Global Contact Center Software Market

Contact Center Software Market Size, Share, Growth Analysis, By Component (Solutions, Services), By Deployment Mode (On-Premises, Cloud), By Organization Size (Large Enterprises, Small and Medium-Sized Enterprises (SMEs)), By Vertical (BFSI, Telecommunications), By Region - Industry Forecast 2024-2031


Report ID: SQMIG45A2061 | Region: Global | Published Date: October, 2024
Pages: 157 | Tables: 151 | Figures: 78

Contact Center Software Market Dynamics

Contact Center Software Market Drivers

The demand for automated customer care services is growing

  • The growing demand for automating customer care services is one of the most important market factors influencing the growth of the Contact Center Software market. To create long-term value for the company, customer care executives are now in charge of preserving stronger ties with customers. To ensure brand loyalty, they must concentrate on keeping their current clientele. This force companies and choose automation so that they can spend less time reacting to regular customer queries and much more time solving complex issues and acquiring new customers.

Enhanced Customer Experience through Omni Channels

  • Customer retention rates are higher for companies utilizing omnichannel contact center solutions than for other businesses. The aforementioned figure shows that businesses that offer omnichannel services have an average profit margin per customer that is 61%, which really is significantly higher than that of other companies. Furthermore, customers place a high priority on self-service options when rating their encounters with customer support because these options save time while also making it easy to obtain the desired solutions from any device at any time.

Contact Center Software Market Restraints

Ability to Achieve Average Speed of Answer (ASA) and Low First Call Resolution (FCR)

  • Low FCR and high ASA have various effects, such as reduced customer and agent satisfaction, high abandonment rates, longer handle times, and higher contact center costs. There is still a considerable disparity between the number of incoming phone calls attended and the number of questions answered on the first call, despite the fact that numerous contact center solution providers are taking numerous steps to ensure that client inquiries are treated within the time allotted. Contact center metrics, which evaluate a contact center's efficiency, such as ASA and FCR, can be employed to measure this.
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FAQs

Global Contact Center Software Market size was valued at USD 33.01 billion in 2022 and is poised to grow from USD 41.93 billion in 2023 to USD 194.97 billion by 2031, growing at a CAGR of 21.18% during the forecast period (2024-2031).

There are many major players in the highly competitive market for Contact Center Software . By planning for spending to launch new or improved solutions or by engaging in smart mergers and acquisitions, many companies are increasing their market presence. 'Genesys ', 'Nice ', 'IBM ', 'AWS ', 'Five9 ', 'Twilio ', 'Transsion ', 'Cisco ', 'BT Group ', 'Verizon ', 'Avaya ', 'Ericsson ', '8X8 ', 'Talkdesk ', 'Alcatel-Lucent Enterprise ', 'Sinch ', 'Oracle ', 'Ringcentral ', 'Content Guru ', 'Alvaria ', 'Enghouse Systems Ltd. ', '3Clogic Inc ', 'Ameyo ', 'NEC Corporation ', 'Vocalcom ', 'Evolve IP ', 'UJET ', 'Amtelco ', 'Avoxi ', 'VCC Live ', 'Glia Technologies ', 'Bright Pattern ', 'Computertalk ', 'C-Zentrix'

The growing demand for automating customer care services is one of the most important market factors influencing the growth of the Contact Center Software market. To create long-term value for the company, customer care executives are now in charge of preserving stronger ties with customers. To ensure brand loyalty, they must concentrate on keeping their current clientele. This force companies and choose automation so that they can spend less time reacting to regular customer queries and much more time solving complex issues and acquiring new customers.

There are no longer single channel contact centers in the retail sector. The sector has seen many changes as a result of the expansion of e-commerce. The post-sale services provided to customers must now be managed with a rising amount of omnichannel sales, creating a significant opportunity for the Contact Center Software market. Consumers are increasingly accepting of omnichannel sales. More than 70% of customers are receptive to purchasing online, some of whom use online channels frequently, while a smaller number would suggest swapping if the experience and value for money are improved. In countries like the United Kingdom, where omni-channel sales are predicted to increase quickly, the market for retail products appears to have a very bright future. One perspective of the customer and a personal shopping experience were ranked as the top priorities by merchants nationwide in a Manhattan Associates survey. Due to this market environment, contact centers—as opposed to the classic contact center framework expected to assist omnichannel retailers.

In 2022, North America held a revenue share of over 35.0%, leading the global market. Some of the key companies in the sector are based in North America. Furthermore, companies in North American regions are investing heavily in trying to cut technologies like big data, analytics, and cloud platforms. Both major and small & medium firms in the region are placing more attention on boosting efficiency by optimizing outgoing and incoming operations. The fast-growing e-commerce industry in combination with the more popular omnichannel approach to sales is expected to increase the growth of the regional market.

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Global Contact Center Software Market

Report ID: SQMIG45A2061

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