Contact Center Software Market to Cross USD 41.16 Billion by 2028 Thanks to Rising Software Adoption to Enhance Customer Relationship Management
The contact center software market was worth around USD 22.37 billion in 2021 and is anticipated to cross USD 41.16 billion by 2028, at a CAGR of 12.3% over the forecast period (2022 – 2028).
Westford USA, Jan. 17, 2023 (GLOBE NEWSWIRE) — The growing need to improve the customer experience at lower costs is driving the contact center software market. It aids in meeting the increased competition and customer expectations through technological advancements. Contact center software improves a contact center’s efficiency and effectiveness by focusing on interactions between customers and contact center agents. Businesses use innovative technologies like mobile supercomputing, machine learning, and artificial intelligence to accelerate the fourth industrial revolution, which drives demand for contact center software. However, the increasing number of cyber-attacks on contact center business operations pose challenges that need to be addressed on a priority basis.
According to SkyQuest, more than 70% of customers are more likely to purchase from a vendor who gives personalized service or a vendor who was recommended based on a previous purchase. Furthermore, teams with high employee engagement are 23% more productive, reducing internal theft by 29%. As a result, businesses’ strong emphasis on streamlining and personalizing customer interactions and employee management to improve customer satisfaction will propel contact center software market growth.
Rapid Growth of the IT & Telecom Industry Create Lucrative Opportunities for Contact Center Software and Service Vendors
The IT & telecom sector accounted for the most revenue and is expected to grow at a CAGR of 15.7% in the coming years owing to the presence of various IT & telecom companies in the industry. As per SkyQuest’s market analysis, the telecom services market is projected to surpass USD 2.55 trillion by 2028. Such a surge in the telecom industry’s growth will eventually boost the contact center software market. Factors such as the increase in data traffic, significant innovations in the technology domain, and the demand for digital communication and content have shaped the sector, driving the market in this category.
North America, followed by Europe and Asia Pacific, is predicted to grow as the fastest-growing regional market owing to a larger customer base and a significant number of SMEs. In addition, intensifying competition between regional and global companies is also expected to propel market growth in these regions.
The latest report on the contact center software market sheds light on current and upcoming market trends. In addition, the report provides detailed information about the market’s pricing, capacity, value, gross revenue, and profit. The report’s primary goal is to give readers, stakeholders, and companies detailed information about market size, revenue growth, and overall market dynamics to help them strengthen their position in the global market.
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Cloud-Based Software Segment to Witness Higher Traction due to its Versatile Application Scope
As per SkyQuest’s research insights, more than 72% of companies that use cloud technology intend to increase their cloud budgets by 2025. The growing acceptance of internet-based services has led to an increase in the use of cloud-based software by several organizations. Furthermore, lower implementation, maintenance, and upgrade costs have prompted small and medium-sized businesses to adopt cloud technology. Large organizations continue to use cloud solutions due to their ease of integration with legacy systems and high operational efficiency.
The cloud-based solution is so versatile that representatives can communicate with customers across channels and locations and access their information in real-time. The software also eliminates the need for representatives or agents to be present in offices around the clock. Furthermore, security and dependability are two major selling points of this software, allowing businesses to adopt it.
The contact center software market report provides comprehensive data on emerging trends, market drivers, restraints, challenges, and growth opportunities that can impact the industry’s market dynamics. In addition, it thoroughly examines market segments and sub-segments, including products, applications, end-users, and regional analysis.
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Key Developments in Contact Center Software Market
- Playvox, a workforce engagement company, has announced a global collaboration with Salesforce. According to the companies, the agreement will help Salesforce Service Cloud customers better manage forecasting, scheduling, adherence, and capacity planning within Salesforce Contact Center. Users can also make real-time changes based on Playvox’s AI data. In addition, with the launch, Salesforce customers will have access to Playvox’s entire workforce engagement suite, including quality management and coaching.
- Broadvoice®, a provider of hosted voice, Omni channel contact center (CCaaS), and SIP services for small and midmarket businesses, announced the upcoming North American launch of the GoContact Omni channel cloud contact center solution. It will provide optimal ease of use and affordability that lives up to the promise of simplifying communications for small and midsize businesses.
- Sprinklr, the major platform for unified customer experience management for modern enterprises, and Sitel Group®, one of the world’s largest providers of customer experience (CX) products and solutions, have announced a new partnership to assist businesses in improving social customer service. The global collaboration creates an end-to-end set of digital services for businesses of any size, ranging from social listening and engagement to social media strategy and design.
- TTEC Holdings, Inc., one of the leading global customer experience (CX) technology providers, announced the expansion of its partnership with Google Cloud. The development aims to enable customers to use Google’s AI-powered Contact Center-as-a-Service (CCaaS) capabilities to improve real-time customer interactions across digital and live channels.
The research report provides an in-depth analysis of the contact center software market, as well as current patterns and future projections, to identify potential investment opportunities. Furthermore, it assists the reader in understanding the strategies and collaborations players focus on to combat market competition. The comprehensive report offers a detailed microscopic examination of the market. The reader of this research report can identify the footprints of manufacturers by learning about their global revenue and recent developments.
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Prominent Players in Contact Center Software Market
- Alcatel-Lucent Enterprise
- Cisco Systems, Inc.
- Avaya, Inc.
- Microsoft Corporation
- Huawei Technologies Co., Ltd.
- NEC Corporation
- Mitel Corporation
- Oracle Corporation
- Nice Systems Ltd.
- Genesys
- SAP SE
- 8*8 Contact Center
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