IMARC Group's latest report, titled "Contact Center Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," finds that the global contact center software market size reached US$ 20.5 Billion in 2020. Contact center software refers to a technology tool that facilitates smooth customer interactions via multiple channels, such as voice, video, live web chats, mobile applications, social media and chatbot conversations. It collects data from all the channels to compile it into a single customer profile and helps organizations optimize their inbound and outbound operations. It is extensively utilized by uni- and multi-channel call centers for virtual communications, real-time call monitoring, workforce optimization, interactive voice response, reporting and analytics, maintaining network security, and fraud management. In recent years, contact center software has gained immense traction due to its cost-effectiveness, enhanced visibility and operational control.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Contact Center Software Market Trends:
The expanding telecommunications industry, coupled with the growing need for business process automation solutions, represents the primary factor driving the global market. Additionally, the improving focus of organizations on providing optimal customer service and enhancing customer experience using omnichannel solutions is another major growth-inducing factor. Besides this, the increasing product applications across the banking, financial services and insurance (BFSI), healthcare, information technology (IT), retail, education and media industries are also catalyzing the demand for contact center software. Furthermore, leading players are integrating contact center software with advanced technologies, such as the Internet of Things (IoT), big data, machine learning (ML), artificial intelligence (AI) and cloud computing solutions, to cater to diverse consumer requirements. This, in line with the widespread adoption of cloud-based systems, is propelling the market growth. Apart from this, the ongoing research and development (R&D) activities and increasing use of call centers by medium and large organizations are creating a favorable market outlook. Looking forward, the market is anticipated to grow at a CAGR of around 20.3% during the forecast period (2021-2026).
- Based on the component, the market has been segregated into solution (automatic call distribution (ACD), call recording, computer telephony integration (CTI), customer collaboration, dialer, interactive voice responses (IVR), and others) and service (integration and deployment, support and maintenance, training and consulting, and managed services).
- The market has been classified based on the deployment mode into on-premises and cloud-based.
- Based on the enterprise size, the market has been bifurcated into large, and small and medium enterprises.
- On the basis of the end use, the market has been divided into BFSI, consumer goods and retail, government, healthcare, IT and telecom, travel and hospitality, and others.
- On the geographical front, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been analyzed, with some of the key players being Aspect Software, Inc., Avaya Inc., Cisco Systems, Inc., Enghouse Interactive Inc., Five9, Inc., Genesys Telecommunications Laboratories, Inc., International Business Machines Corporation, NEC Corporation, Oracle Corporation, SAP SE, and Unify (Atos SE).
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