The global contact center software market size was valued at USD 13.98 billion in 2016 and is projected to expand further at a CAGR exceeding 15.6% during the forecast years. Rapid technological advancements in the field of Customer Relationship Management (CRM) and integration of machine learning and Artificial Intelligence (AI) into business processes are anticipated to boost the demand for customer experience software.
The development of unified communication social media centers with integrated channels has enabled companies to retain their customers. Emergence of the omnichannel customer experience towards contact center software is expected to accelerate the market growth over the forecast period. Rising preference for cloud-based systems owing to benefits, such as remote accessibility to data, usage flexibility, and reduced maintenance charges, would also fuel market demand.
Robotic Process Automation (RPA) is a vital part of the global market as it helps reduce errors while improving work quality. Companies are seeking solutions that can perform routine tasks automatically allowing managers and agents in the CRM department to focus more on decision-making and analytical activities.
Rising adoption of advanced customer solutions in the BFSI sector due to growing need for flexibility and automation in conducting banking activities will also drive market. These solutions also find use in healthcare, government, media and entertainment, and travel and hospitality sectors for resolving various customer queries. As a result of the aforementioned factors, the demand for contact center solutions is anticipated to grow over the forecast period.
Interactive Voice Response (IVR) segment accounted for a major revenue share in 2016 owing to the high demand for quick resolution of queries over calls. These solutions enable customers to resolve product-related issues by themselves, rather than relying on customer care representatives. Moreover, innovative uses of IVR, such as marketing for customers, feedback surveys, and payment processing, are projected to boost the market growth.
Customer collaboration segment was valued at USD 270.7 million in 2016. The segment is anticipated to grow rapidly over the forecast period. Customer collaboration software allow organizations to interact with their existing and potential customers in a better way. It also helps them establish a long-term bond with their customers and upgrading product quality through feedback, thereby, improving the overall performance of a company.
Integration and deployment function accounted for the largest share of the contact center software market and was valued at USD 1.86 billion in 2016. Growing adoption of new contact center systems and integration of new systems with the existing ones at workplaces is expected to drive the market in the coming years.
Rising demand for updating customer experience software and solutions is also likely fuel the segment growth as it requires vendor support for troubleshooting and resolving technical issues.
Extensive usage of IVRs and self-service portals in customer to automatically resolve queries and issues has resulted in substantial changes in the business process automation technology. Prior to the advent of cloud-based solutions, on-premise solutions were the most feasible option.
Availability of affordable internet connections is expected to increase the demand for hosted deployment of contact center solutions in organizations. Organizations prefer this software as it is hosted on a vendor’s server and can be accessed by only authorized people through a web browser. Hosted deployment segment was valued at USD 4.83 billion in 2016 and is expected to grow remarkably over the forecast period.
Increasing demand from IT and telecom, BFSI, consumer goods and retail, and healthcare sectors is anticipated to drive the industry. Contact centers and unified collaboration software offer flexibility and multimedia to customers, thereby, enhancing customer satisfaction, which ensures brand loyalty.
As a part of the e-government initiative, offices and public organizations are expected to implement contact center solutions to efficiently carry out online processes related to citizen complaints, queries, inquiries, and feedbacks, among others. Globalization of the IT industry has resulted in a huge customer/client database, which needs to be managed effectively. This is subsequently increasing the demand for such solutions.
The Small and Medium Enterprises (SMEs) segment was valued at USD 5.34 billion in 2016. The segment is projected to expand at the highest CAGR over the forecast period. Increasing implementation of customer care solutions by different companies is the key factor driving the segment growth.
Large enterprises have enormous amounts of customer data that needs to be managed effectively in local offices, as well as overseas. In order to manage this data, such enterprises implement contact center systems, thereby, allowing professionals to focus more on critical queries and customer retention.
The North American market was valued at USD 5.26 billion in 2016. It is projected to expand further due to increasing awareness among local organizations about these software. The Asia Pacific region is experiencing immense growth owing to increasing number of favorable government initiatives supporting business processes automation. Moreover, Presence of a large number of contact centers in the region and adoption of cloud-based systems across various organizations would also augment the segment growth.
Key vendors in the market include Alcatel-Lucent Enterprise; Avaya, Inc.; Cisco Systems, Inc.; Enghouse Interactive, Inc.; Five9, Inc.; Genesys; Mitel Corporation; SAP SE; Nice Systems Ltd.; and Huawei Technologies Co., Ltd.; among others. These companies develop and deploy contact center solutions for various organizations.
Most of these companies emphasize on user feedback and incorporate it to streamline their operations in order to improve customer satisfaction levels. Additionally, companies are also investing in R&D to develop innovative products.
|
Attribute |
Details |
|
Base year for estimation |
2016 |
|
Actual estimates/Historical data |
2014 - 2016 |
|
Forecast period |
2017 - 2025 |
|
Market representation |
Revenue in USD Million and CAGR from 2017 to 2025 |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America, and MEA |
|
Country scope |
U.S., Canada, Germany, U.K., India, Japan, China, and Brazil |
|
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
|
15% free customization scope (equivalent to 5 analyst working days) |
If you need specific market information that is not currently within the scope of the report, we will provide it to you as a part of the customization |
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global contact center software market report on the basis of solution, service, deployment, enterprise size, end use, and region:
Solution Outlook (Revenue, USD Million, 2014 - 2025)
Automatic Call Distribution (ACD)
Call Recording
Computer Telephony Integration (CTI)
Customer Collaboration
Dialer
Interactive Voice Responses (IVR)
Reporting & Analytics
Workforce Optimization
Others
Service Outlook (Revenue, USD Million, 2014 - 2025)
Integration & Deployment
Support & Maintenance
Training & Consulting
Managed Services
Deployment Outlook (Revenue, USD Million, 2014 - 2025)
Hosted
On-premise
Enterprise Size Outlook (Revenue, USD Million, 2014 - 2025)
Large Enterprise
Small & Medium Enterprise (SME)
End-use Outlook (Revenue, USD Million, 2014 - 2025)
Banking, Financial Services, and Insurance (BFSI)
Consumer Goods & Retail
Government
Healthcare
IT & Telecom
Travel & Hospitality
Others
Regional Outlook (Revenue, USD Million, 2014 - 2025)
North America
U.S.
Canada
Europe
Germany
U.K.
Asia Pacific
China
India
Japan
Latin America
Brazil
Middle East & Africa (MEA)
Avail customized purchase options to meet your exact research needs:
Get your queries resolved from an industry expert.
Design an exclusive study to serve your research needs.
A testimonial for service in the form of BBB "A" Accreditation.
Your personal and confidential information is safe and secure.
"The quality of research they have done for us has been excellent..."
