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
Unlock an Exclusive Olympic Experience: Celebrating Live4Well’s Sold-Out Genesis NFT
HONG KONG, May 25, 2024 /PRNewswire/ — The buzz surrounding Live4Well’s successful Genesis NFT membership launch on May 23 has captivated both traditional and web3 communities. Combining the power of AI technology and decentralized physical infrastructure (DePin) concept, Live4Well has infused new life into the NFT market. The overwhelming response to their first NFT sales, showcases the project’s immense potential. Renowned web3 community leaders from Azuki, Bored Ape, Pudgy Penguins, WELL3, etc have joined forces with Live4Well, propelling the Genesis NFT membership collection to its resounding success.
Live4Well aims to transform the wellness industry by creating a reward-based infrastructure that connects global fitness data, enhances their AI database, and drives the development of sports and wellness. Backed by a multi-billion family office, which recently invested $20 million in Live4Well, the project has gained support in both web3 and traditional spaces. The team believes that every drop of sweat and effort toward better health should be rewarded, fostering motivation and integrating exercise into daily lives for enhanced well-being.
Live4Well’s announcement of an Olympic-themed raffle for Genesis NFT holders reflects their commitment to connecting wellness between Web2 and Web3 platforms. This testament to Live4Well’s demand and innovative vision solidifies their position as a promising leader in the industry. Their integration of the Olympic signifies their determination to inspire a global audience, leveraging blockchain technology to create an immersive ecosystem that revolutionizes how individuals engage with fitness on a daily basis for better health. Live4Well’s dedication to bridging the gap between traditional practices and the digital landscape sets them apart as pioneers in promoting well-being on a global scale.
What is Genesis NFT membership?
The Genesis NFT unlocks a multitude of benefits for holders, including the opportunity to cash out their sportive income and access a range of exclusive physical products and services. In addition to future airdrops and angel round whitelist privileges, Genesis holders will receive VIP tailor-made product packs from an innovative German sportswear company, elevating their exercise performance to new heights. With over 400 million sweat points farmed by their users, they are eager to redeem through the Genesis NFT membership. These enticing incentives explain why there was a widespread eagerness to participate in this thrilling event.
Unlike typical projects that raise funds before launching products or services, Live4Well has already released its AI-powered app, amassing over 250,000 users as a community base actively engaging in daily exercise. This early success has fostered a promising community within the wellness industry, as users trust Live4Well’s roadmap and collaborative ventures. The growing traction from both ordinary individuals and web3 enthusiasts has intensified the demand for redeeming and cashing out sweat points, the project’s exercise-based rewards. Obtaining the Genesis NFT membership is now seen as an essential step for accessing the highest tier of benefits and cashing out sportive income.
What’s next for Live4Well?
Following the Genesis sales, Live4Well’s team will shift their focus to the upcoming token generation event (TGE) and a series of farming events. They also have exciting plans for partnerships and other collaborations in the global wellness and fitness industries. If you missed the initial launch, be sure to stay updated on Live4Well’s journey and join this extraordinary revolution.
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Artificial Intelligence
Overseas Expansion Strategy of K-OTT Introduced in France, KOCCA holds the ‘2024 Korea-France Content Forum’
– The ‘Korea-France Content Forum’ held to establish the Foundation for K-OTT’s oversea expansion
PARIS, May 24, 2024 /PRNewswire/ — The Ministry of Culture, Sports and Tourism (Minister Yu In-chon) and the Korea Creative Content Agency (President, Jo Hyun-rae, hereafter KOCCA) held the ‘2024 Korea-France Content Forum’ on May 24th during the Korea Expo in Paris, France.
The ‘2024 Korea-France Content Forum’ featured a keynote session (K-OTT’s Strategies in Global market) presenting K-OTT’s strategies for international expansion and a roundtable session (Strategies in the Era of Streaming) discussing the growth of OTT platforms and collaborative approaches with production companies.
The forum featured participation from various industry leaders including Kun hee Park (CEO, Wavve Americas), Sangjin Lee (Head of content IP Business, LG U+), Seung ae Sohn (Executive Director, Showbox), Ji ae Sohn (Ambassador for Cultural Cooperation), Moonju Kim (General Director, France Business Center, KOCCA), Isabelle Degeorges (President, Gaumont Television France) which produced the French Netflix original series, participated.
Strategy announcement by Wavve Americas (KOCAWA), the first K-OTT’s launched in Europe
During the Keynote Session, Park Kun Hee – CEO of Wavve Americas, the first domestic OTT Platform to launch services in Europe, Took the stage to discuss the international expansion strategy of KOCOWA, which started offering services in 39 countries including Europe since April of this year. Following this, Lee Sangjin, Head of Content IP Business of LG U+, presented the expansion strategy of LG U+ Mobile TV, encompassing diverse original content.
During the round-table session, participants shared thoughts and solutions regarding the survival strategies of local OTT platforms and production companies amidst the rapid waves of change brought about by the emergence of global OTT platforms.
