Prominent contact center software market players include 8x8, Alcatel-Lucent, Ameyo, Avaya, BT, Cisco, Five9, Genesys, Mitel, Oracle, Nice, Top Down Systems, Fenero, SAP, Unify, Vocalcom, West Corporation, Zendesk, ZTE, and Aspect Software.
SELBYVILLE, Del., March 26, 2020 /PRNewswire/ -- According to the latest report "Contact Center Software Market by Component (Software [Automatic Call Distribution, Dialer, Call Recording, Computer Telephony Integration, Workforce Optimization, Customer Collaboration, Reporting & Analytics, IVR, IVA], Service), Deployment Model (On-Premise, Cloud), Application (BFSI, Consumer Goods & Retail, Government, Healthcare, IT & Telecom, Travel and Hospitality), Regional Outlook, Competitive Market Share & Forecast 2024", by Global Market Insights, Inc., the market valuation of contact center software will cross $40 billion by 2024.
North America dominates the contact center software market and is poised to witness around 13% gains through 2024. The cloud adoption rate of the North American contact center industry increased from around 5% in 2012 to approximately 15% in 2016 with a positive impact on market demand. Companies operating in this region are shifting from product-based to customer-centric approach, creating a substantial demand for the market.
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Elaborating further on the regional landscape, the Asia Pacific contact center software market is anticipated to exhibit a relatively higher CAGR of 20% during the forecast period. The emergence of various SMEs in the region is a key factor contributing to the market growth. Besides, the rising government efforts toward enabling industrial automation and the expanding BFSI, consumer goods & retail, healthcare, and IT & Telecom industries are some of the major factors fueling the APAC market revenue.
The IT & telecom sector is demonstrating massive interest in the deployment of contact center software and is likely to observe more than 17% growth until 2024. Telecom companies are utilizing this software to register customer complaints, deliver value-added services, send follow-up reminders for payments, and maintain proactive engagement with customers.
The cloud-based deployment model in the contact center software market will expand at 22% between 2018 and 2024. In addition to offering faster and easy implementation, the cloud-based model also offers other additional advantages such as enhanced scalability & flexibility, real-time data visibility, customization capabilities, greater security, and others.
The software component segment accounted for majority of market revenue share, with over 70% in 2017. Interactive Voice Response (IVR) dominates the software segment as it assists in quick resolution of customer queries by providing them with pre-recorded responses for frequently asked questions or routing the customers to the responsible representative or department for complex queries. Various sectors including BFSI, hospitality, retail, and healthcare are deploying IVR software for enterprise websites for easy and continuous interaction with customers.
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Table of Contents (ToC) of the report:
Chapter 3. Contact Center Software Market Insights
3.2. Industry segmentation
3.3. Industry landscape, 2013-2024
3.4. Contact center software ecosystem analysis
3.4.1. Contact center software providers
3.4.2. Contact center providers
3.4.3. Contact center component integrators
3.4.5. End users
3.5. Contact center software architecture analysis
3.6. Contact center software evolution
3.7. Technology & innovation landscape
3.7.1. Artificial Intelligence (AI) and machine learning
3.7.2. Cloud-based technology
3.7.3. Big data and predictive analytics
3.8. Regulatory landscape
3.8.1. European Contact Centre Standard (ECCS)
3.8.2. General Data Protection Regulation (GDPR)
3.8.3. Financial Industry Regulatory Authority (FINRA)
3.8.4. Payment Card Industry Data Security Standard (PCI DSS)
3.8.5. Health Insurance Portability and Accountability Act (HIPAA)
3.8.6. Telemarketing Sales Rule (TSR)
3.8.7. California Online Privacy Protection Act (CalOPPA)
3.9. Industry impact forces
3.9.1. Growth drivers
3.9.2. Industry Pitfalls and Challenges
3.10. Porter's Analysis
3.10.1. Threat of new entrants
3.10.2. Threat of substitutes
3.10.3. Bargaining power of buyer
3.10.4. Bargaining power of supplier
3.10.5. Industry rivalry
3.11. PESTEL analysis
3.12. Growth potential analysis
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About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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Global Contact Center Software Market revenue to cross USD 40 Bn by 2024: GMI
Asia Pacific contact center software market is anticipated to exhibit CAGR of around 20% during the forecast period. The emergence of various SMEs in the region is a key factor contributing to the market growth.
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SOURCE Global Market Insights, Inc.