Artificial Intelligence
At CAGR of 14.67%, Contact Center Software Market Size worth $38.83 Billion by 2025 says Brandessence Market Research
Pune, India , Nov. 24, 2020 (GLOBE NEWSWIRE) — Global Contact Center Software market Size is growing with a significant CAGR of 14.67 % and it was worth of revenue USD 17.54 billion in 2018 and it is expected to reach USD 38.83 billion in 2025. The contact center software market is expected to grow at a significant growth rate due to a number of driving factors.
A technology tool that increases the effectiveness and efficiency of a contact center is known as Contact center software. It allows companies to manage a high volume of inbound and outbound customer communications across a range of channels and this includes call center solutions that focus on handling and managing incoming calls which are based on the number called and an associated database of handling instructions. Contact centers are tending to be multichannel or omnichannel in nature and along with receiving or making calls also these can include email, website chat, SMS, Twitter, Facebook Messenger or other channels. Benefits of Contact Center Software are such as No installation cost, Quick setup, Real-time updates, in-depth reporting, easy Installation, Lower CAPEX Requirement, Data Security, Flexibility & Scalability and Disaster Recovery. It can be used by any business with a customer-facing team which wants to streamline customer communication. Software solutions were created software for managing the web, SMS, mobile/phone, email, social media and other channels that also known as single omnichannel in 2014.
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The key Companies in the market for contact center software include Alcatel-Lucent Enterprise, Avaya, Inc., Cisco Systems, Inc., Enghouse Interactive, Inc., Five9, Inc., Genesys, Microsoft Corporation, NEC Corporation, Mitel Corporation, SAP SE, Nice Systems Ltd., and Huawei Technologies Co., Ltd.
The study provides a crucial view of contact center software market by segmenting the market based on software solution, software service, deployment, application and region. Based upon software solution contact center software market is segmented into automatic call distribution (ACD), call recording, computer telephony integration (CTI), customer collaboration, dialer, interactive voice responses (IVR), reporting & analytics, workforce optimization and others. Based upon software service contact center software market is segmented into integration & deployment, support & maintenance, training & consulting and managed services. Based upon deployment contact center software market is segmented into hosted and on-premise. based upon application contact center software market is segmented into banking, financial services, and insurance (BFSI), consumer goods & retail, government, healthcare, it & telecom, traveling & hospitality, and others.
The regions covered in global contact center software market are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, global contact center software market is sub divided into U.S., Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Brazil, Mexico, GCC, Africa, etc.
Increasing adoption of cloud-based contact center services and Growing need to provide dynamic customer requirements these factors are driving the demand of the contact center software market. Increasing adoption of the internet in banking, financial services and insurance, consumer goods & retail, government, healthcare, IT & Telecom, travel & hospitality and other industries is boosting the market growth. Additionally, the rapid adoption of online shopping directly increases the dynamic customer requirement and it is responsible for the growth of the contact center software market. Moreover, traveling and hospitality and financial services& banking services are also focused on the fulfill customer requirement and growth in business. For example, according to
The Deloitte Center for Financial Services surveyed 17,100 banking consumers across 17 countries in May 2018 and the adoption of digitization in this sector is increasing due to these factors the demand for contact center software market is driving. However, the possibility of errors due to incorrect or inadequate data increases manifolds with such integrations, as the legacy systems sometimes lack well-defined interfaces, these factors are hindering the market in the forecast period. Moreover, increasing technological advancement is the major factor that creating numerous opportunities in the forecast period.
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The software service segment of contact center software system market report is dominated by Managed Services segment by capturing the largest market of 39.82%in year 2018.
North America region is the leading region owing to the increasing the rising Omnichannel approach to sales and expanding the e-commerce industry in North America is driving the demand for contact center software. Companies are trying to expand their business to fulfill customer requirements. For example, according to the U.S. Commerce Department’s Total retail sales hit USD3.628 trillion 2018, up 3.9% year over year from USD3.490 trillion, Internet Retailer’s analysis
The Asia Pacific is an emerging region in the contact center software market in the forecast period. Due to the increasing adoption of digitization in the number of industries, people are increasingly using social media in recent years and increasing inclination towards investment in number retail and e-commerce, finance & banking and different industries are boosting the contact center software market.
Market Trends
A new generation of employees and customers will have new needs that the enterprise will need to meet. Recent trends for Contact center software are of Artificial intelligence integrated into customer interactions, Digital transformation, Better contact center analytics, Omni channel communications for all and others.
