Contact Center Software Market
PUBLISHED: 2023 ID: SMRC23684
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Contact Center Software Market

Contact Center Software Market Forecasts to 2030 - Global Analysis By Component (Solution, Services, Managed Services and Other Components), Deployment Model (On-premises, Cloud and Other Deployment Models), Organization Size (Small and Medium-Sized Enterprises, Large Enterprises and Other Organization Sizes), End User and By Geography

4.7 (64 reviews)
4.7 (64 reviews)
Published: 2023 ID: SMRC23684

This report covers the impact of COVID-19 on this global market
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Years Covered

2021-2030

Estimated Year Value (2023)

US $34.24 BN

Projected Year Value (2030)

US $136.95 BN

CAGR (2023 - 2030)

21.9%

Regions Covered

North America, Europe, Asia Pacific, South America, and Middle East & Africa

Countries Covered

US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa

Largest Market

North America

Highest Growing Market

Asia Pacific


According to Stratistics MRC, the Global Contact Center Software Market is accounted for $34.24 billion in 2023 and is expected to reach $136.95 billion by 2030 growing at a CAGR of 21.9% during the forecast period. Contact center software is a collection of software tools known to assist businesses in managing and streamlining customer interactions across various communication channels, including voice, video, web, chat, mobile apps, and social media. Through the optimization of inbound and outbound operations, contact center software aids businesses in boosting productivity. A variety of functionalities are included in contact center software that enable effective customer interactions and improve the overall customer experience.

According to a survey conducted by Manhattan Associates, single view of consumers and personalized experience were the top aspects prioritized by retailers in the country. Owing to such market scenario, contact centers are expected to benefit omnichannel retailers when compared to traditional call center approach.



Market Dynamics:

Driver:

Improvement of customer experience

The adoption of contact center software is driven by the critical significance of providing exceptional customer experiences. This software increases general satisfaction and loyalty by enabling businesses to interact with customers through a variety of communication channels, promptly respond to their inquiries, tailor interactions based on previous interactions, and offer real-time insights. Additionally, it enables businesses to foresee customer needs in a proactive manner, ensuring a seamless and memorable journey across all touch points.

Restraint:

Expensive Initial Investment

The upfront costs associated with purchasing and implementing contact center software, which include licensing, hardware, training, and more, may present significant obstacles, especially for smaller businesses and those with limited financial resources. These expenses include not only the cost of the initial software purchase but also costs for customization, integration, and ongoing maintenance. However, organizations must conduct meticulous financial planning, allocate resources strategically, and make operational adjustments in order to successfully navigate these financial challenges.

Opportunity:

Increasing preference for cloud-based contact center solutions

Numerous businesses have adopted cloud-based contact centers in response to the increasing use of internet-based services. The agents can communicate from any location and have quick access to customer information in real time, thanks to the flexibility provided by cloud-based solutions. Because agents can now be hired from anywhere in the world thanks to cloud-based contact center solutions, it is no longer necessary for them to work full-time from an office location. Moreover, providers of contact center systems create an active infrastructure where processing of end-use infrastructure occurs on two sites, thereby enhancing security.

Threat:

Rapid advancements in technology

Contact center software is challenged by the quick pace of technological advancement. Rapid evolution makes solutions that were once cutting-edge obsolete, endangering competitiveness. Given the rising expectations of consumers for seamless multichannel interactions and AI-driven support, ignoring emerging technologies could have disastrous effects. Moreover, market share erosion and unsatisfied customers are two risks of stagnation. To succeed, one must constantly innovate, adapt, and embrace changing technological currents.

Covid-19 Impact:

The COVID-19 pandemic had a significant impact on the contact center software industry, resulting in a rapid shift to remote work models and a pressing need for virtual agent solutions. Businesses heavily rely on contact center software to maintain customer support continuity in the face of rising call volumes and the shift to digital channels. Additionally, in light of unprecedented challenges, the pandemic highlighted the significance of scalable cloud-based solutions, automation powered by AI, and data analytics for comprehending changing customer preferences and behaviours.

