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Contact Center Software Market to Reach USD 60.35 Billion by 2027; Hefty Investments by Healthcare and BFSI Industries to Propel Market, states Fortune Business Insights™

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Pune, Oct. 08, 2020 (GLOBE NEWSWIRE) — The global contact center software market size is expected to reach USD 60.35 billion by 2027, exhibiting a CAGR of 14.3% during the forecast period. The rising investment in contact centers by consumer goods & retail, BFSI, and healthcare industries to improve customer experience will facilitate the growth of the market, states Fortune Business Insights, in a report, titled “Contact Center Software Market Size, Share & COVID-19 Impact Analysis, By Component (Solution and Services), By Deployment (Cloud, and On-Premises), By Enterprise Size (Large Enterprises and Small & Medium Enterprises), By Industry (BFSI, ITES, IT and Telecom, Government, Healthcare, Consumer Goods and Retail, Travel and Hospitality, Media and Entertainment, and Others), and Regional Forecast, 2020-2027.” The market size stood at USD 20.72 billion in 2019.
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The coronavirus incident has caused enormous loss to several industries across the globe. The governments of several countries have instigated lockdown to thwart the spread of this deadly virus. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.To get to know more about the short-term and long-term impacts of COVID-19 on this market, please visit:The report on the market for contact center software includes:All-inclusive study of all the segments and sub-segmentsImportant insights into the competitive landscapeKey market drivers and restraintsRecent developments by eminent playersLeading regions in the worldProcured data about COVID-19 and its effect on the marketMarket Driver:Increasing Adoption of Cloud-based Contact Center to Stimulate GrowthThe growing improvement in cloud technology is expected to have a tremendous impact on the market. The expensiveness of on-premise solutions has urged companies to opt for cloud-based software, thus aiding the expansion of the market. For instance, cloud-based software offers more flexibility and scalability than traditional contact centers, besides providing instant support and better service to customers. It also makes it easier for agents to get access to information stored on the cloud to assist the customer. Thus, reducing customer waiting time, enhancing customer experience and loyalty.
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Heavy Demand for Support Services to Boost Market Prospects Amid PandemicThe increased demand for instant solutions among customers has led to the employment of contact center.  However, the organizations have shifted their focus towards cloud-based customer service platforms because of its remote access advantage, which is extremely beneficial in the time of coronavirus. For instance, Avaya Holdings Corp announced the introduction of remote contact center solutions for the employees working from home. Cloud facilities provide smooth communication between the customer and the agent working from remote locations. The implementation of cloud-based solutions has resulted in employees’ safety against the transmission of the virus. According to the survey conducted by the Cisco System, Inc. on the global contact center, 2020, 62% of industries are planning to implement a cloud contact center in the next 18 months.Regional Analysis:Implementation of Advanced Technologies to Aid Development in North America The contact center software market in North America is expected to experience a high growth rate during the forecast period owing to the rising integration of innovative technologies such as cloud, big data, and artificial intelligence in contact center software for enhanced customer service. The BFSI, retail, healthcare, and government sectors are focused on implementing the latest technologies in their systems, in turn promoting the market in the region. Europe is expected to hold a significant share during the forecast period owing to the flourishing service-based industries in Germany and the UK.
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Key Development:January 2020: Genesys announced that it has signed a partnership with Microsoft Corporation to run its customer experience solution, Genesys Engage on Microsoft Azure. The companies are focused on providing enriched cloud services to help companies integrate AI into their customer service.List Of Key Companies in the Contact Center Software Market:Alcatel Lucent Enterprise (Colombes, France)Cisco Systems, Inc. (California, United States)Genesys Telecommunications Laboratories, Inc. (California, United States)Five9 (California, United States)8×8, Inc. (California, United States)NICE Ltd. (Ra’anana, Israel)3CLogic (Maryland, United States)NEC Corporation (Tokyo, Japan)Oracle Corporation (California, United States)Avaya, Inc. (California, United States)SAP SE (Walldorf, Germany)Mitel Networks Corporation (Ottawa, Canada)Bright Pattern, Inc. (California, United States)Aspect Software (Massachusetts, United States)Evolve IP, LLC. (Pennsylvania, United States)Enghouse Interactive Inc. (Arizona, United States)Microsoft Corporation (Washington, United States)West Corporation (Nebraska, United States)Zendesk, Inc. (California, United States)ZTE Corporation (Shenzhen, China)
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Detailed Table of Content:IntroductionDefinition, By SegmentResearch Methodology/ApproachData SourcesExecutive SummaryMarket DynamicsMacro and Micro Economic IndicatorsDrivers, Restraints, Opportunities and TrendsImpact of COVID-19Short-term ImpactLong-term ImpactCompetition LandscapeBusiness Strategies Adopted by Key PlayersConsolidated SWOT Analysis of Key PlayersPorter’s Five Force AnalysisGlobal Market Share Analysis and Matrix, 2019Key Market Insights and Analysis, By SegmentsGlobal Contact Center Software Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027By Component (Value)Solution                              Interactive Voice Response (IVR)Automatic Call DistributionComputer Telephony Integration (CTI)Call RecordingReporting and AnalyticsDialer   Workforce OptimizationCustomer CollaborationOthers Services                              Professional ServicesConsulting ServicesTraining and EducationSupport and MaintenanceManaged ServicesBy Deployment (Value)CloudOn-premisesBy Enterprise Size (Value)Large EnterprisesSmall & Medium EnterprisesBy Industry (Value)
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About UsFortune Business Insights offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data. At Fortune Business Insights, we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.Contact Us:Fortune Business Insights™ Pvt. Ltd.
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