While technology is advancing throughout nearly every industry, it is evolving at an amazingly fast pace in the realm of contact centers. In 2018, the emergence of solutions that incorporate technologies including artificial intelligence and machine learning, have propelled businesses of all sizes to redefine service and customer success.
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Evolution of the Omni-Channel Contact Center
A key part of an Omni channel approach is that all touch points must function as a stand-alone alternative. For example, a good Omni channel system will allow a customer to use live chat if messaging is their preferred method of communication. Thus the key trend beyond Omni channel is true business integration with all teams working from shared data and insights, and the focus being placed firmly on the customer’s needs and improving service levels offered to them. This trend has emerged from the retail sector, but will be picked up across other verticals, focusing businesses on optimizing the benefits that are possible from having a close and trusted relationship with customers. In 2018, 54% of customers connected with businesses through email, using it more than any other customer service channel. Hub spot research found that 62% of customers want to use email to connect with businesses and 42% want to use live chat. Their exploration also discovered that 90% of customers think an immediate response is important. As consumers demand quick answers, self-service options, and channels that can be used on-the-go, email and chat have emerged as the leading solutions. Development of the Omni-Channel Contact Center benefits to the growth of contact center software market.
Artificial intelligence integrated into customer interactions
The emerging trend is to use AI technology to enhance agent’s abilities to be more effective and efficient. It will increasingly be used to automate routine tasks so that human agents can better focus on escalated issues. Aging interactive voice response (IVR) systems and auto attendants can’t match the experience of AI-powered assistants. AI-powered voice technology can be used for much more. Another example is to create blended contact center interactions. AI can gather information in a millisecond and determine how best to help each customer based on the context and history of the interaction. With the addition of machine-learning tools, AI can guide staffing decisions, promotions to offer and even prompts to switch channels all with the goal of optimizing every customer interaction and journey.Gain the benefits of automation, enhanced agent empowerment, and improved interaction quality through the power of advanced cognitive technologies, such as AI, bots, and Natural Language Understanding, coupled with the power of the human touch. However, with the right approach to artificial intelligence (AI) can deliver a consistent level of real-time, personalized experiences that customers want.
Digital transformation
Digital transformation is not just a trend but it’s a business mentality that needs to be heavily considered for future growth. Integrating new technologies, such as the ones bounded above, is one way to easily adjust to the new business culture and bring digital transformation in the contact center industry. Traditional call centers have become multi-channel contact centers, and these channels need to be integrated with CRM, workforce management, analytics and other solutions to deliver the seamless level of service that is now expected by customers. A cloud-based system that combines unified communication and collaboration tools is the clear way to move away from legacy, on-premise technology. This approach can pave the way towards a restructured, modern contact center that meets rising customer expectations and business demands. Through digital transformation, tremendous strides can be made with a complete view of the customer experience across all channels to resolve issues quicker and identify opportunities more effectively.
Top Trending Topics,
The emergence of the Internet of Things (IoT) will continue to change the role of contact center agents in 2019. Agents will increasingly need to shift from being an interaction handler to a specialist for a specific product or issue. The approach will be more proactive with processes for monitoring and reaching out to customers based on information gathered from a connected device. Agents will require more information to address issues and offer relevant, timely solutions. Problems can be automatically detected by devices and communicated to a contact center. Thus, appropriate resources and retraining will be important as IoT-driven customer service becomes the new norm.
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Artificial Intelligence
Global Insurance Provider Selects 3CLogic to Streamline AI and Contact Center Capabilities with ServiceNow
Multinational Insurance Broker to deploy 3CLogic’s solution with ServiceNow’s Financial Service Operations (FSO) platform to streamline customer experiences.
ROCKVILLE, Md., April 25, 2024 /PRNewswire/ — 3CLogic, the leading Conversational AI and Contact Center solution for ServiceNow®, today announced its selection by a global insurance provider to replace its existing contact center infrastructure as part of a larger CX transformation effort. The strategic decision is designed to complement the organization’s use of ServiviceNow’s Financial Services Operations (FSO) offering leveraged across a number of its existing product lines including Customer Warranty Claims, Roadside Assistance, and Home Warranties.
Serving millions of customers worldwide with innovative insurance and protective products, the organization required a solution that would enhance its recent investment in the ServiceNow platform as it works to transform its end-to-end customer service operations. The deployment will incorporate several of 3CLogic’s AI-powered capabilities purpose-built for ServiceNow, including Conversational AI, Speech Analytics, and AI Performance & Coaching, along with integrated call transcriptions, convenient 2-way SMS, and ServiceNow-centralized contact center reporting.
