Contact Center Solution Market to Surpass US$ 118.6 Bn by 2030; Use of AI, Self-service Bots, Gig Agents for Customer Relationship Management to Drive Global Market - TMR Study

Exponential rise in organizational data due to growing use of multiple communication mediums such as e-mail, web chat, and social media creating demand for contact center solutions

Advantages to establish real-time communication with customers for powerful interactions fosters market growth

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Transparency Market Research

Sep 09, 2021, 08:30 ET

ALBANY, N.Y., Sept. 9, 2021 /PRNewswire/ -- The contact center solution market is projected to expand at a CAGR of 19.3% during the forecast period from 2020 to 2030. The growing need of businesses to provide prompt and effective customer solutions is creating the demand for technology-driven contact center solutions. The speech recognition technology is currently widely being used across several end users within the contact center solution market space. The prospects of integrating the speech recognition technology with next-gen IVR will expand applications of contact center solutions to serve in BFSI, retail, and healthcare sectors.

The ongoing COVID-19 pandemic has necessitated businesses to be more reliant on contact centers to serve customers satisfactorily. Cloud contact center solutions have gained prominence to serve customers in the current situation. Cloud-based contact center solutions enable providers to manage customer operations efficiently using a remote workforce.

The growing trend of home sourcing has opened new frontiers in the contact center solution market. The trend has been adopted by students and stay-at-home adults in Asia Pacific due to which the market in the region is expected to display exponential growth rate during the forecast period.

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Contact Center Solution Market – Key Findings of Report

Tools for Proactive Response, Improved Agent Communication Propel Market Growth

Companies in the contact center solution market are investing in unique solutions for continued improvements in the contact center customer experience. With the emergence of AI, visual support, and predictive analytics, smart desktops and sentiment recognition are gaining prominence for the delivery of powerful, personalized, and convenient customer interactions.

The proliferation of Internet and use of smartphones are expected to lead to considerable rise in the demand for contact center solutions through the forecast period. Omnichannel communication, including voice messaging and social media are helping agents for improved interaction with customers. This is further supported by co-browsing and augmented-reality (AR) technologies to provide real-time solutions to customer problems.

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Adoption of Self-service Bots, Gig Agents to Help Improve Service

The transition from product-based to service-based model is expanding the application of contact center solutions. Self-service bots is increasingly gaining acceptance to serve customers and are very suitable for common queries of customers. Insurance companies are one of the key end users of contact center solutions to provide basic information of insurance products to customers.

Gig agents that are mostly students and stay-at-home adults are growing popular to serve as agents for contact center solutions. In particular, amid COVID-19, the trend of home sourcing is creating the demand for gig agents. These agents are equipped with laptops and have access to the corporate network via virtual private network (VPN) from their home networks. This has dramatically reduced the need for agents to report to their offices in a step to contain the spread of coronavirus.

Nonetheless, contact agents including gig agents and regular agents have the knowledge to comply with key regulations with the assistance of contact management software with respect to advanced routing and dialing solutions.

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Delivery of Seamless Customer Experience Fosters Market Growth

End users of contact center solutions are gaining from the personalized and powerful customer interaction offered by these solutions. Software applications used for contact center solutions are capable of generating positive customer interaction and delivering a seamless experience in terms of providing personalized services. For instance, Aspect– contact center solution provider is gaining from capabilities of its software for live interactions and mobile communications.

Contact Center Solution Market – Growth Drivers

Advantages for business enterprises to improve efficiency and productivity via automation of outbound and inbound processes of contact center offer ample growth opportunities in contact center solution market
Increasing need to serve dynamic customer requirements and expanding omnichannel communication are leading to continued adoption of contact center solutions

Contact Center Solution Market – Key Players

Some of the key players in the contact center solution market are Alcatel-Lucent International, Cisco Systems Inc., Huawei Technologies Co. Ltd., Mitel Networks Corp. Oracle Corporation, SAP SE, Zendesk Inc., Avaya Inc., Five9 Inc., IBM Corporation, NICE Ltd., Salesforce.com Inc., and ZTE Corporation.

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Global Contact Center Solution Market: Segmentation

Contact Center Solution Market, by Type

Traditional
Digital

Contact Center Solution Market, by End User

BFSI
Retail
Government
Healthcare
Manufacturing
Media & Entertainment
Telecom
IT
Others (Utilities and Education)

Contact Center Solution Market, by Region

North America

U.S.
Canada
Rest of North America

Europe

Spain
Portugal
Italy
Germany
France
Rest of Europe

Asia Pacific (APAC)

China
Japan
India
ASEAN
Rest of Asia Pacific

Middle East & Africa (MEA)

United Arab Emirates
South Africa
Rest of Middle East & Africa

Latin America

Colombia
Peru
Mexico
Argentina
Brazil
Chile
Rest of Latin America

With the penetration of internet, every business across the globe is fast migrating to the digital space. Moreover, the growing adoption of automation, penetration of 4G and 5G network services, and easy availability of connected devices, will revolutionize the technology space. Explore Transparency Market Research's award-winning coverage of the global IT & Telecom Industry:

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