Contact Center Market

Contact Center Market Size, Share, Growth (2023-2028):

contact center market is foreseen to project from $ 27.7 billion in 2022 to $ 45.3 billion in 2028, at a compound annual growth rate (CAGR) of 14.9% 

Contact Center Market Overview:

The rising demand for artificial intelligence (AI) to provide improved customer support is foreseen to accelerate market growth. AI support enables businesses to deliver personalized customer support and real-time customer service. AI assistance also helps improve call transfer rates, reduce agent training costs, and reduce processing times. Companies are vigorously trying to automate customer service interactions. Social media is becoming the preferred platform for interaction with customers. Many contact centers have implemented automated processes for digital channels, such as social media, to engage with customers and identify new sales opportunities.

Contact centers are basically defined as network services in which the cloud service provider owns and operates the technology belonging to them.A contact center is a customer interaction centre that tracks contacts and collects customer information at the time of purchase, thus managing customer contacts through various means such as phone, email, live chat, fax, and mail. It is also a part of customer relationship management and helps to improve the customer experience through a unified set of workforce optimization and analysis. Modern channels can be integrated using communications application programming interfaces (APIs). Analytics-based insights can be applied to deliver context-rich and personalized customer experiences. Additionally, since there is no centralized workplace, agents can operate remotely to provide 24-hour customer service. Cloud-based call centers are slowly replacing on-premise call centers. According to the State of the Customer Experience 2018, the migration of 39% of UK contact centres to the cloud, with 57% of them marking an action plan to move to cloud-based call centres in the coming years.

Recent Developments:

• April 2019: ZephyrTel confirmed about its telecommunications-focused collaboration with Amazon Web Services (AWS) to migrate to cloud, including OASIS Cloud Contact Center.

• September 2019: Avaya implemented new features in its cloud-based contact center offerings. These include Avaya IX Teamspace’s multimedia chat and messaging functionality between customers, agents and administrative staff, Avaya IX Dashboard that provides a snapshot the performance of the customer journey and the associated enhanced analytics experience, and Agent Script that offers the ability to define inbound and outbound call flows.

Impact of Covid-19 on Contact Center Market

Due to the ongoing COVID-19 outbreak, customers in all industries are trying to cope with the impact caused by coronavirus. Clients need information on health issues, new remote workers need technical assistance to stay connected, and investors are concerned about the performance of their portfolios. Therefore, due to this pandemic situation, the contact center industry is experiencing an increase in the number of calls.

Contact Center Market growth and trends:

BFSI to witness the highest growth rate over the forecast period in the Global Contact Center Market

• The BFSI industry is expected to see significant growth in the contact centers business. Many financial institutions are adopting cloud-based solutions to ease installations. The banking industry is going digital, with the increasing adoption of cloud platforms.

• For example, Ameyo, a computer software company, offers cloud-based contact center software for the banking industry. According to Ameyo, the customer base of BFSI companies is growing enormously, creating the need for high-level customer service. Interactions with customers at banks and other financial institutions are very sensitive. It requires sophisticated customer interaction software that helps store, process, and analyze data efficiently and cost-effectively.

• According to Financial News London, 80% of a bank's IT spending goes to maintaining legacy technologies and up to $ 300 million is spent each year to manage and maintain these disparate systems. This factor is forcing banks to invest in a cloud solution, either on premises or in public and private cloud services, to achieve greater scalability and integrated communication between disparate systems.

Contact Center Market Segmentation:

The global contact center market is mainly divided based on service, solution, deployment type, application, industry, and geography.

• Based on service, it branches into managed and professional services. Based on the solution, it is categorized into agent performance optimization, interactive voice responses, automatic call distribution, dialers, reporting and analytics, computer telephony integration, and more. Depending on the type of deployment, the market is divided into cloud and local.
• Based on the application, it includes chat quality and monitoring, workforce optimization, data entry and registration, call routing and queuing, and call reception. decision in real time. Based on industry verticals, the market is categorized into banking, financial services and insurance, IT and telecommunications, government, health and life sciences, retail, manufacturing, media and entertainment, and others.

Contact Center Market Regional Analysis:

1. North America

2. Europe

3. Asia-Pacific

4. Latin America

5. North America 

Key players:

1. Cisco Systems, Inc.,

2. Oracle Corporation,

3. Liveops, Inc.,

4. Aspect Software Inc.,

5. Five9, Inc.,

6. 3CLogic.com,

7. NICE Systems Ltd.,

8. NewVoiceMedia,

9. Connect First Inc.,

10. Genesys Telecommunications.