Contact Center Software Market Size, Share, Opportunities, And Trends By Component (Solutions, Service), By Enterprise Size (Small Enterprises, Medium Enterprises, Large Enterprises), By Deployment (Cloud, On-Premise), And By Geography - Forecasts From 2023 To 2028
- Published : Apr 2023
- Report Code : KSI061615032
- Pages : 118
The contact center software market is projected to grow at a CAGR of 25.14% to reach US$161.519 billion in 2028 from US$33.615 billion in 2021.
The aggregation of various processes that automate the integral processes associated with a contact center is referred to as the contact center software. Automatic call distribution, call recording, computer telephony integration, customer collaboration, dialer, interactive voice responses, and reporting & analytics are the major solutions offered by contact center software to small, medium, and large-sized enterprises by on-premise and cloud deployment. Further, it also offers services such as integration & deployment, support & maintenance, training & consulting, and managed services. The growing adoption of contact center software by large enterprises and the rise in the adoption of cloud-based contact center software are anticipated to grow the contact center software market.
- The growing demand for automating customer care services using AI technology.
The automation of company processes fueled by the enhancement of operational efficiency of businesses and the improvement in accuracy is generating a high demand for contact center software to effectively handle communication processes in the customer care service department. According to IBM's Global AI Adoption Index research from 2022, 48% of the organizations automating their business processes benefited from enhanced customer experience as a result of AI technology and approximately 23% of the organizations such as contact centers are adopting AI for business automation to address the issue of employee shortages. Further, approximately 28% of the contact center organizations are using AI technology to reduce the waiting time on calls and 36% of these enterprises declared the enhancement in the productivity of customer service agents. Further, real-time behavior prediction, insight provision, and analysis of consumer behavior are the additional benefits of employing AI technology in contact center software platforms. For instance, in July 2020, Israeli software company NICE Systems Ltd., a software company providing contact center solutions, unveiled a customer interaction tool, ENLIGHTEN Fraud Prevention that employs speech biometrics and artificial intelligence to detect fraudsters automatically.
- The rise in new product launches is due to the adoption of omnichannel solutions.
The growth in the number of companies offering contact center solutions is a significant factor expected to increase the consumption of contact center software. For instance, in July 2022, Microsoft Corporation introduced its contact center software platform, Microsoft Digital as a result of its previous acquisition of Nuance Communications, Inc. in March 2022 and the integration of its services already present under its different brands such as Azure and Teams. Further, in February 2022, Zoom Video Communications, Inc., a leading company in the web conferencing and video call solution market introduced its contact center software platform, Zoom Contact Center to fortify its platform services. In addition, both these recent launches meet the requirement of an omnichannel network. The rising adoption of omnichannel solutions increases their profit margins in encouraging the development of omnichannel contact center software applications.
The threat of cybersecurity vulnerabilities could slow down the expansion of the contact center software market.
The data issues and the threat of violation of cybersecurity are restraining the extensive adoption of contact center software by companies. Since contact centers majorly deploy webchats, self-service channels, and IVR systems, as an integral part of their working operations to handle the rising amounts of calls being received by the agents, they become increasingly susceptible to the danger of fraud attacks and consequent losses. The availability of vast amounts of sensitive client data with contact center platforms continuously exposes them to the risk of cyberattacks. Therefore, it is anticipated that the increasing number of cyberattacks on contact center software platforms will negatively affect the market expansion.
- In April 2023, Teckinfo Solutions Pvt. Ltd., a software technology company in India offering cloud-based contact and call center services introduced a new software platform, ID Cloud – Premium Contact Centre to provide a uniform platform for engaging customers across all organizational sizes.
- In January 2023, Cognizant, an international IT company entered into a strategic partnership deal with NICE Systems Ltd., a US-based company offering a leading contact center software platform sponsored by AI, CXone to merge the CXone software with Cloud Native Customer Experience Platform offered by Cognizant to further enhance customer experience.
- In October 2022, DialDesk, a new contact center platform based on the cloud was released by Duo World Inc., a US-based software technology company to effectively conduct communication in omnichannel, integrate third-party applications, and autoscale communications on all mediums including social media feeds, chats, and voice calls.
