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The global contact center software market size is slated to value USD 149.58 billion by 2030, advancing at a CAGR of 23.2% during the forecasted timeframe. The industry has recorded progressive growth owing to the need for customized and streamlined customer interactions to gain high consumer satisfaction which will drive market growth. Moreover, the surging need to cater to the ever-changing consumer requirements will also propel the industry expansion. Contract center software allows enterprises to coordinate services across various communication channels to enhance customer experience. The rising need for technology across industries like healthcare, BFSI, travel and hospitality, public organizations, and travel and hospitality will positively influence business revenue.
The advent of advanced technologies such as Artificial Intelligence (AI) along with its integration in these solutions has allowed companies to automate their routine interactions and help them resolve their issues. Additionally, it also helps in predicting new market trends with the help of machine learning algorithms and helps understand what the customers expect to increase client retention.
It is worth noting that, contact center software helps organizations boost their operational efficiency, enhance client assistance, and offer a technological upgrade. Additionally, combining new frameworks with prevailing ones in the working environment and the rapidly increasing demand for the application of new contact centers will fuel market growth.
Post-coronavirus pandemic, a large number of companies with on-premise systems are likely to shift their contact centers over cloud, thus driving the adoption of cloud-based contact center software rapidly. Noticing, its wide adoption many companies are now launching cloud contact center software. Such as, in October 2022, Ethio Telecom- a prominent internet and telephone service provider in Ethiopia unveiled a cloud-based omnichannel contact center with an aim to automate and standardize the process of receiving and responding to consumer requests across a wide number of communication platforms like websites, email, voice call, SMS, and chatbot.
On the basis of solution insights, IVR led the segment as it understands the requirements of the customers through speech recognition technology and notifies the operatives regarding any updates. In a similar manner, workforce optimization is likely to grow rapidly as it enhances an agent’s performance and capabilities. Contact centers that experience high call volumes adopt IVR systems to handle a number of calls simultaneously without customers noticing that there are other calls awaiting
On the basis of deployment, cloud segment is expected to witness noteworthy applications in the times to come due to its capabilities like ease of implementation, enhancements, deployment, and various others. The use of cloud-based technology also helps in reducing enterprise operational cost over time. Access to advanced and updated product capabilities is permitting businesses to focus mainly on extending personalized services, thus meeting the demands of the customers.
With respect to the size of enterprise, large enterprises are likely to gain a considerable revenue stake over time. The integration of cloud solutions and Artificial Intelligence with contact centers is driving the adoption of software across large companies.
Although, in the case of small and medium enterprises, contact center software is witnessing commendable application as it is increasingly being used to increase the customer base. The software provides agents analytical skills that help in providing customer satisfaction during communication. Moreover, many cloud contact center software providers are now offering advanced technology at a reasonable price thus supporting its use in small and medium sized companies.
Geographically, North America led by the U.S. held a significant share of the market revenue over time due to increased integration and innovation in technologies such as AI, Big Data, and cloud computing. These technologies have offered real-time analytics to contact center software. The healthcare, BFSI, retail, and public sector in regions like Canada and the U.S., highly focus on offering superior customer service, thus propelling the application of contact center software in the region.
Along similar lines, Asia Pacific has also emerged as a key revenue pocket for contact center software providers owing to the burgeoning increase in the number of IT and ITES giants in the region. Many sectors of the economy such as healthcare, and BFSI are witnessing rapid expansion in the region. This has driven the need to build a strong customer relationship thus supplementing the use of advanced contact center software in the region.
Research Support Specialist, USA