Published Date : 27 Jun 2023
The global contact center software market size surpassed USD 42.67 billion in 2022 and is expected to attain around USD 173.9 billion by 2030, expanding at a strong CAGR of 19.2 percent throughout the projection period from 2022 to 2030.
Companies are now able to provide vital insights to improve customer experience thanks to the rising need to supply dynamic client requirements, which is ultimately fueling the expansion of the contact center market. Additionally, one of the major elements that will favorably affect the expansion of the worldwide Contact Center Market in the near future is the rise in the usage of cloud-based contact centers. The market for contact centers is also being driven by an expansion in multichannel communication, a rise in customer social media usage, and technical improvements in artificial intelligence and analytics.
Research indicates that about 84% of consumers value a company's experience just as highly as its goods and services. Businesses have also come to understand how enhanced customer service may contribute to increased profitability. As a result, companies are quickly implementing contact center solutions as part of their initiatives to enhance customer service, hence fostering market expansion. The advantages of cloud-based computing and management solutions have been recognized by businesses. As a result, many companies worldwide are concentrating on making the transfer to cloud-based contact centers.
For a variety of factors, including increased security and productivity, contact center administrators and managers are embracing cloud technology. To enhance customer experience, organizations are increasingly using additional omnichannel solutions, such as video chat support and chatbots, based on cutting-edge technology like Artificial Intelligence (AI). Utilizing AI, a number of firms have already begun automating certain business tasks. The following generation of this technology, prescriptive AI, offers a wide range of new features, from better case routing to effective question resolution and schedule management.
Prescriptive AI is also anticipated to expand customer interactions beyond discovery and onboarding to post-purchase assistance, adding a new dimension to how organizations can anticipate the changing demands of consumers. Additionally, internal uses for prescriptive AI include optimizing field resource utilization and replenishing inventories depending on demand. The expansion of the market during the anticipated period may be constrained, however, by Interactive Voice Response (IVR) fraud or fraudulent actions taking place within the IVR systems.
Contact Center Software Market Report Scope:
|Market Revenue in 2023
|USD 50.87 Billion
|Projected Forecast Revenue in 2030
|USD 173.9 Billion
|Growth Rate from 2022 to 2030
|CAGR of 19.2%
|2022 To 2030
|North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa
The need for contact center software is being driven by the growing omnichannel sales strategy as well as the growing North American e-commerce market. Due to the enormous potential the area offers, businesses are attempting to diversify their company operations there.
For instance, ZaiLab, a supplier of omnichannel, cloud-based contact center software, has disclosed ambitions to increase the scope of its product line in North America.
Notably, enterprises are emphasizing on cloud-based solutions to increase productivity and scalability. For instance, PHH Mortgage, one of the leading residential mortgage sub-servicers in the United States, migrated their contact center to a cloud-based architecture in October 2018 in collaboration with Serenova.
The main goal of the change was to improve the client experience. As a consequence, it is anticipated that additional businesses would be forced to shift their software to the cloud, offering plenty of opportunities for industry participants and positively affecting market growth in the area throughout the projection period.
Customers are lost owing to negative experiences 67% of the time, thus keeping them costs 70% less than getting new ones. As companies work to keep their current customers, one of the elements that are anticipated to contribute to the growing use of contact center software is customer experience.
Integrated workforce management is one of the aspects that can boost demand for contact center solutions. High employee engagement teams have been found to be 21% more productive, which lowers internal theft by 28%. The company's most significant asset is its workforce. Scheduling their labor is essential if you want to get the most production out of these assets. For these uses, contact center solutions are quite beneficial.
The growing desire for individualized services is another element that might boost demand in the contact center software industry. Over 75% of clients are more inclined to buy from a vendor who knows them by name or from a vendor who is recommended based on a prior purchase, according to Accenture, a well-known software provider in the worldwide market.
There are several limitations and difficulties that will prevent the market from expanding. Redesigning contact center business operations is necessary to comply with the new data rules, which may have an impact on the market's expansion. One of the tough elements limiting the market for contact centers is the government's strict restrictions, which make it difficult to interface with old systems. Therefore, throughout the anticipated time, these difficulties can hinder the market.
As customer experience plays a significant part in preserving customer connections and enhancing goods and services based on consumer input, the necessity for raising customer satisfaction levels becomes critical for enterprises. Innovative technologies like AI, ML, and analytics are now available, enabling firms to engage with their consumers and provide better customer experiences.
Due to the extensive consumer data storage, contact centers are always at danger. Additionally, longer conversations raise call center operational expenses and irritate consumers, which can harm the customer experience and lower overall customer satisfaction. But the development of intelligent IVRs, often referred to as IVAs, has introduced additional layers of security to user authentication.
Major Key Players:
By Enterprise Size
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