The large enterprises segment is expected to be the largest during the forecast period

During the forecast period, it is anticipated that large enterprises will hold the largest market share. Large businesses must effectively manage their vast customer data, both locally and internationally. These businesses were looking for cutting-edge solutions to handle complex customer interactions over a variety of channels, including voice, email, chat, and social media. However, to improve customer experiences, streamline workflows, and use data-driven insights to provide individualized support and maintain a competitive edge within their respective industries, these companies adopted contact center software.

The cloud segment is expected to have the highest CAGR during the forecast period

The cloud is expected to grow at the highest CAGR during the forecast period due to its capabilities, including ease of implementation, deployment, enhancements, and others. Moreover, the adoption of cloud-based technology also helps cut business operating expenses. Users can easily access data without taking up much space thanks to the cloud deployment, wherever they are. Avaya, Inc., Cisco Systems, Inc., SAP SE, Mitel Corporation, Alcatel-Lucent Enterprise, and Genesys are just a few of the contact center software providers that have started offering their solutions in the cloud.

Region with largest share:

Due to its developed technological infrastructure, widespread adoption of cutting-edge customer engagement strategies, and emphasis on improving customer experiences, the North American region is anticipated to have the largest share of the contact center software market during the forecast period. Moreover, North America currently holds a dominant position in the market thanks to its propensity for innovation, high concentration of businesses across different industries, and requirement for seamless customer interactions.

Region with highest CAGR:

Asia-Pacific is projected to have highest CAGR during the forecast period in the Contact Center Software Market. The growth of the Asia-Pacific contact center software market can be attributed to increasing government initiatives to promote digitization and adoption of cloud technology in the enterprise sector to enhance the productivity of organizations. Additionally, several multinational organizations are keen on investing in the Asia-Pacific, which is expected to contribute to market growth.



Key players in the market

Some of the key players in Contact Center Software market include NEC Corporation, Avaya Inc., Huawei technologies co., ltd., Enghouse Interactive Inc., IBM, Verizon, Amazon Web Services, Inc, Microsoft Corp., Genesys Telecommunications Laboratories, Inc., Five9, Inc., Bright Pattern, Inc., Oracle corporation, Exotel Techcom Pvt. Ltd., NICE Ltd., 8x8, Inc., AWS, Mitel Networks Corporation, ALE International, Cisco systems, inc. and Unify Inc.

Key Developments:

In June 2023, Amazon Web Services, Inc. announced the development of Amazon Elastic Compute Cloud (Amazon EC2) P5 which is a multi-part collaboration between NVIDIA and AWS. The accelerated communication platform will help companies harness customer interactions and enhance operational efficiency.

In June 2023, Genesys unveiled its new ai-powered employee experience solution, Genesys Cloud Ex. This solution helps businesses improve the employee experience in their contact centers by giving them the tools they need to be more productive, engaged, and satisfied.

In June 2023, Avaya launched Avaya Customer Experience Services (ACES), formerly known as Avaya Professional Services, as its reinvented professional services. The revised strategy integrates cloud, digital, and artificial intelligence (AI) technologies to deliver better business results to clients.

Components Covered:
• Solution
• Services
• Managed Services
• Other Components

Deployment Models Covered:
• On-premises
• Cloud
• Other Deployment Models

Organization Sizes Covered:
• Small and Medium-Sized Enterprises
• Large Enterprises
• Other Organization Sizes

End Users Covered:
• Banking, Financial Services and Insurance (BFSI)
• Telecommunications
• IT and ITES
• Government
• Public Sector
• Retail & Consumer Goods
• Manufacturing
• Energy & Utilities
• Healthcare and Life Sciences
• Media & Entertainment
• Travel & Hospitality
• Transportation & Logistics
• Education
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary

