Contact Center Software Market to Exhibit 14.62% CAGR till 2026; Increasing Usage in Business Sector to Propel Growth: Fortune Business Insights™
August 20, 2020 at 03:22 AM EDT
Pune, Aug. 20, 2020 (GLOBE NEWSWIRE) -- The global contact center software market is set to gain traction from its increasing usage in the business sector. It helps in addressing the surging importance of providing enhanced and omnichannel customer support for generating more sales. This information is given by Fortune Business Insights™ in a recent report, titled, “Contact Center Software Market Size, Share and Industry Analysis By Component (Solutions & Services), By Organization Size (Large & Small & Medium Enterprises (SMEs)), By Deployment (Cloud & On-Premises), By Vertical (Banking, Financial Services, and Insurance, IT and Telecom, Government, and others), and Regional Forecast, 2019-2026.” The report further states that the contact center software market size stood at USD 16,750.7 million in 2018 and is projected to reach USD 48,010.0 million by the end of 2026, thereby exhibiting a CAGR of 14.62% in the forecast period.
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This Report Answers the Following Questions:
Drivers & Restraints-
A Need to Maintain Stable Relationships with Clients will Favor Growth
At present, a consumer is considered to be a vital part of the business sector. The consumers are nowadays expecting the companies to be present on several channels for providing them with skilled and continuous services. Contact center software solutions come to the rescue when there is a need of regularization of customer support. These solutions also aid in increasing the requirements of the customers. Several companies worldwide are investing huge sums to deploy contact center software to refine the consumer experience and satisfaction with the help of inquiry calls.
Moreover, contact center software solutions offer more benefits, as compared to the call centers. Some of their important features consist of advanced call distribution, direct website interface, fax services, text chats, emails, and VoIP telephone services. These are aimed at providing customized services to the consumers. Overall, the urgent need to maintain a coherent and stable relationship with the clients and to ensure consumer loyalty would contribute to the contact center software market growth in the coming years.
Solutions Segment to Grow Steadily Owing to Their Adoption in Various Industries
Based on component, the market is bifurcated into solutions and services. In terms of solutions, the market is further segregated into customer collaboration, workforce optimization, dialer, reporting and analytics, call recording, computer telephony integration (CTI), automatic call distribution, interactive voice response (IVR), and others. Out of these, the automatic call distribution segment held 17.3% contact center software market share in 2018. The solutions segment is anticipated to gain momentum from their ability to help in solving queries across a wide range of industries, such as hospitality, travel, government, healthcare, as well as media & entertainment.
North America to Dominate Stoked by Presence of Several Prominent Companies in the U.S.
North America held USD 5421.1 million in terms of revenue in 2018. It is expected to dominate the market throughout the forthcoming years owing to the presence of numerous industry giants in the U.S. They are constantly conducting research and development activities to deploy contact center software solutions in a variety of private and public organizations.
Asia Pacific, on the other hand, procured USD 3412.6 revenue in 2018 backed by the rising investments in implementing technologically advanced cloud-based software by the small and medium organizations. Additionally, the ongoing advancements in the developing countries, such as India and China would contribute to the market growth in this region.
Key Players Focus on Launching New Platforms to Gain Competitive Edge
The market consists of a large number of companies that are working to gain a competitive edge in the market. To do so, they are adopting numerous strategies, such as mergers and acquisitions, investments, and launch of unique contact center software solutions. Below are two of the latest industry developments:
Key Companies Profiled In Contact Center Software Market Are:
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