth $93.7 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, July 26, 2022 /PRNewswire/ -- Contact Center Software Market size is expected to grow from USD 35.2 billion in 2022 to USD 93.7 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 21.6% during the forecast period according to a new report by MarketsandMarkets™. The rising adoption of work from home culture, advancements in virtual and cloud-based contact center technologies and solutions are a few factors driving the growth of the Contact Center Software Market.
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Services help organizations in effective integration and implementation of Contact Center Software with the existing in-house infrastructure
The services segment of Contact Center Software is expected to have a promising future due to various integration of contact center solutions. Services help organizations in building successful customer relationships by continuously supporting them through their business tenure. The growing need for integrating Contact Center Software with other enterprise business applications to drive the growth of Contact Center Software services. These services offered by vendors help users select the best Contact Center Software software, which is appropriate to their business needs.
The Cloud-based Contact Center Software solutions help reduce the overall costs and provide highly flexible and scalable access to solutions through the IT infrastructure hosted by the cloud service provider.
The rising shift from on-premises to cloud infrastructure is increasing the demand for Contact Center Software solutions which is mainly due to various benefits of the cloud that include 24x7 data accessibility, rapid implementation, reduced setup, and operational cost, which is Capital Expenditure (CAPEX) and Operating Expense (OPEX), less maintenance cost, scalability, and ease of use for a company with limited IT staff and budget. The adoption of cloud deployment has increased over the five years, especially in SMEs.
The SMEs have started adopting contact center solutions to reduce the CAPEX and OPEX associated with maintaining contact centers and their performance
The increasing implementation of customer care solutions by SMEs across the globe is expected to drive the market growth over the forecast period. Small and medium-sized enterprises are adopting the contact center solutions in-order to ease the burdens of carrying out their routine tasks while allowing agents to focus on organizational development.
The growing focus on improving customer experience is driving the demand for omnichannel routing, which is driving the demand for Contact Center Software solutions
The retail and consumer goods vertical is expected to grow at the highest rate during the forecast period. The retail and consumer goods industry is highly customer-centric, and companies are adopting various penetration strategies and allowing technologies to enhance customer experiences and improve customer retention. These contact center solutions are helping businesses and retailers in striking personalized interactions with customers and building strong customer relationships.
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North America to dominate the Contact Center Software Market in 2022
North America is one of the most technologically advanced regions in the world. The adoption of the Contact Center Software solution is expected to be the highest in North America compared to other regions. Moreover, organizations in North American countries are investing on a large scale in emerging technologies, such as big data, analytics, and cloud platforms. The emphasis is on increasing efficiency by enhancing various outbound and inbound operations has also been growing among both large as well as small and medium-sized enterprises in the region. The omnichannel approach to sales, which has been gaining popularity, coupled with the fast growing e-commerce industry is further expected to increase the regional market growth.
Market Players
The major Players for Contact Center Software Market includes Some of the major vendors offering contact center solutions across the globe include IBM (US), Genesys (US), AWS (US), Five9 (US), Twilio (US), Mitel (Canada), Cisco (US), BT (UK), Verizon (US), Avaya (US), Vonage (US), 8x8 (US), Atos (France), Talkdesk (US), NICE (Israel), Alcatel Lucent Enterprise (France) and more.
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