MarketsandMarkets estimates the global contact center software market size would grow from USD 24.1 billion in 2020 to USD 75.5 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 20.9% during the forecast period. Major factors that are expected to drive the growth of the contact center software market include the rising adoption of advanced contact center technologies, need for handling contact center attrition and absenteeism, emerging role of social media in contact center operations, increasing adoption of virtual and cloud-based contact center solutions during and post-COVID-19 to achieve better business continuity, growing need for omnichannel solutions to minimize efforts in reaching end customers, continuous transitions to cloud-based contact centers, and rising demand for personalized and streamlined customer interactions to achieve high customer satisfaction.
The services segment is expected to grow at a higher CAGR during the forecast period
Services are an important part of any solution’s deployment life cycle. Therefore, various vendors offer services associated with contact center solutions to help companies effectively implement their contact center strategies. Contact center services involve consulting; implementation and integration; and training, support, and maintenance. These services are required at various stages, starting from pre-sales requirement assessment to post-sales product deployment and execution, enabling clients to get maximum RoI. With these services, contact center solution providers advise end users and help them integrate and deploy software configured to their requirements.
BFSI industry vertical to hold the highest market share in 2020
The need to attract talent, gain holistic visibility into entire contact center processes, improve timely responses to customer complaints and queries in adherence to country-wide regulations, and protect businesses from fraudulent activities is a top priority in the BFSI industry. Contact center solutions enable BFSI companies to monitor, manage, and assist remote agents selling and earning incentives based on the sale of insurance and banking products, such as credit cards and loans. The use of contact center solutions in the BFSI industry to manage to cut costs, adapt to changing regulations, and maximize opportunities related to financial growth is not new.
APAC to grow at the highest CAGR during the forecast period
APAC is expected to experience extensive growth opportunities in the next few years, owing to the rising adoption of advanced technologies such as cloud, and AI- and NLP-enabled bots. According to the respondents of 2018 SMB Customer Service Trend Report by Genesys, 78.5% of APAC SMEs applied AI to engagement channels, and over 61.1% of APAC SMEs consider TCO for sourcing new technologies to transform their customer engagement roadmap. Therefore, many global cloud-based contact center organizations are infusing AI in their contact center solutions and launching solutions in APAC for helping contact centers in driving sales, improving customer experience and engagement, and attracting new customers with automated workflows and speech analytics capabilities.
- By Company: Tier 1–37%, Tier 2–25%, and Tier 3–38%
- By Designation: C-Level Executives–22%, Director Level–33%, and Others–45%
- By Region: North America–42%, Europe–25%, APAC–18%, and RoW– 15%
The contact center software market comprises major solution providers, such as NICE (Israel), Genesys (US), Cisco (US), Avaya (US), Five9 (US), Talkdesk (US), Vonage (US), 8x8 (US), AWS (US), Atos (France), Alcatel-Lucolent Enterprise (France), SAP (Sweden), Oracle (US), RingCentral (US), IBM (US), Lifesize (US), Content Guru (UK), Aspect Software (US), Enghouse Interactive (US), 3CLogic (US), Ameyo (India), Verizon (US), Intrado (US), AT&T (US), BT (UK), Twilio (US), Vocalcom (France), NEC (Japan), Evolve IP (US), Mitel (Canada), and ZTE (China). The study includes an in-depth competitive analysis of key players in the contact center software market with their company profiles, recent developments, COVID-19 developments, and key market strategies.
The contact center software market revenue is primarily classified into revenues from solutions and services. Solutions revenue is associated with variety of solutions such as contact center solutions include omnichannel routing, workforce engagement management, reporting and analytics, customer engagement management, and others (CTI, messaging, compliance, and data integration) and services revenue is associated with services including contact center services involve consulting; implementation and integration; and training, support, and maintenance. The market is also segmented based on component, deployment model, organization size, industry, and region.
Key benefits of the report
The report would help the market leaders/new entrants in this market with the information on the closest approximations of the revenue numbers for the overall contact center software market and the subsegments. This report would help stakeholders understand the competitive landscape and gain insights to better position their businesses and plan suitable go-to-market strategies. The report would help stakeholders understand the pulse of the market and provide them with information on the key market drivers, restraints, challenges, opportunities, and COVID-19 impact.