In particular, through this forum, we were able to observe the proactive implementation of IP protection policies by local production companies in France, aimed at sustainable content creation. Isabelle Degeorges, CEO of Gaumont Television France, noted, “With the introduction of the European Audiovisual Media Services Directive (AVMSD), platforms and production companies can share IPs three years after supplying the content.” Kim Moon-joo, Director of the Korea Creative Content Agency’s France Business Center, participated as a panelist, introducing policies aimed at enhancing the competitiveness of K-OTT and fostering collaboration with production companies.
Park Kun Hee, CEO of Wavve Americas, who participated in the event, stated, “It was a meaningful opportunity to introduce our platform locally in Europe in line with KOCOWA’s expansion into the region”. Additionally, Kyoungbon Koo, Director Broadcasting & Video Content Division at KOCCA commented, “It was a meaningful occasion to not only introduce K-OTT’s strategies to Europe but also to exchange ideas on collaboration between Korea and France. We will continue to focus on activating various forms of collaboration with major international partners in the future”.
KOCCA supports the overseas expansion of excellent domestic OTT content and platforms through the newly established Local OTT Specialized Support Program this year. This initiative aims to enhance the competitiveness of domestic OTT platforms and content by adapting to the changing industrial environment.
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Artificial Intelligence
IoT Node and Gateway Market worth $604.7 billion by 2029 – Exclusive Report by MarketsandMarkets™
CHICAGO, May 24, 2024 /PRNewswire/ — The IoT Node and Gateway market is projected to grow from USD 424.6 billion in 2024 and is estimated to reach USD 604.7 billion by 2029; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 7.3% from 2024 to 2029 according to a new report by MarketsandMarkets™. The growth of the IoT Node and Gateway market is driven by the Provision of increased IP address space through IPv6, Emergence of 5G technology, and Increasing need for data centers.
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Browse in-depth TOC on “IoT Node and Gateway Market”
410 – Tables70 – Figures390 – Pages
IoT Node and Gateway Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 424.6 billion
Estimated Value by 2029
$ 604.7 billion
Growth Rate
Poised to grow at a CAGR of 7.3%
Market Size Available for
2020–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By Hardware, End-use Application and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
Requirement for wireless spectrum and licensed spectrum
Key Market Opportunities
Accelerated IoT adoption in healthcare sector
Key Market Drivers
Rising use of wireless smart sensors and networks
By Hardware, the Logic Devices are projected to grow at a high CAGR of IoT Node and Gateway market during the forecast period.
Logic devices can adapt to changing requirements even after deployment. As new features or functionalities are needed, the logic within the device can be reprogrammed to accommodate these changes, extending the useful life of the product and reducing the need for hardware revisions. The integration of FPGA technology into IoT devices further enhances these advantages. The integration of FPGAs into IoT nodes and gateways empowers manufacturers to develop highly optimized, customizable, and scalable solutions that meet the diverse needs of IoT applications. Tesla’s Full Self-Driving (FSD) computer utilizes FPGAs to handle complex neural network computations for autonomous driving algorithms. This allows them to potentially improve their FSD capabilities through software updates that reconfigure the logic within the FPGAs.
BFSI segment in IoT Node and Gateway Market is projected to grow at a highest CAGR during the forecast period.
BFSI sector can use IoT technology to provide more convenient solutions for customers. IoT can be used to perform data collection in real time and for instant communication between devices. For instance, it can facilitate cashless payments using an RFID scanner to identify products in the shopping cart and mobile wallet. The adoption of mobile point of sale (mPOS) systems and kiosks is fundamentally reshaping the landscape of the BFSI market. mPOS facilitates transactions anytime, anywhere, benefiting unbanked populations and enabling temporary service points for events. Kiosks offer convenient banking functionalities, reducing wait times and freeing up staff for complex inquiries. These technologies drive cost savings by requiring less investment and automating routine tasks, allowing resources to be reallocated strategically. They provide rich data for personalized services, fraud detection, and operational optimization. mPOS systems and kiosks promote financial inclusion by extending services to remote areas, fostering economic activity and well-being.
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North America accounts for the largest share in IoT Node and Gateway Industry.
The North American IoT market is poised to grow, driven by government efforts to transition cities into smart urban centers. The growing need for sophisticated IoT solutions, fueled by the widespread availability of high-speed data, will further propel market expansion in this region. Furthermore, North America’s dynamic IoT node and gateway ecosystem features established players like Intel Corporation (US), Texas Instruments Incorporated (US), Dell (US), and Cisco Systems (US), driving competition, innovation, and affordability. Increasing research and development at industry levels is broadening the application areas of IoT in various industries, such as retail, consumer electronics, automotive and transportation, and healthcare, especially in the US. The increased demand for effective solutions and focus on early, accurate, and fast diagnosis of diseases has led to huge investments in technological developments in the healthcare sector.
Key Players
Key companies operating in the IoT Node and Gateway companies are Intel Corporation (US), Qualcomm Technologies, Inc. (US), Texas Instruments Incorporated (US), STMicroelectronics (Switzerland), Microchip Technology Inc. (US), Huawei Technologies Co., Ltd. (China), NXP Semiconductors N.V. (Netherlands), Cisco Systems, Inc. (US), Hewlett Packard Enterprise Development LP (US), TE Connectivity Ltd (Switzerland), Advantech Co., Ltd. (Taiwan), Dell Technologies (US), among others.
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About MarketsandMarkets™
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The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
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