Chicago, August 5, 2022 (GLOBE NEWSLETTER) — The contact center software market size is expected to grow from $35.2 billion in 2022 to $93.7 billion in 2027, with a compound annual growth rate (CAGR) of 21.6% over the forecast period, according to a new report from MarketsandMarkets™. The increasing adoption of work-from-home culture, advances in virtual and cloud-based contact center technologies and solutions are some of the factors driving the growth of the contact center software market.
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Services help organizations effectively integrate and deploy Contact Center Software with existing in-house infrastructure
The Contact Center Software services segment is expected to have a promising future through various integrations of contact center solutions. Services help organizations build successful customer relationships by continuously supporting them throughout their business tenure. The growing need to integrate Contact Center Software with other enterprise business applications to drive the growth of Contact Center Software services. These vendor-provided services help users select the best Contact Center software to suit their business needs.
The cloud-based contact center software solutions help reduce overall costs and provide highly flexible and scalable access to solutions through the IT infrastructure hosted by the cloud service provider.
The increasing shift from on-premises to cloud infrastructure is increasing the demand for Contact Center Software solutions, which is mainly due to several advantages of the cloud, including 24×7 data accessibility, rapid deployment, lower installation and operational costs, namely capital expenditure (CAPEX) and operating costs (OPEX), reduced maintenance costs, scalability and ease of use for a company with limited IT staff and budget. The adoption of cloud deployment has increased over the past five years, especially among SMBs.
The SMEs have started adopting contact center solutions to reduce the CAPEX and OPEX associated with maintaining contact centers and their performance
The increasing implementation of customer service solutions by SMBs around the world is expected to drive market growth during the forecast period. Small and medium-sized businesses use the contact center solutions to ease the burden of performing their routine tasks and allow agents to focus on developing the organization.
Growing focus on improving customer experience drives demand for omnichannel routing, fueling demand for Contact Center Software solutions
The retail and consumer goods industry is expected to grow at the fastest rate over the forecast period. The retail and consumer goods industry is highly customer-centric, and companies are adopting various penetration strategies and enabling technologies to enhance customer experiences and improve customer retention. These contact center solutions help businesses and retailers create personalized interactions with customers and build strong customer relationships.
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North America to dominate the contact center software market in 2022
North America is one of the most technologically advanced regions in the world. Adoption of the Contact Center Software solution is expected to be the highest in North America compared to other regions. In addition, organizations in North American countries are investing heavily in emerging technologies, such as big data, analytics and cloud platforms. The focus is on increasing efficiency by strengthening various outbound and inbound operations and is also growing among both large and small and medium-sized enterprises in the region. The omnichannel approach to sales, which is gaining popularity, coupled with the fast-growing e-commerce industry, is expected to further boost regional market growth.
Market players
The main players for Contact Center Software Market Some of the major vendors offering contact center solutions around the world are IBM (US), Genesys (US), AWS (US), Five9 (US), Twilio (US), Mitel (Canada), Cisco (US), BT (UK), Verizon (US), Avaya (US), Vonage (US), 8×8 (US), Atos (France), Talkdesk (US), NICE (Israel), Alcatel Lucent Enterprise (France) and more.
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