“We continue to see enterprises eager to complement their existing investment in digital platforms, such as ServiceNow, with contact center features purpose-built to extend the workflows and features they already have and use,” explains Matt Durkin, VP of Global Sales at 3CLogic. “It’s no secret that organizations are already juggling too many systems, often with overlapping capabilities, which impacts ROI and operational efficiency. We’re proud to offer an alternative approach that helps simplify the technology stack while optimizing the overall operational costs and outcomes.”
Recently named to Constellation Research’s 2024 Shortlist for Digital Customer Service and Support, 3CLogic has seen global adoption of its solution by leading enterprises in healthcare, manufacturing, travel, retail, higher education, finance, non-profits, and Managed Service Providers across five continents. As a ServiceNow-certified Technology and Build partner with offerings available for ServiceNow’s IT Service Management, Customer Workflows, HR Service Delivery, and Source-to-Pay solutions, the company will be unveiling its latest set of capabilities at ServiceNow’s annual Knowledge 2024 event this May in Las Vegas.
For more information, please contact [email protected].
About 3CLogic3CLogic transforms customer and employee experiences with its leading Cloud Contact Center and AI solutions purpose-built to enhance today’s leading CRM and Customer Service Management platforms. Globally available and leveraged by the world’s leading brands, its offerings empower enterprise organizations with innovative features such as intelligent self-service, generative and Conversational AI, agent automation & coaching, and AI-powered sentiment analytics – all designed to lower operational costs, maximize ROI, and optimize each interaction across IT Service Desks, Customer Support, Sales or HR Services teams. For more information, please visit www.3clogic.com.
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Artificial Intelligence
ScreenPoint Medical Leadership Transition: Pieter Kroese Confirmed as CEO
Leading Breast AI Company, creator of industry-leading Transpara®, promotes from within for new CEO
NIJMEGEN, Netherlands, April 25, 2024 /PRNewswire/ — ScreenPoint Medical, today announced a significant transition in its leadership as Mark Koeniguer, the current CEO, steps down from his position. Mark served as CEO since 2022 and was instrumental in ScreenPoint’s commercial growth and success over the past 2 years.
The company’s Board of Directors has appointed Pieter Kroese as the new Chief Executive Officer effective April 25, 2024. Pieter takes the role after serving as COO of ScreenPoint for over five years. During that time, he has managed the transition of the company from an early startup to a thriving enterprise with hundreds of customers using ScreenPoint’s flagship Transpara software to support millions of scans a year.
“I am thrilled to lead ScreenPoint into its next phase of growth and innovation,” said Mr. Kroese. “I am deeply committed to building upon the strong foundation we have and continuing to work closely with our talented team to drive continued success. We are already expanding screening capacity and capability through proven reader support – we look forward to increasing our ability to support providers and women moving forward.”
Sir Michael Brady, Chairman of the Board at ScreenPoint Medical and a co-founder of the company, expressed enthusiasm about Pieter’s appointment, stating, “Pieter’s remarkable leadership qualities, coupled with his depth of knowledge of our product and industry, make him the perfect choice to lead ScreenPoint into the future. His strategic mindset and commitment to excellence align perfectly with our company mission of early breast cancer detection. Pieter has been an integral part of our growth to date and will provide seamless leadership through this transition into our next chapter for our customers, partners, and team.”
Author of “No Longer Radical” and over a hundred peer-reviewed publications on breast imaging, Dr. Rachel Brem is a Transpara user and ScreenPoint Board Member. Dr. Brem welcomed Mr. Kroese with the following: “Pieter has been an integral part of the ScreenPoint team for years. I am confident that his leadership will continue to deliver product excellence: earlier detection with outstanding reading workflow and improved patient outcomes. We continue to see these results from clinical sites all over the world, including many here in the United States. No other Breast AI solution has demonstrated the same results as Transpara, and I am confident that the team will continue to push on these frontiers under Pieter’s leadership.”
The entire team at ScreenPoint extends its gratitude to Mark Koeniguer and wishes him every success in the future, while warmly welcoming Pieter Kroese into his new role as CEO.
About ScreenPoint Medical
ScreenPoint Medical translates cutting edge machine learning research into technology accessible by radiologists to improve screening workflow, decision confidence and breast cancer risk assessment. Transpara is trusted by radiologists globally because it has been developed by experts in machine learning and image analysis and updated with user feedback from world-renowned breast imagers.
See all the proof at: https://screenpoint-medical.com/evidence.
