According to a report available on Radiant Insights, Inc.; the global contact center software market is likely to showcase lucrative growth in terms of revenue by 2023. Increasing need to automate in-bound and out-bound operations and to offer improved user experience can propel the market over the forecast period (2018 to 2023). Contact center software is a solution that can improve the efficiency and effectiveness of a contact center. A contact center is a centralized workplace intended to send and receive large volumes of request over telephone or online live chat.
Advancements in technology and solutions is encouraging organizations to adopt the software for better communication between organizations and customers via several channels including web, voice, and social media. Implementation of advanced solutions such as speech and text analytics, application program interface (API), workforce management (WFM), and customer relationship management (CRM) can allow clients to conduct business seamlessly. This is one of the primary drivers for the global contact center software market.
Digital transformation of contact centers to generate revenue is anticipated to positively influence the market for contact center software in near future. Enterprises are increasingly adopting next-generation IT solutions due to high penetration of mobile devices such as tablets and smartphones. Adoption of cloud-based services can offer several benefits like flexibility, scalability, and reduced operating costs. Small and medium sized enterprises (SMEs) can benefit by deploying cloud-based applications, since theses firms face challenges such as lack of skilled workforce and limited budgets. High demand from SMEs is anticipated to impel the global market expansion over the forecast period.
For instance, Amazon Web Services, Inc. recently introduced a cloud-based contact center called Amazon Connect. The solution is based on a similar contact center technology used in Amazon customer service to facilitate communication. It contains self-service graphical interface that can be used to manage agents and to design contact flows. No specific expertise are required to operate this facility. This is considered as one of its unique selling points. Companies can also customize this software with an artificial intelligence (AI) based service called Amazon Lex. This service supports automatic speech recognition technology. It can help the customer to avoid use of long menus.
The worldwide contact center software market can be fragmented on the basis of deployment type, application/end-user, and region. Based on deployment type, the market can be classified into on-premises and cloud. On the basis of application/end-user, the market can be categorized into banking, financial services, and insurance (BFSI), IT and telecom, and others.
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Geographically, the contact center software market can be divided into United States, Europe Japan, India, China, and Southeast Asia. The United States is one of the attractive markets due to high adoption of mobile devices, cloud-based applications, and social media platforms among organizations. Increasing adoption of technologically advanced IT solutions including robotics, voice biometrics, and speech analytics can further boost the growth of the regional market.
The organizations in the U.S also offer higher salary to highly skilled employees who can deal with complex queries related to automation solution. Rising implementation of contact center software in BFSI is likely to boost the regional market growth in the forthcoming years. Emerging countries such as China and India are likely to witness rapid growth over the forecast period due to high adoption of automated solutions in retail and consumer goods sectors.
Top vendors operating in the contact center software market include Huawei, Drishti Soft Solutions, Cisco Systems, Alcatel-Lucent Enterprise, and SAP SE. Most companies mainly emphasize on providing advanced solutions that can enable customer engagement over multiple devices and communication channels.
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