Growing Investments in New Digital Technologies to Positively Influence the Contact Center Software Market

Mon, 03 June 2019 12:31

Contact center software programs make interactions through voice, social media, email, and the web accessible from virtually anywhere. They allow companies to manage high volumes of inbound and outbound customer communication across a range of channels and in doing so, enhance ROI, employee empowerment and customer experience. Furthermore, the emergence of AI-based intelligent virtual assistants in contact center software solutions is expected to further boost market growth in the coming years.

Segment Insights

The global contact center Software market can be segmented by solution, by deployment type, organization size, and industry verticals.

On the basis of solution, the market can be segmented into customer collaboration, intelligent virtual assistants, workforce optimization, dialers, reporting & analytics, IVR, and others. The IVR segment is anticipated to hold the largest market share, due to the decline in call drops and increase in customer satisfaction.

On the basis of deployment type, the market can be segmented into on-premises & cloud. The cloud segment is projected to grow with the highest CAGR during the forecast period, owing to the cost-effective nature of this deployment type.

On the basis of organization size, the market can be segmented into SMEs and large enterprises. The SMEs segment is expected to grow at the highest CAGR during the forecast period, owing to the rapid adoption of contact center solutions by small and medium enterprises.

 On the basis of industry vertical, the market can be segmented into BFSI, consumer goods & retail, government, healthcare, IT & telecom, travel & hospitality, and others. The BFSI segment, which includes commercial banks, non-banking financial companies, stock brokerage firms, payment gateway providers, and insurance companies, is expected to account for the largest market share during the forecast period, due to the critical financial data and credit risks specific to this segment.

Regional Insights

Geographically, the global contact center software market has been segmented into North America, Europe, Asia Pacific, and Latin America and the Middle East & Africa (LAMEA).

 

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North America is expected to hold the largest share in the global contact center software market during the forecast period, backed by innovation and high focus on new technological development, especially in developed economies such as the U.S. and Canada. The Asia Pacific contact center software market is expected to grow at a high rate, due to the presence of a large number of SMEs and a vast customer base.

The Europe market presents lucrative opportunities for the contact center software market. The Western Europe contact center software market is mainly driven by the public sector and travel & hospitality and retail & CPG verticals. The Eastern Europe market is slated to witness rapid growth with demand primarily stemming from financial services sectors and telecom.

LAMEA is a prominent region in the contact center software market. Customers in the Middle East are driving the region’s evolving digital landscape and seeking better services. Contact center software solutions are witnessing significant growth across industries such as banking and finance, healthcare, telecom, retail, and travel in the LAMEA region.

Competitive Landscape

Some of the key players in the market are Alcatel-Lucent Enterprise, Cisco Systems, Inc., Avaya Inc., Huawei Technologies Co., Ltd., Mitel Networks Corporation, Oracle Corporation, SAP SE, Unify, Inc., IBM Corporation, and Enghouse Interactive Inc. Most of these companies emphasize on user feedback and incorporate it to streamline their operations in order to improve customer satisfaction. Additionally, companies are also investing in R&D to develop innovative products.

  • Mitel announced a partnership with Google to offer a more intelligent customer experience. Delivered through the Mitel CloudLink platform, these new customer experience capabilities will be available across all of Mitel’s core contact center solutions.
  • Ameyo, a leading provider of contact center technology and services integrations expert, announced the launch of Ameyo Emerge, a powerful new cloud call center software offering that helps businesses integrate seamlessly across channels.

Global Contact Center Software Market Segmentation

By Solution

  • Intelligent Virtual Assistants
  • Customer Collaboration
  • Dialers
  • IVR
  • Workforce Optimization Reporting & Analytics
  • Others

 By Deployment Type

  • On-Premises
  • Cloud

By Organization Size

  • SMEs
  • Large Enterprises

By Industry Vertical

  • BFSI
  • Consumer Goods & Retail
  • Government
  • Healthcare
  • IT & Telecom
  • Travel & Hospitality
  • Others

By Geography

  • North America
  • Europe
  • Asia Pacific
  • LAMEA