Contact Center Software Market Size, Historical Growth, Analysis, Opportunities and Forecast To 2024
Date: 2019-02-12   Author: Partha Ray  Category: #industry

Contact Center Software Market Size, Historical Growth, Analysis, Opportunities and Forecast To 2024

The data in this Contact Center Software market research is collated via multiple channels including but not limited to primary and secondary sources, databases, business specific references and others.  The study aims to offer not only commercial data but also includes analysis of important factors, technical as well as market-oriented insights. Players in the Contact Center Software market including established companies, new entrants and everyone in between this industry chain covering suppliers, experts, manufacturers, service providers, traders, distributors, consumers / clients and others may find value in this research. Companies profiled include Avaya, Alcatel-Lucent Enterprise, Ameyo, Aspect Software, Fenero, Genesys, Huawei Technologies, IBM, Mitel, Nixxis, Oracle, SAP, Solgari, Verizon, Vocalcom.

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The Latin America contact center market is projected to cross over USD 3 billion over the forecast timeframe. The regional growth is attributed to the rising adoption of new technologies including cloud computing, speech recognition, analytics, and AI accompanied by an increase in the demand for augmented customer experience. Various industry verticals including healthcare, telecommunications, and retail are investing in the Latin America contact center software market to deliver an omnichannel communication experience to its customers. The adoption of cloud-based contact centers in this region is still in the nascent stage with major development witnessed mainly in Argentina, Brazil, Mexico, Chile, and Peru. Its adoption is anticipated to grow over the forecast period, mainly in the regions of Colombia and Costa Rica, driving the contact center software market growth.

The Interactive Voice Response (IVR) segment dominates the contact center software market and accounted for over 15% of the market share in 2017. The rising adoption of smartphones by customers has replaced the traditional voice-based IVR with the visual IVR technology. This transformative platform allows customers to touch the screen menus and to get their required answers instead of waiting for the traditional IVR to read the unwanted options not required by customers. This visual IVR software handles around 75% of the customer service calls thereby transforming the functioning of contact center and leading to customer delight.

The managed services for contact center software are growing at a fast rate and are projected to grow at a CAGR of over 21% over the forecast period. By providing the right knowledge and experience required to make critical contact center software technologies, the managed service providers augment the customers? internal capabilities by using the resources more effectively. The managed service providers carry out the regular installation of all software updates associated with the contact center environment, ensuring that the communication servers are secured and updated timely, driving the contact center software market demand. 

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The cloud-based deployment model is projected to account for around 29% of the market share by 2024. The cloud model provides contact centers access to various channels and the latest technologies with the ability to scale agents up and down as per requirement. It also reduces support costs and removes the expenses for upgrades, ensuring smooth business functioning with a rapid growth in ROI. It provides end-to-end visibility, providing the operations staff and clients a comprehensive set of historical data, real-time dashboards, and performance and quality management tools. This provides organizations with critical insights, allowing them to take the necessary steps to meet the changing customer requirements.

The travel & hospitality industry segment is projected to grow at a CAGR of over 16% over the forecast timeline. The use of contact center software is booming in this industry as it delivers automated customer service to passengers on the company?s website or operates through other communication platforms including chat and social media. Maintaining efficient communication between the contact center, billing, marketing, and related departments to provide a smooth customer experience is essentially boosting the contact center software market growth. Furthermore, hospitality companies are rapidly shifting from on-premise contact center software to cloud-based solutions due to the added benefits associated with them. For instance, in July 2016, an international hospitality company adopted inContact?s customer interaction cloud. This omnichannel cloud solution will assist the company in achieving enhanced business outcomes.

Contact Center Software Market is projected to surpass USD 40 billion by 2024. The growing demand for meeting dynamic customer requirements, technological advancements in the field of machine learning, AI, and IoT, and the rising integration with social media platforms are the major factors driving the global contact center software market growth. The increasing demand for cloud-based contact center software solutions by various industry verticals including BFSI, healthcare, IT & Telecom, travel and hospitality, and government organizations also has a positive impact on the market.

Table of Content:

Chapter 1.   Methodology & Scope

Chapter 2.   Executive Summary

Chapter 3.   Contact Center Software Industry Insights

Chapter 4.   Competitive Landscape, 2017

Chapter 5.   Contact Center Software Market, By Component

Chapter 6.   Contact Center Software Market, By Deployment Model

Chapter 7.   Contact Center Software Market, By Application

Chapter 8.   Contact Center Software Market, By Region

 

Chapter 9.   Company Profiles

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About Author


Partha Ray

Partha Ray

Partha is into digital marketing since the last 3 years and has worked on multiple projects across various industries. An Computer Science engineer by education, he has prior experience in software development. His other interests include playing cricket & Hockey.

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