-- The report "Contact Center Software Market by Solution (Customer Collaboration, Dialers, ACS, IVR, CTI, Workforce Optimization, Reporting, and Analytics), Service, Deployment Type (On-Premises and Cloud), Organization Size, Vertical, and Region - Global Forecast to 2022", The contact center software market size is estimated to grow from USD 13.27 Billion in 2016 to USD 29.13 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 13.8% during the forecast period (2017–2022).
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The growing need among organizations to offer seamless customer experience and to automate in-bound and out-bound operations have led to the adoption of contact center software. Moreover, the contact center software facilitates clients with increased cross-selling and upselling opportunities through multiple channels, including voice, video, web, and social media. The continuous advancements in this technology and its solutions have also encouraged various verticals to adopt contact center software and services.
SMEs segment in the contact center software market is expected to grow at the highest CAGR during the forecast period
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 are considering cloud-based contact center solutions which offer several advantages, such as scalability, flexibility, and reduced operational cost. As SMEs have budget constraints, they prefer cloud-based contact center solutions. The increasing demand for enhanced communication between customers and organizations through multiple channels including voice, web, and social media has encouraged vendors to offer economical contact center solutions to clients. In the coming years, SMEs are expected to have a higher adoption rate of contact center solutions which would help SMEs enhance their productivity cost-effectively.
Banking, Financial Services, and Insurance (BFSI) vertical is expected to hold the largest market share during the forecast period
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The banking, financial services, and insurance (BFSI) vertical is expected to hold the largest market share during the forecast period in the contact center software market. This vertical has experienced transformations pertaining to how organizations approach customers to market their solutions and to provide services through multiple touch points including voice, video, online banking, and social media. Customers expect faster query resolution and instant service. Digitization has transformed the way customer interacts with BFSI organizations. The BFSI vertical provides significant growth opportunities for the contact center software market, due to the globalization of financial services. Contact center software enable BFSI organization to offer enhanced service and to manage customer queries on real-time basis. Thereby, helping players in the BFSI vertical to enhance customer retention and brand loyalty.
North America is expected to adopt contact center software and services considerably in 2017
North America has been a predominately concerned market toward the adoption of contact center software solutions and services. The high adoption of cloud, mobile, analytics, and social media among enterprises across various industry verticals has helped contact center software market to grow in North America. Organizations in North America, particularly in the US, are offering a higher pay for high skilled and talented workforce who can deal with complex issues pertaining to automation solutions. In the US and Canada, verticals such as BFSI are using contact center software for marketing as well as for enhanced service delivery across the globe.
Major players of the contact center software market include such as Genesys Telecommunications Laboratories, Inc.(US), Cisco Systems (US), Avaya Inc. (US), Mitel Networks Corporation (Canada), Enghouse Interactive (US), SAP SE (Germany), Five9, Inc (US), Huawei Technologies Co., Ltd. (China), Alcatel-Lucent Enterprise (France), Oracle Corporation (US), 8x8, Inc. (US), Unify Inc. (US), and Drishti Soft Solutions Pvt. Ltd. (India).
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