U.S. stands as one of the major revenue pockets for contact center software market. In fact, in 2017, U.S. procured almost 84% of North America contact center software market share. An established IT & telecom industry is one of the chief factors propelling the regional market trends. In addition, the country houses major technology giants who are investing substantially in R&D activities to improve customer experience. High adoption rate of other advanced technologies such as analytics, cloud, and social media is favoring U.S. contact center software industry size.
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Elaborating further on the regional landscape, Asia Pacific contact center software market is anticipated to exhibit a relatively higher CAGR of 20% over the forecast period. The emergence of various SMEs in the region is a key factor contributing to the growth of the market. Besides, the rising government efforts towards enabling industrial automation and the expanding BFSI, consumer goods & retail, healthcare, and IT & Telecom industries are some of the major factors fueling APAC market trends.
With a myriad range of applications in customer service, contact center software market is poised for noteworthy growth over the coming years. In terms of revenue, global contact center software market share is estimated to surpass USD 40 billion by 2024. Currently, businesses across diverse industries are embracing the software to increase sales, enhance customer support services, and achieve higher business efficiency.
Contact center software provides communication tools and expertise required to carry out vital processes of a contact center. Enterprises are endeavoring to reduce personnel workload burden by integrating advanced technologies such as contact center software, which not only helps to enhance user experience but also improve business sales. Contact center software market growth is driven by augmenting demand from various industries such as consumer goods and retail, BFSI, IT & Telecom, healthcare, and others. Moreover, as businesses are increasingly resorting to social media as a communication channel, contact center software market trends are slated to further intensify in the coming years.
The managed services for contact center software are growing at a fast rate and are projected to grow at a CAGR of over 21% over the forecast period. By providing the right knowledge and experience required to make critical contact center software technologies, the managed service providers augment the customers’ internal capabilities by using the resources more effectively. The managed service providers carry out the regular installation of all software updates associated with the contact center environment, ensuring that the communication servers are secured and updated timely, driving the contact center software market demand.
The travel & hospitality industry segment is projected to grow at a CAGR of over 16% over the forecast timeline. The use of contact center software is booming in this industry as it delivers automated customer service to passengers on the company’s website or operates through other communication platforms including chat and social media. Maintaining efficient communication between the contact center, billing, marketing, and related departments to provide a smooth customer experience is essentially boosting the contact center software industry growth.
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Avaya, Cisco, Five9, Huawei Technologies, BT, and 8×8 are among the prominent vendors in the contact center software market. Other noticeable players include Ameyo, Enghouse Interactive, Aspect Software, Fenero, Genesys, Mitel, NEC, Nice, Nixxis, Oracle, Ring Central, Solgari, Unify, Verizon, and Vocalcom. Mergers and acquisitions are the major strategies adopted by the players to gain a competitive market share. For instance, in September 2018, Twilio acquired a contact center software company Ytica aimed at expanding its position in the highly lucrative market.
Major Key Points from Table of Content:
Chapter 7. Contact Center Software Market, By Application
7.1. Key trends, by application
7.2.1. BFSI market estimates and forecast, 2013-2024
7.3. Consumer goods & retail
7.3.1. Consumer goods & retail market estimates and forecast, 2013-2024
7.4.1. Government market estimates and forecast, 2013-2024
7.5.1. Healthcare market estimates and forecast, 2013-2024
7.6. IT & Telecom
7.6.1. IT & Telecom market estimates and forecast, 2013-2024
7.7. Travel and hospitality
7.7.1. Travel and hospitality market estimates and forecast, 2013-2024
7.8.1. Others market estimates and forecast, 2013-2024
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