Research firm Technavio expects the global contact center market to grow by $208.2 billion through 2028, at a compound annual rate of 10.7 percent.
At the heart of the contact center market growth is the rising impact of artificial intelligence, which Technavio says has the potential to transform contact centers, enabling faster response times and personalized interactions. At the same time, though, these technologies require significant investment and technical expertise to implement effectively, the firm warned.
Technavio also sees rising adoption of cloud-based contact centers as a driver of market growth, noting that cloud services are quickly becoming the norm, offering cost savings and flexibility. But, it also warns that security and privacy concerns persist.
Another trend is the growing adoption of virtual systems, according to Technavio. Virtual work is on the rise, enabling agents to work from anywhere while impacting customer satisfaction and experience, it says, noting that self-service interactions through chatbots and virtual assistants are convenient for end users but require technical knowledge and a learning curve. Training end users and managing technical complexities can be challenging, especially with legacy systems and multiple vendors, it said.
At the same time, human agents are still essential for handling complex queries, it also said.
CRM integration, social media capabilities, and automation are essential for enhancing customer experience, but they add complexity to the ecosystem, according to Technavio.
Contact centers face a significant challenge in achieving a specified average speed of answer (ASA) for both inbound and blended operations, the firm said. Contact centers must employ workforce management solutions to optimally allocate resources, ensuring they meet desired ASA and service levels.
Technavio expects contact centers to decrease their use of voice-based systems as they move to text-based interactions and social media-based support.
Technavio summarized the contact center market as "a complex landscape with challenges ranging from technical complexities and organizational factors to security concerns and dynamic customer demands."
Key market players identified in Technavio's report include 8x8, ALE International, Alphabet, Alvaria, Amazon, Ameyo, Atos, Avaya, Cisco Systems, Enghouse, Five9, Genesys, Mitel, NEC, NICE, SAP, Vocalcom Group, Vonage Holdings, Zendesk, and ZTE.