MarketsandMarkets forecasts the Contact Center Software Market size to grow from USD 15.29 billion in 2017 to USD 29.13 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 13.8%.
Asia Pacific (APAC) is expected to grow at the highest CAGR in the global contact center software market during the forecast period. Enterprises across various verticals are adopting contact center software to offer enhanced experience to customers and strengthen customer relationship. The large presence of SMEs in this region augments the adoption of relatively low-cost cloud-based contact center software for varied business needs. The region has a large potential and huge customer base for generation of significant revenues. The increasing use of the Internet and social media, and widespread penetration of mobile devices have encouraged customers to communicate with organizations. Organizations are focusing on improving customer loyalty by reaching customers through multiple channels, such as the web, mobile, applications, and social media, for offering superior service and faster resolution of queries. Moreover, increasing adoption of mobility and cloud in this region has encouraged organizations to adopt cloud-based contact center software.
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The retail and consumer goods vertical is expected to grow at the highest CAGR in the market during the forecast period. The vertical is becoming more customer centric with its continuous focus on leveraging internet technology. Organizations in the retail vertical have adopted a strategy of managing business operations globally and working locally on the development and pre-production sanction of products. Contact center software empower organizations to reach customers and manage their queries through multiple touch points, such as voice, video, web, mobile, and social media. Furthermore, contact center software provide opportunity to organizations to cross-sell and upsell products and services to customers by facilitating effective communication through multiple channels.
The cloud deployment type is expected to grow at the highest CAGR from 2017 to 2022. Cloud-based contact center is gaining traction among enterprises across various industries owing to benefits such as scalability, improved business agility, reduced operational cost and issues, and less capital expenditure. The cloud-based contact center empowers organizations to meet varied needs of customers through cloud-based omni channel and unified communication solution suites. Organizations demand solutions to efficiently manage contact center operations along with integrating it with other systems, such as CRM. It empowers organizations to communicate efficiently with customers through multiple channels in a cost-effective manner. Furthermore, cloud based contact center solutions help organizations enhance business continuity, as it is a fast mode of deployment and offers easy access to enormous customer data regardless of employee’s and customer’s location.
The Small and Medium-sized Enterprises (SMEs) segment is expected to grow at the highest CAGR in the contact center software market during the forecast period. SMEs face some specific challenges, such as the requirement of domain-specific technical personnel and skilled workforce, budget constraints, and limited economies of scale. Therefore, SMEs consider and prefer cloud-based contact center solutions which help them reduce operational cost and increase productivity. SMEs are focusing on enhanced customer collaborations through web, social media and mobile applications to improve their marketing endeavors and handle customer queries effectively. This has encouraged contact center software vendors to offer economical and innovative solutions for SMEs. In the coming years, the SMEs segment are expected to record a higher adoption rate of contact center software which help enhance the productivity in a cost-effective manner.
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Contact center software are also being increasingly adopted in various verticals, such as retail and consumer goods, travel and hospitality, and healthcare. The increasing adoption rate has driven the growth of the market across the globe. The key players in the contact center software market include Genesys Telecommunications Laboratories, Inc. ("Genesys") (US), Cisco Systems (US), Mitel Networks Corporation (Canada), and Unify Inc. These players have adopted the key strategies of new product launches, partnerships, and acquisitions to achieve growth in the contact center software market.
