At 15% CAGR, Contact Center Software Market is Projected to Reach USD 40 Billion by 2024

Contact Center Software Market is projected to surpass USD 40 billion by 2024. The growing demand for meeting dynamic customer requirements, technological advancements in the field of machine learning, AI, and IoT, and the rising integration with social media platforms are the major factors driving the global contact center software market growth. The increasing demand for cloud-based contact center software solutions by various industry verticals including BFSI, healthcare, IT & Telecom, travel and hospitality, and government organizations also has a positive impact on the market.

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Owing to the increased focus on customer service and digitization of processes across numerous industry sectors, the contact center software market registered revenue worth USD 14 billion in 2017, driven by the demand for efficient customer handling solutions. Massive investments have been made by companies to upgrade contact centers to more productive and cost-effective software-based facilities for coordinating services among different channels. This has eventually allowed many emerging technology companies to tap into the services sector. Increasing adoption of online services by BFSI, telecom and hospitality consumers has transformed the contact center software industry with the need for ensuring quick and accurate responses.

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Rising consumer spending on electronics, clothing and other product categories has tremendously bolstered the retail segment worldwide, propelling the contact center software market revenue globally. Reports show that consumers rate customer service in retail sector higher than low prices and product quality, making it the most important part of the businesses retailers should be focusing on. Good customer service leads to more recommendation from consumers, which directly boosts product sales. Subsequently, retail is an ideal application base for the contact center software market, helping companies provide timely and dedicated service for taking care of any problems the customers communicate.

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.

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The Latin America contact center market is projected to cross over USD 3 billion over the forecast timeframe. The regional growth is attributed to the rising adoption of new technologies including cloud computing, speech recognition, analytics, and AI accompanied by an increase in the demand for augmented customer experience. Various industry verticals including healthcare, telecommunications, and retail are investing in the Latin America contact center software market to deliver an omnichannel communication experience to its customers.

As the time taken to handle a request, origin of the request, behavior on the call and other factors are recorded by the software, companies can use the information to train their staff better. The success or failure of email and telemarketing campaigns can also be analyzed to enhance or modify their processes, as consumer trend is key for retailers to achieve profits. Essentially the retail segment, with expanding popularity of ecommerce, is expected to contribute significant revenues towards the global contact center software market. Global Market Insights, Inc., forecasts the overall contact center software industry to surpass a valuation of USD 40 billion by 2024.

Some Points From Table Of Content: –

Chapter 7. Contact Center Software Market, By Application

7.1. Key trends, by application

7.2. BFSI

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. Government

7.4.1. Government market estimates and forecast, 2013-2024

7.5. Healthcare

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. Others

7.8.1. Others market estimates and forecast, 2013-2024

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