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Artificial Intelligence
Robotics Market to Surpass USD 126.96 Billion by 2031 | SkyQuest Technology
WESTFORD, Mass., April 25, 2024 /PRNewswire/ — The growing need for automation, technological developments, and long-term cost reductions are driving a robust expansion in the worldwide robotics market. SkyQuest projects that Global Robotics Market size is poised to grow from USD 41.50 Billion in 2023 to USD 126.96 Billion by 2031, at a CAGR of 15% during the forecast period (2024-2031).
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https://www.skyquestt.com/report/robotics-market
Browse in-depth TOC on the “Robotics Market”
Pages – 202Tables – 64Figures – 75Robotics Market Overview:
Report Coverage
Details
Market Revenue in 2023
$41.50 billion
Estimated Value by 2031
$126.96 billion
Growth Rate
Poised to grow at a CAGR of 15%
Forecast Period
2024–2031
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Application, End Users, and Region
Geographies Covered
North America, Europe, Asia Pacific, and the Rest of the world
Report Highlights
Collaborative Robotics
Key Market Opportunities
Prompting Several Industries to Adopt Automation Technologies
Key Market Drivers
Increasing Demand for Automation
Surge of Automation is Supporting Growth of Robotics Industry
The industrial sector is generating high revenues for the global robotics market owing to extensive automation in manufacturing, which increases productivity and lowers overall production costs. Assembly line, painting, and welding robots have become essential, thereby propelling substantial market expansion in the automotive, electronics, and heavy duty sectors. Due to the increased usage of robots for non-manufacturing functions such as customer service, shipping, and healthcare, the services sector is expanding quickly. This rapid growth is being driven by technological improvements and the push for automation in services.
Surge in Advance Robotics is Bolstering Market Growth
The use of robotics in manufacturing processes is growing, and innovation in this field is happening quickly worldwide. By increasing productivity, efficiency, and precision, advanced robotics technologies—such as AI-driven automation systems and collaborative robots, or cobots—are transforming the manufacturing sector. The dominance of manufacturing in the worldwide robotics market is fuelled by the integration of robotics into manufacturing facilities, which helps businesses remain competitive in today’s dynamic market scenario.
Rising Interest in Service Robotics is Driving Demand for Robotics in Asia Pacific
Due to the strong demand for industrial and service robots in the region, Asia Pacific now leads the global robotics industry. China, Japan, and South Korea are among the nations that have made significant investments in the robotics sector recently. The Middle East and Africa are anticipated to register the fastest-growing rate for the global robotics market. The expansion is ascribed to the region’s growing adoption of automation technology, especially in the manufacturing and logistics industries.
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Drivers:
Increasing Demand for AutomationAdvancements in AI and Machine Learning TechnologiesRestraints:
High Initial InvestmentsLack of Skilled WorkforceProminent Players in Global Robotics Market:
FANUC America Corporation (US)Epson Robotics (Japan)Staubli International AG (Switzerland)YRG Inc. (US)Comau S.p.A. (Italy)Northrop Grumman Corporation (US)Honda Motor Co., Ltd. (Japan)Seiko Epson Corporation (Japan)Yamaha Motor Co., Ltd. (Japan)Adept Technology, Inc. (US)View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/robotics-market
Key Questions Answered in Global Robotics Market Report
How big is the global robotics market, and what compound annual growth rate (CAGR) is it anticipated to deliver between 2024 and 2031?Which industries are fuelling the need for automation and fostering the expansion of the robotics sector?What impact have recent technological advancements and innovations had on the direction of the robotics market?Which well-known companies in the robotics industry are also major players in the global robotics market?This report provides the following insights:
Analysis of key drivers (increasing demand for automation across industries, improved the overall efficiency, productivity of the processes, demand for automation), restraints (high initial investments, difficult for small and medium-sized enterprises to invest, robots, sensors, and other equipment required not delivered), opportunities (advancements in AI and machine learning technologies, new opportunities for the robotics market, perform complex tasks with high accuracy), and challenges (lack of skilled workforce, maintenance of these robotics systems) influencing the growth of robotics marketMarket Penetration: Comprehensive information on the product portfolios offered by the top players in the robotics marketProduct Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the robotics marketMarket Development: Comprehensive information on lucrative emerging regionsMarket Diversification: Exhaustive information about new products, growing geographies, and recent developments in the marketCompetitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.Related Reports:
Global Service Robotics Market
Global Soft Robotics Market
Global Warehouse Robotics Market
Global Cloud Robotics Market
Global Robotic Welding Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
Contact:Mr. Jagraj SinghSkyquest Technology1 Apache Way,Westford,Massachusetts 01886USA (+1) 351-333-4748Email: [email protected] Our Website: https://www.skyquestt.com/
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