Pune, June 04, 2020 (GLOBE NEWSWIRE) -- The global contact center software is expected to exhibit a remarkable CAGR of 14.62% between 2018 and 2026 owing to increasing demand for multi-channel customer support. Key insights into this emerging market have been covered and shared by Fortune Business Insights in its report, titled “Contact Centre Software Market Size, Share and Global Trend 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 Geography Forecast till 2026”.
The analysis provided in the report projects that the market value of contact centre software is expected to reach US$ 48,010.0 Mn by the end of 2026. Contact centre software (also known as call centre software) enables customers to communicate with businesses they are interested or engaged in through multi-channel modes. For example, if a customer wishes to speak with a business representative, she can reach her using social media, email, telephone, text message, or live chat. Since customer solicitation, satisfaction, and retention are the most crucial aspects in running a business, development of this market has become all the more important.
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Market Growth Predicated on Account of Increasing Demand for Cloud-based Technology
The global contact centre software market is set to gain impetus from the rising demand for cloud-based contact centre software. Automated contact centre solutions are seeing rising preference among organizations and also in government services. This is attributable to the fact that automatic contact centre technology eliminates the need of hiring human operators. Not only does this reduce costs for the company, but it also makes possible catering to the demands of customers in a more efficient manner. Thus, advancements in cloud-based contact centre solutions will boost the global contact centre software market.
Increasing Demand in BFSI Industry to Spur Market Growth
The Banking, Financial Services, and Insurance (BFSI) industry is increasingly demanding automated or contact centre solutions as their customer base widens. Rising number of online financial transactions and the increasing rate of fraudulent activities in the BFSI sectors has heightened the need for quick responses to customer needs and concerns. This augurs well for the global contact centre software market as it offers efficient, effective, and economic solutions for such technology-related problems.
Besides BFSI, the technology is finding rising applicability in sectors such as hospitality, healthcare, government services, entertainment, and many others. These factors can positively impact the growth trajectory of the global contact centre software market.
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Certain Concerns to Slow Adoption of Cloud-based Technologies
Cloud-based contact centre solutions have their share of disadvantages as well. For example, a study by Interactive Intelligence revealed that organisations had concerns regarding data security, outsourced call centres, and lack of on-site human contact as some of the reservations keeping them from adopting cloud-based software. These factors can hinder the growth of the global contact centre software market.
Fierce Competition to Propel the Market
The global contact centre software market is set to witness growing competition as key players look to enhance their market presence through new product launches. For example, in June 2019, the US-based 8x8 Inc., launched a holistic cloud contact centre solution.
Key players covered by Fortune Business Insights in its report include NEC Corporation, Huawei Technologies, Avaya Inc., Alcatel-Lucent Enterprise, Microsoft Corporation, Genesys, and some others.
North America and Asia-Pacific to Occupy Significant Market Positions
In 2018, North America generated a revenue of USD 5421.1 million and is expected to grow substantially in the forecast period. The main reasons identified for this include the presence of influential and innovative players in North America such as Microsoft. Rising investments by these companies in research and development activities will further fuel the market growth.
While Asia-Pacific generated a lower revenue of USD 3412.6 million in 2018, it is expected that the region will register an impressive growth trajectory in the forecast period. This is mainly based on growing adoption of cloud-based technologies by various sectors, particularly in India and China.
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Detailed Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology and Assumptions
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends of Market
- Key Insights
- Macro and Micro Economic Factors
- Key Technological Developments
- Industry SWOT Analysis
- Global Contact Center Software Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Sizing Estimations and Forecasts – By Component (US$ Mn)
- Solutions
- Interactive Voice Response (IVR)
- Automatic Call Distribution
- Computer Telephony Integration (CTI)
- Call Recording
- Reporting and Analytics
- Dialer
- Workforce Optimization
- Customer Collaboration
- Others
- Services
- Professional Services
- Consulting
- Training and Education
- Support and Maintenance
- Managed Services
- Professional Services
- Solutions
- Market Sizing Estimations and Forecasts – By Organization Size (US$ Mn)
- Large Enterprises
- Small and Medium-Sized Enterprises
- Market Sizing Estimations and Forecasts – By Deployment (US$ Mn)
- Cloud
- On-Premises
- Market Sizing Estimations and Forecasts – By Vertical (US$ Mn)
- Banking, Financial Services, and Insurance
- IT and Telecom
- Government
- Healthcare
- Consumer Goods and Retail
- Travel and Hospitality
- Media and Entertainment
- Others
- Market Analysis, Insights and Forecast – By Geography (US$ Mn)
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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