2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions

3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 End User Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19

4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry

5 Global Contact Center Software Market, By Component
5.1 Introduction
5.2 Solution
5.2.1 Omnichannel Routing
5.2.2 Workforce Engagement Management
5.2.3 Reporting and Analytics
5.2.4 Customer Engagement Management
5.2.5 Computer Telephony Integration (CTI)
5.2.6 Messaging
5.2.7 Compliance
5.2.8 Data Integration
5.2.9 Automatic Call Distribution (ACD)
5.2.10 Call Recording
5.2.11 Customer Collaboration
5.2.12 Dialer
5.2.13 Interactive Voice Responses (IVR)
5.3 Services
5.3.1 Consulting
5.3.2 Integration and Implementation
5.3.3 Training Support and Maintenance
5.3.4 Training & Education
5.4 Managed Services
5.5 Other Components

6 Global Contact Center Software Market, By Deployment Model
6.1 Introduction
6.2 On-premises
6.3 Cloud
6.4 Other Deployment Models

7 Global Contact Center Software Market, By Organization Size
7.1 Introduction
7.2 Small and Medium-Sized Enterprises
7.3 Large Enterprises
7.4 Other Organization Sizes

8 Global Contact Center Software Market, By End User
8.1 Introduction
8.2 BFSI
8.3 Telecommunications
8.4 IT and ITES
8.5 Government
8.6 Public Sector
8.7 Retail & Consumer Goods
8.8 Manufacturing
8.9 Energy & Utilities
8.10 Healthcare and Life Sciences
8.11 Media & Entertainment
8.12 Travel & Hospitality
8.13 Transportation & Logistics
8.14 Education
8.15 Other End Users

9 Global Contact Center Software Market, By Geography
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 Italy
9.3.4 France
9.3.5 Spain
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.1 Japan
9.4.2 China
9.4.3 India
9.4.4 Australia
9.4.5 New Zealand
9.4.6 South Korea
9.4.7 Rest of Asia Pacific
9.5 South America
9.5.1 Argentina
9.5.2 Brazil
9.5.3 Chile
9.5.4 Rest of South America
9.6 Middle East & Africa
9.6.1 Saudi Arabia
9.6.2 UAE
9.6.3 Qatar
9.6.4 South Africa
9.6.5 Rest of Middle East & Africa

10 Key Developments
10.1 Agreements, Partnerships, Collaborations and Joint Ventures
10.2 Acquisitions & Mergers
10.3 New Product Launch
10.4 Expansions
10.5 Other Key Strategies

11 Company Profiling
11.1 NEC Corporation
11.2 Avaya Inc.
11.3 Huawei technologies co., ltd.
11.4 Enghouse Interactive Inc.
11.5 IBM
11.6 Verizon
11.7 Amazon Web Services, Inc.
11.8 Microsoft Corp.
11.9 Genesys Telecommunications Laboratories, Inc.
11.10 Five9, Inc.
11.11 Bright Pattern, Inc.
11.12 Oracle corporation
11.13 Exotel Techcom Pvt. Ltd.
11.14 NICE Ltd.
11.15 8x8, Inc.
11.16 AWS
11.17 Mitel Networks Corporation
11.18 ALE International
11.19 Cisco systems, inc.
11.20 Unify Inc.

