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The contact center market size is estimated to grow at a CAGR of 9.33% between 2022 and 2027. The size of the market is forecast to increase by USD 161.73 billion. The growth of the market depends on several factors, including the rising adoption of cloud-based contact centers, the necessity to improve CRM for effective revenue generation, and the integration of interactive voice response (IVR) into contact centers.
This report extensively covers market segmentation by type (voice-based, text-based, and social media-based), deployment (on-premises and cloud-based), and geography (North America, APAC, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The rising adoption of cloud-based contact centers is notably driving the market growth, although factors such as the inability to achieve an ASA may impede the contact center software market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The rising adoption of cloud-based contact centers is notably driving the IT services market growth. A cloud-based contact center is a SaaS that is deployed, stored, and precisely designed for cloud solutions. Cloud-based contact centers are flexible as they are able to quickly adapt to the changing business needs and can be integrated with third-party applications through open application programming interface (API) frameworks.
A reliable cloud-based solution can handle outbound, inbound, and blended interaction seamlessly, which will help in providing personalized services to customers easily and in a cost-effective manner. With cloud-based contact centers, enterprises can aggregate customer data and the history of previous queries, which can help them understand customer preferences. This can help enterprises personalize services, effectively route inquiries, and solve problems within one interactive session. This will lead to an increase in the adoption of cloud-based contact centers during the forecast period.
The integration of chatbots for better turnaround times is the key market trend driving the global contact center software market growth. The contact centers are trying to implement chatbots in their processes because, in the future, they must look for options other than human agents to handle simple customer queries and provide better resolutions. Good customer service can lead to the success of a business.
Chatbots will help enterprises in giving instant responses to customers, which will lead to better turnaround times. Since time is of utmost importance while attending to a customer, chatbots will skip the dependency on the repair personnel and will give responses directly to the customers. Chatbots will also help enterprises delight their customers without losing the human touch. Thus, the integration of chatbots into contact centers will help in improving the customer experience. Hence, it will lead to an increase in the adoption of contact center solutions.
The inability to achieve an ASA is the major challenge impeding the global business process outsourcing market growth. An ASA is the key performance indicator for contact centers, which helps managers in assessing their team s performance and the efficiency of their callers.
An ASA includes the amount of time a customer waits in line and the time the agent s phone is ringing. However, it does not include the time taken for customers to navigate through IVR. Contact centers should use workforce management (WFM) solutions to manage their resources so that they can meet the desired ASA and service levels. Owing to the growing customer expectations for better services, this problem is a huge challenge for the vendors of contact center solutions.
The report includes the adoption lifecycle of the contact center software market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Contact Center Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the contact center software market.
8x8 Inc. - The company offers contact center solutions with a flexible architecture, thus allowing integration of multiple locations such as headquarters, remote offices, and outsourced locations through a virtual call center. The company also offers other solutions such as Technical Support HelpDesk, Home-Based Agents, Inbound Call Center, and Customer Service Call Center Software.
The major contact market reserach report also includes detailed analyses of the competitive landscape of the contact center software market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth of the voice-based segment will be significant during the forecast period. The use of voice-based interaction is expected to maintain its dominance during the forecast period. Therefore, vendors in this market are focusing on offering advanced solutions to handle the high volumes of voice calls. Thus, the growth of the segment can be attributed to the increasing use of customer care service offerings in end-user industries and the launch of new solutions.
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The voice-based segment was valued at USD 73.31 in 2017 and continue to grow by 2021. Voice-based interaction helps contact centers reduce the throughput time in resolving customer queries. However, owing to the rising popularity of text-based interaction and social media-based interaction, the market share of the voice-based interaction segment is expected to register moderate growth during the forecast period.
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North America is estimated to contribute 34% to the growth of the global contact center software market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The major factor that fuels the growth of the contact center software market in North America is the growing adoption of contact center analytics, including multichannel customer interaction analytics, speech analytics, and contact center performance analytics applications in North America. Analytics is given importance by enterprises in North America because it helps enterprises offer enhanced customer experiences as they move toward the concept of omnichannel customer care. Key vendors in North America, such as 8x8 Inc., Amazon.com Inc., Avaya Holdings Corp., and Cisco Systems Inc., are constantly adding value to their services by using technology and digitalization. Additionally, growing industries such as hospitality, retail, and healthcare care are expected to boost the demand for contact center services during the forecast period.
COVID-19 positively impacted the regional market. This led to increased call and text volumes in contact centers in North America as people wanted to get information on various topics related to their businesses. Also, people contacted medical contact centers to verify symptoms of COVID-19 and get information about their health and medical insurance coverage details. These factors tremendously increased the call and text volumes in contact centers. Therefore, the market in North America witnessed growth during 2020 and is expected to grow during the forecast period.
The report forecasts contact center software market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Contact Center Market Scope |
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Report Coverage |
Details |
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Page number |
164 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 9.33% |
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Market growth 2023-2027 |
USD 161.73 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
8.89 |
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Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
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Performing market contribution |
North America at 34% |
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Key countries |
US, Australia, India, UK, and Germany |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
8x8 Inc., ALE International, Alphabet Inc., Alvaria Inc., Amazon.com Inc., Ameyo Pvt Ltd., Atos SE, Avaya Holdings Corp., Cisco Systems Inc., Enghouse Systems Ltd., Five9 Inc., Genesys Telecommunications Laboratories Inc., Mitel Networks Corp., NEC Corp., NICE Ltd., SAP SE, Vocalcom Group, Vonage Holdings Corp., Zendesk Inc., and ZTE Corp. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Deployment
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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