Contact Center Transformation Market - Growth, Trends, Forecasts (2020 - 2025)
NEW YORK, Nov. 17, 2020 /PRNewswire/ --
The global contact center transformation market (henceforth, referred to as the market studied) was valued at USD 23.83 billion in 2019, and it is expected to reach USD 88.52 billion by 2027, registering a CAGR of 17.91%, during the period of 2020-2027 (henceforth, referred to as the forecast period).?
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- Legacy contact centers operate on older technologies that cannot support newer channels, such as social media, mobile app chats, or videos. The cloud-based contact centers can aid companies in achieving these goals, and modern channels can be integrated by using communication application programming interfaces (APIs). Market vendors have been increasingly exploring the same, in order to match with the growing need.?
- For instance, as of September 2020, Five9 Inc. launched Five9 VoiceStream. The solution aims on assisting its customers, partners, and system integrators to leverage real-time voice and value-added applications. Five9 VoiceStream is a cloud-to-cloud real-time media streaming API facilitating seamless integrations with partners and highly secure to ensure that voice data is protected. Moreover, as per Salesforce's second edition on State of Connected Consumer, 62% of its respondent suggests that they are more afraid of their data being compromised currently than two years ago.?
- Cloud-based call centers have been slowly substituting the on-premise call centers. However, a major reluctance to a faster adoption has been observed due to the requirement to maintain control, heavy financial investments in on-premises, and complex transitioning to cloud. Also, as per Cisco's Global survey 2020, approximately 92% of companies who own their contact center system have agreed to the fact that a seamless integration and access to cloud services is important.?
- The impact of the COVID-19 crisis has forced the businesses to adhere to strict requirements and ensure the ongoing safety of their employees and customers alike. The need for remote working has resulted in a sudden shift from traditional on-premises contact centers to cloud-based contact centers. This may be observed as a notable trend in the foreseeable future, as remote working may become the new standard.?
- As customer behavior moved from physical interactions to digital transactions, businesses too came under pressure on continuing delivering customer services, with quality and compassion. With increasing customer demands across newly contactless business environment, the businesses experienced capacity shortage and unable to address the emerging needs and consumption patterns. ?Therefore, in lieu of pivoting, these companies retooled to adapt to this society-wide shift. The online buying trend is at an all-time high, while logistical delays and related issues were being converted to high call volumes across unadjusted call/contact centers.?
Key Market Trends
Intelligent Call Routing is Expected to Hold Significant Share
- Intelligent call routing simplifies the call process by connecting the customers with the best agent for meeting their needs. In a typical contact/call center environment, the calls may be routed through interactive voice recording (IVR) to the most appropriate department or sent to an initial operator forwarding the call to the right person. However, intelligent call routing makes this process far more efficient.?
- At a current measurement, 95-99% of the companies are randomly routing the customer calls or using methodology other than the intelligent routing to connect calls to agents based on the customer's unique needs. In the current customer experience economy, the major focus is, thus, on personalized experience, which makes this option viable.?
- Multiple organization leaders project an increased talent requirement for call centers, with automation to be an important element. Then, with costly investments in training agents and hiring highly educated agents would be wasteful unless the customers connect to the right agent as soon as possible. Intelligent call routing has proven useful in achieving this.?
- Organizations that are struggling to use artificial intelligence (AI) to automate customer service regarded the same to lack of machines' capability to deal with natural languages. Though agents will not be fully automated anytime soon, intelligent call routing systems can help connect customers to agents most suited to solve their problems. A player such as Wise.io uses machine learning techniques to learn from the agents' prioritization of the customers. Then, its predictive engine creates tickets for the right agents to help them provide more personalized service in a shorter time. Furthermore, knowing customers through their communication preferences and personality styles, it lets businesses personalize the customer experience at scale. ?
- Predictive Behavioral Routing (PBR) utilizes a proprietary and exclusively licensed language-based behavioral model with data for hundreds of millions of customers through millions of language-based personality algorithms. The same is known to transform the call router from a tactical call delivery tool into a strategic solution. ?
North America is Expected to Hold Significant Share
- North America is one of the prominent markets for contact center solutions and services, owing to the propensity and regulations governing enterprises to offer superior customer services in the region. The number of contact centers operating in the region is growing at a steady pace; according to the Bureau of Labor Statistics, the number of contact center employees in the United States in 2019 stood at 2.92 million and grew by 1.74% in comparison to the previous year.?
- With the advent of advanced technologies, the contact center enterprises are looking to increase their efficiency and the quality of their services. The new solutions and services from vendors such as Cisco enhance such capabilities. For instance, T-Mobile adopted Cisco's Contact Centre Enterprise solution in the United States, helping it to increase its customer base from 33 million to 83 million customers. This also resulted in a decreased agent attrition rate from 42% to 22%, reduced churn rate from 2.5% to 0.78%. ?
- The demand from both the public and private sectors increases significantly as more firms are looking to enhance their customer services and reach, as customer service is one of the vital points in gaining loyalty to a brand. According to a study published by Microsoft in 2019, 66% of the US respondents mentioned that customer service is one of the important aspects of choosing or loyalty to a brand. ?
- According to Genesys, a vendor in the market, more than 65% of the US government agency employees stated customer experience as a priority. An important part of the equation is a strong omnichannel customer experience platform that easily enables agencies to connect with constituents anytime, anywhere, by leveraging the AI, cloud, and automation, among others. ?
- The enterprise propensity toward omnichannel contact centers in the region is increasing; along with this, enterprises are increasingly looking to invest in technologies to enhance their revenues as the use of technology is directly linked to revenue growth. According to Qualtrics, revenue can be increased by 70% within three years of investing in CX. ?
Competitive Landscape
The market for contact center transformation market is highly competitive due to constantly evolving technology. The new entrants have to scuffle with high capital requirements, due to the technology-intensive nature of the market. The leverage onto AI, ML, and Analytics make it vital for them to keep track of the competitive advancements, constantly.
- May 2020 - RingCentral Inc. launched the unified desktop application, Offers New User Experience, for improved enterprise communications. It is likely to provide tight integration between RingCentral's messaging, video, and phone services in one place. It may let users switch from different devices while participating in video meetings. It is expected to be helpful during the COVID-19 pandemic when every business employee is working from home.?
- May 2020 - 8X8 Inc. announced a partnership with Virgin Media Business. The partnership is likely to allow Virgin Media Business to extend its Voice and Unified Comms portfolio, providing the public sector, enterprise, and SME customers with a host of new cloud-based and fully integrated communications tools from 8x8, covering voice, video, chat, and contact center solutions. ?
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