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Contact Center Software Market to Reach USD 60.35 Billion by 2027; Hefty Investments by Healthcare and BFSI Industries to Propel Market, states Fortune Business Insights™

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Pune, Oct. 08, 2020 (GLOBE NEWSWIRE) — The global contact center software market size is expected to reach USD 60.35 billion by 2027, exhibiting a CAGR of 14.3% during the forecast period. The rising investment in contact centers by consumer goods & retail, BFSI, and healthcare industries to improve customer experience will facilitate the growth of the market, states Fortune Business Insights, in a report, titled “Contact Center Software Market Size, Share & COVID-19 Impact Analysis, By Component (Solution and Services), By Deployment (Cloud, and On-Premises), By Enterprise Size (Large Enterprises and Small & Medium Enterprises), By Industry (BFSI, ITES, IT and Telecom, Government, Healthcare, Consumer Goods and Retail, Travel and Hospitality, Media and Entertainment, and Others), and Regional Forecast, 2020-2027.” The market size stood at USD 20.72 billion in 2019.

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The coronavirus incident has caused enormous loss to several industries across the globe. The governments of several countries have instigated lockdown to thwart the spread of this deadly virus. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.

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The report on the market for contact center software includes:

  • All-inclusive study of all the segments and sub-segments
  • Important insights into the competitive landscape
  • Key market drivers and restraints
  • Recent developments by eminent players
  • Leading regions in the world
  • Procured data about COVID-19 and its effect on the market

Market Driver:

Increasing Adoption of Cloud-based Contact Center to Stimulate Growth

The growing improvement in cloud technology is expected to have a tremendous impact on the market. The expensiveness of on-premise solutions has urged companies to opt for cloud-based software, thus aiding the expansion of the market. For instance, cloud-based software offers more flexibility and scalability than traditional contact centers, besides providing instant support and better service to customers. It also makes it easier for agents to get access to information stored on the cloud to assist the customer. Thus, reducing customer waiting time, enhancing customer experience and loyalty.

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Heavy Demand for Support Services to Boost Market Prospects Amid Pandemic

The increased demand for instant solutions among customers has led to the employment of contact center.  However, the organizations have shifted their focus towards cloud-based customer service platforms because of its remote access advantage, which is extremely beneficial in the time of coronavirus. For instance, Avaya Holdings Corp announced the introduction of remote contact center solutions for the employees working from home. Cloud facilities provide smooth communication between the customer and the agent working from remote locations. The implementation of cloud-based solutions has resulted in employees’ safety against the transmission of the virus. According to the survey conducted by the Cisco System, Inc. on the global contact center, 2020, 62% of industries are planning to implement a cloud contact center in the next 18 months.

Regional Analysis:

Implementation of Advanced Technologies to Aid Development in North America 

The contact center software market in North America is expected to experience a high growth rate during the forecast period owing to the rising integration of innovative technologies such as cloud, big data, and artificial intelligence in contact center software for enhanced customer service. The BFSI, retail, healthcare, and government sectors are focused on implementing the latest technologies in their systems, in turn promoting the market in the region. Europe is expected to hold a significant share during the forecast period owing to the flourishing service-based industries in Germany and the UK.

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Key Development:

January 2020: Genesys announced that it has signed a partnership with Microsoft Corporation to run its customer experience solution, Genesys Engage on Microsoft Azure. The companies are focused on providing enriched cloud services to help companies integrate AI into their customer service.

List Of Key Companies in the Contact Center Software Market:

  • Alcatel Lucent Enterprise (Colombes, France)
  • Cisco Systems, Inc. (California, United States)
  • Genesys Telecommunications Laboratories, Inc. (California, United States)
  • Five9 (California, United States)
  • 8×8, Inc. (California, United States)
  • NICE Ltd. (Ra’anana, Israel)
  • 3CLogic (Maryland, United States)
  • NEC Corporation (Tokyo, Japan)
  • Oracle Corporation (California, United States)
  • Avaya, Inc. (California, United States)
  • SAP SE (Walldorf, Germany)
  • Mitel Networks Corporation (Ottawa, Canada)
  • Bright Pattern, Inc. (California, United States)
  • Aspect Software (Massachusetts, United States)
  • Evolve IP, LLC. (Pennsylvania, United States)
  • Enghouse Interactive Inc. (Arizona, United States)
  • Microsoft Corporation (Washington, United States)
  • West Corporation (Nebraska, United States)
  • Zendesk, Inc. (California, United States)
  • ZTE Corporation (Shenzhen, China)

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Detailed Table of Content:

  • Introduction
    • Definition, By Segment
    • Research Methodology/Approach
    • Data Sources
  • Executive Summary
  • Market Dynamics
    • Macro and Micro Economic Indicators
    • Drivers, Restraints, Opportunities and Trends
    • Impact of COVID-19
      • Short-term Impact
      • Long-term Impact
  • Competition Landscape
    • Business Strategies Adopted by Key Players
    • Consolidated SWOT Analysis of Key Players
    • Porter’s Five Force Analysis
    • Global Market Share Analysis and Matrix, 2019
  • Key Market Insights and Analysis, By Segments
  • Global Contact Center Software Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
    • By Component (Value)
      • Solution                              
        • Interactive Voice Response (IVR)
        • Automatic Call Distribution
        • Computer Telephony Integration (CTI)
        • Call Recording
        • Reporting and Analytics
        • Dialer   
        • Workforce Optimization
        • Customer Collaboration
        • Others 
      • Services                              
        • Professional Services
          • Consulting Services
          • Training and Education
          • Support and Maintenance
        • Managed Services
    • By Deployment (Value)
      • Cloud
      • On-premises
    • By Enterprise Size (Value)
      • Large Enterprises
      • Small & Medium Enterprises
    • By Industry (Value)

Continued..

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