Verified Market Reports valued the worldwide contact center market at $34.67 billion in 2023 and expects it to reach $92.54 billion by 2030, growing at a compound annual rate at 14.75 percent.
The research firm found that the contact center market is experiencing growing demand as businesses prioritize customer experience and adopt advanced contact center solutions, including artificial intelligence-driven technologies and cloud-based platforms. AI and automation in contact centers is transforming customer service operations, the firm said, noting that AI-powered chatbots and virtual assistants are streamlining interactions, reducing response times, and improving customer satisfaction, while automation tools are enabling contact centers to handle large volumes of queries efficiently, minimizing the need for human intervention, according to Verified.
The firm also found a growing need for omnichannel capabilities, noting that customers today expect seamless communication across multiple channels, including voice, email, chat, social media, and SMS, fueling investment in integrated platforms that allow agents to manage interactions across all channels from a single interface.
At the same time, companies are leveraging customer data and analytics to offer tailored interactions and proactive support, with the emphasis on customer-centric strategies leading to the development of sophisticated tools that enable agents to anticipate customer needs and resolve issues more effectively, Verified also found.
However, market growth is restrained by high implementation and maintenance costs, the complexity of integrating new systems with existing infrastructure, and concerns over data security and privacy, it also said.
Additionally, the need for skilled IT personnel to manage these systems further increases operational expenses. High turnover rates in the industry further complicate workforce management, leading to gaps in service quality and preventing contact centers from fully realizing the potential of new innovations, Verified said.
The research firm identified Teleperformance, Convergys, Sykes Enterprises, Transcom, Atento, Arvato, West, Acticall (Sitel), TeleTech Holdings, Comdata Group, Serco, and Concentrix as leaders in the contact center market.