The global contact center market is foreseen to project from $ 27.7 billion in 2020 to $ 45.3 billion in 2025, at a compound annual growth rate (CAGR) of 14.9% over the outlook period of 2020 to 2025.
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.
What is the Contact Center?
The contact centers are basically defined as a network service in which the cloud service provider owns and operates the technology belonging to them.
A contact center is a customer interaction center 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 centers to the cloud, with 57% of them marking an action plan to move to cloud-based call centers in the coming years.
Recent Developments:
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.
Market growth and trends:
BFSI to witness the highest growth rate over the forecast period in the Global Contact Center Market
Market Drivers and Limitations:
The increasing adoption of cloud-based contact centers and the reduced and simplified maintenance process, remote access, and faster implementation of business value and flexibility are expected to drive the global contact center market during the outlook period. However, growing concerns about data security and privacy are expected to hamper market growth.
Market segmentation:
The global contact center market is mainly divided based on service, solution, deployment type, application, industry, and geography.
Regional Analysis:
By geography, the global contact center market is analyzed in the areas of North America, Europe, Asia-Pacific and LAMEA. Of these, the developing nations in North America and Europe accounted for a substantial share in the international market.
Key market players:
Major players described in the report include Cisco Systems, Inc., Oracle Corporation, Liveops, Inc., Aspect Software Inc., Five9, Inc., 3CLogic.com, NICE Systems Ltd., NewVoiceMedia, Connect First Inc., and Genesys Telecommunications.
1. Introduction
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.1.1 Drivers
4.1.2 Restaints
4.1.3 Opportunities
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.2 Products/Service
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Contact Center Market, By Service
6.1.1 Managed
6.1.2 Professional
6.1.3 Market Size Estimations & Forecasts (2019-2024)
6.1.4 Y-o-Y Growth Rate Analysis
6.1.5 Market Attractiveness Index
6.2 Contact Center Market, By Solution
6.2.1 Agent Performance Optimization
6.2.2 Interactive Voice Responses
6.2.3 Automatic Call Distribution
6.2.4 Dialers
6.2.5 Reporting and Analytics
6.2.6 Computer Telephony Integration
6.2.7 Market Size Estimations & Forecasts (2019-2024)
6.2.8 Y-o-Y Growth Rate Analysis
6.2.9 Market Attractiveness Index
6.3 Contact Center Market, By Deployment Type
6.3.1 On-Premises
6.3.2 Cloud
6.3.3 Market Size Estimations & Forecasts (2019-2024)
6.3.4 Y-o-Y Growth Rate Analysis
6.3.5 Market Attractiveness Index
6.4 Contact Center Market, By Application
6.4.1 Chat Quality and Monitoring
6.4.2 Workforce Optimization
6.4.3 Data Integration & Recording
6.4.4 Call Routing and Queuing
6.4.5 Real-Time Decision Making
6.4.6 Market Size Estimations & Forecasts (2019-2024)
6.4.7 Y-o-Y Growth Rate Analysis
6.4.8 Market Attractiveness Index
6.5 Contact Center Market, By Industry Vertical
6.5.1 Banking, Financial Services and Insurance
6.5.2 IT & Telecommunication
6.5.3 Government
6.5.4 Healthcare & Life Sciences
6.5.5 Retail
6.5.6 Manufacturing
6.5.7 Media & Entertainment
6.5.8 Market Size Estimations & Forecasts (2019-2024)
6.5.9 Y-o-Y Growth Rate Analysis
6.5.10 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.1.1 USA
7.2.1.2 Canada
7.2.2 By Service
7.2.3 By Solution
7.2.4 By Deployment Type
7.2.5 By Application
7.2.6 By Industry Vertical
7.3 Europe
7.3.1 By Country
7.3.1.1 UK
7.3.1.2 France
7.3.1.3 Germany
7.3.1.4 Spain
7.3.1.5 Italy
7.3.1.6 Rest of Europe
7.3.2 By Service
7.3.3 By Solution
7.3.4 By Deployment Type
7.3.5 By Application
7.3.6 By Industry Vertical
7.4 Asia Pacific
7.4.1 By Country
7.4.1.1 China
7.4.1.2 India
7.4.1.3 Japan
7.4.1.4 South Korea
7.4.1.5 South East Asia
7.4.1.6 Australia & NZ
7.4.1.7 Rest of Asia-Pacific
7.4.2 By Service
7.4.3 By Solution
7.4.4 By Deployment Type
7.4.5 By Application
7.4.6 By Industry Vertical
7.5 Latin America
7.5.1 By Country
7.5.1.1 Brazil
7.5.1.2 Argentina
7.5.1.3 Mexico
7.5.1.4 Rest of Latin America
7.5.2 By Service
7.5.3 By Solution
7.5.4 By Deployment Type
7.5.5 By Application
7.5.6 By Industry Vertical
7.6 Middle East and Africa
7.6.1 By Country
7.6.1.1 Middle East
7.6.1.2 Africa
7.6.2 By Service
7.6.3 By Solution
7.6.4 By Deployment Type
7.6.5 By Application
7.6.6 By Industry Vertical
8. Key Player Analysis
8.1 Cisco Systems, Inc
8.1.1 Business Description
8.1.2 Products/Service
8.1.3 Financials
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Oracle Corporation
8.3 Liveops, Inc
8.4 Aspect Software Inc
8.5 Five9, Inc
8.6 3CLogic.com
8.7 NICE Systems Ltd
8.8 NewVoiceMedia
8.9 Connect First Inc
8.10 Genesys Telecommunications
9. Market Outlook & Investment Opportunities
Appendix
List of Tables
List of Figures
