The global market for contact center software is expected to grow from $13.27 billion in 2016 to $29.13 billion by 2022, at a compound annual growth rate (CAGR) of 13.8 percent, according to a new report by research firm MarketsandMarkets.
The growing need among organizations to offer seamless customer experiences and automate inbound and outbound operations have led to the adoption of contact center software, MarketsandMarkets concluded in the "Contact Center Software Market by Solution (Customer Collaboration, Dialers, ACS, IVR, CTI, Workforce Optimization, Reporting, and Analytics), Service, Deployment Type (On-Premises and Cloud), Organization Size, Vertical, and Region - Global Forecast to 2022" report. Moreover, the contact center software facilitates clients with increased cross-selling and upselling opportunities through multiple channels, including voice, video, web, and social media. The continuous advancements in this technology and its solutions have also encouraged various verticals to adopt contact center software and services.
MarketsandMarkets also expects small and midsized businesses to grow at the highest CAGR during the forecast period, particularly as they deal with the challenges of finding domain-specific technical personnel, budget constraints, and limited economies of scale. Because of those factors, SMBs are investing heavily in cloud-based contact center solutions that offer several advantages, such as scalability, flexibility, and reduced operational cost.
Additionally, the increasing demand for enhanced communication between customers and organizations through multiple channels, including voice, web, and social media, has encouraged vendors to offer economical contact center solutions to clients.
MarketsandMarkets' research also found that the financial services/insurance vertical is expected to hold the largest market share during the forecast period. This is in direct response to globalization, digitization, customer expectations for instantaneous service, and transformations pertaining to how organizations approach customers to market their solutions and to provide services through multiple touch points, including voice, video, online banking, and social media. Contact center software enables organizations in this vertical to offer enhanced service and to manage customer queries in real time, thereby, helping them enhance customer retention and brand loyalty, the research firm found.
So far, North America has been the dominant market for contact center software solutions and services, with a high adoption of cloud, mobile, analytics, and social media among enterprises across various industry verticals, MarketsandMarkets reported.
The report identified Genesys, Cisco Systems, Avaya, Mitel Networks, Enghouse Interactive, SAP, Five9, Huawei Technologies, Oracle, 8x8, and Unify as the major players in the contact center software industry.