By deployment, cloud-based contact center software solutions are experiencing substantial growth.
The growing adoption of cloud-based contact centers is creating a growth opportunity for the contact center software market due to its effective ability to handle communication processed on web servers. The rising deployment of cloud-based contact centers is due to their ability to provide flexibility in comparison with conventional contact centers. For example, according to a poll conducted in 2020 by Cisco Systems Inc., a US-based company providing networking hardware, approximately 62% of decision-makers in contact centers have indicated an interest in developing cloud-based contact centers. Therefore, the cloud sector is expected to hold a major share of the contact center software market over the forecast period.
North America has a significant share of the contact center software market and is expected to grow in the forecast period.
North America holds a noteworthy share of the contact center software market fueled by the automation of business operations and other associated tasks encouraged by the gradual transition of top firms and brands in North America towards digitalization creating a huge demand for software applications in customer care and communication services. The expansion of the retail sector of North American economies is resulting in increased consumption of contact center software by retail companies to improve their customer retention and satisfaction rates. Further, the presence of major contact center software platforms in the region such as Nice CXone, Genesys Cloud CX, and UJET offer adoption opportunities for companies working in various industries such as the BFSI and IT which are expected to increase the consumption of contact center software products in the region.
Contact Center Software Market Scope:
|Market Size Value in 2021||US$33.615 billion|
|Market Size Value in 2028||US$161.519 billion|
|Growth Rate||CAGR of 25.14% from 2021 to 2028|
|Forecast Period||2023 – 2028|
|Forecast Unit (Value)||USD Billion|
|Segments Covered||Component, Enterprise Size, Deployment, And Geography|
|Regions Covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies Covered||Genesys, Enghouse Interactive., Mitel Networks Corp, NEC Corporation, NICE, Five9, Inc., AWS, 3C Logic, Cisco, SAP SE|
|Customization Scope||Free report customization with purchase|
Key Market Segments:
- By Component
- Automatic Call Distribution (ACD)
- Call Recording
- Computer Telephony Integration (CTI)
- Customer Collaboration
- Interactive Voice Responses (IVR)
- Reporting & Analytics
- Integration & Deployment
- Support & Maintenance
- Training & Consulting
- Managed Services
- By Enterprise Size
- Small Enterprises
- Medium enterprises
- Large Enterprises
- By Deployment
- By Geography
- North America
- South America
- United Kingdom
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Market Segmentation
1.7. Base, and Forecast Years Timeline
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Force Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. The threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. CONTACT CENTER SOFTWARE MARKET, BY COMPONENT
5.2.1. Automatic Call Distribution (ACD)
5.2.2. Call Recording
5.2.3. Computer Telephony Integration (CTI)
5.2.4. Customer Collaboration
5.2.6. Interactive Voice Responses (IVR)
5.2.7. Reporting & Analytics
5.3.1. Integration & Deployment
5.3.2. Support & Maintenance
5.3.3. Training & Consulting
5.3.4. Managed Services
6. CONTACT CENTER SOFTWARE MARKET, BY ENTERPRISE SIZE
6.2. Small Enterprises
6.3. Medium enterprises
6.4. Large Enterprises
7. CONTACT CENTER SOFTWARE MARKET, BY DEPLOYMENT
8. CONTACT CENTER SOFTWARE MARKET, BY GEOGRAPHY
8.2. North America
8.3. South America
8.5. Middle East And Africa
8.6. Asia Pacific
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrative
9.3. Mergers, Acquisition, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. COMPANY PROFILES
10.2. Enghouse Interactive.
10.3. Mitel Networks Corp
10.4. NEC Corporation
10.6. Five9, Inc.
10.8. 3C Logic
10.10. SAP SE
Mitel Networks Corp
|Report Name||Published Month||Get Sample PDF|
|3D Imaging Software Market Size: Industry Report, 2023 - 2028||May 2023|
|Global Remote Access Software Market Size: Report, 2022-2027||Dec 2022|
|Encryption Software Market Size & Share: Industry Report, 2023-2028||May 2023|
|Batch Management Software Market Size: Report, 2022-2027||Nov 2022|
|Online Survey Software Market Size: Industry Report, 2023 - 2028||Mar 2023|