List of Tables
1 Global Contact Center Software Market Outlook, By Region (2021-2030) ($MN)
2 Global Contact Center Software Market Outlook, By Component (2021-2030) ($MN)
3 Global Contact Center Software Market Outlook, By Solution (2021-2030) ($MN)
4 Global Contact Center Software Market Outlook, By Omnichannel Routing (2021-2030) ($MN)
5 Global Contact Center Software Market Outlook, By Workforce Engagement Management (2021-2030) ($MN)
6 Global Contact Center Software Market Outlook, By Reporting and Analytics (2021-2030) ($MN)
7 Global Contact Center Software Market Outlook, By Customer Engagement Management (2021-2030) ($MN)
8 Global Contact Center Software Market Outlook, By Computer Telephony Integration (CTI) (2021-2030) ($MN)
9 Global Contact Center Software Market Outlook, By Messaging (2021-2030) ($MN)
10 Global Contact Center Software Market Outlook, By Compliance (2021-2030) ($MN)
11 Global Contact Center Software Market Outlook, By Data Integration (2021-2030) ($MN)
12 Global Contact Center Software Market Outlook, By Automatic Call Distribution (ACD) (2021-2030) ($MN)
13 Global Contact Center Software Market Outlook, By Call Recording (2021-2030) ($MN)
14 Global Contact Center Software Market Outlook, By Customer Collaboration (2021-2030) ($MN)
15 Global Contact Center Software Market Outlook, By Dialer (2021-2030) ($MN)
16 Global Contact Center Software Market Outlook, By Interactive Voice Responses (IVR) (2021-2030) ($MN)
17 Global Contact Center Software Market Outlook, By Services (2021-2030) ($MN)
18 Global Contact Center Software Market Outlook, By Consulting (2021-2030) ($MN)
19 Global Contact Center Software Market Outlook, By Integration and Implementation (2021-2030) ($MN)
20 Global Contact Center Software Market Outlook, By Training Support and Maintenance (2021-2030) ($MN)
21 Global Contact Center Software Market Outlook, By Training & Education (2021-2030) ($MN)
22 Global Contact Center Software Market Outlook, By Managed Services (2021-2030) ($MN)
23 Global Contact Center Software Market Outlook, By Other Components (2021-2030) ($MN)
24 Global Contact Center Software Market Outlook, By Deployment Model (2021-2030) ($MN)
25 Global Contact Center Software Market Outlook, By On-premises (2021-2030) ($MN)
26 Global Contact Center Software Market Outlook, By Cloud (2021-2030) ($MN)
27 Global Contact Center Software Market Outlook, By Other Deployment Models (2021-2030) ($MN)
28 Global Contact Center Software Market Outlook, By Organization Size (2021-2030) ($MN)
29 Global Contact Center Software Market Outlook, By Small and Medium-Sized Enterprises (2021-2030) ($MN)
30 Global Contact Center Software Market Outlook, By Large Enterprises (2021-2030) ($MN)
31 Global Contact Center Software Market Outlook, By Other Organization Sizes (2021-2030) ($MN)
32 Global Contact Center Software Market Outlook, By End User (2021-2030) ($MN)
33 Global Contact Center Software Market Outlook, By BFSI (2021-2030) ($MN)
34 Global Contact Center Software Market Outlook, By Telecommunications (2021-2030) ($MN)
35 Global Contact Center Software Market Outlook, By IT and ITES (2021-2030) ($MN)
36 Global Contact Center Software Market Outlook, By Government (2021-2030) ($MN)
37 Global Contact Center Software Market Outlook, By Public Sector (2021-2030) ($MN)
38 Global Contact Center Software Market Outlook, By Retail & Consumer Goods (2021-2030) ($MN)
39 Global Contact Center Software Market Outlook, By Manufacturing (2021-2030) ($MN)
40 Global Contact Center Software Market Outlook, By Energy & Utilities (2021-2030) ($MN)
41 Global Contact Center Software Market Outlook, By Healthcare and Life Sciences (2021-2030) ($MN)
42 Global Contact Center Software Market Outlook, By Media & Entertainment (2021-2030) ($MN)
43 Global Contact Center Software Market Outlook, By Travel & Hospitality (2021-2030) ($MN)
44 Global Contact Center Software Market Outlook, By Transportation & Logistics (2021-2030) ($MN)
45 Global Contact Center Software Market Outlook, By Education (2021-2030) ($MN)
46 Global Contact Center Software Market Outlook, By Other End Users (2021-2030) ($MN)

Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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