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Contact centre market to see 14.6% CAGR over next five years

12 Jul 2019
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The global contact centre software market is likely to gain momentum from a rise in omnichannel communication, according to a report from Fortune Business Insights.

The report, titled "Contact Center Software Market: Global Market Analysis, Insights and Forecast, 2019-2026," shows that in 2018, the global contact centre software market was valued at US$16,750.7 million. 

The market is expected to progress at an astounding CAGR of 14.62% and reach US$48,010.0 million by the end of 2026. 

The report classifies the market on the bases of deployment, organisation size, component size, by vertical, and by geography. 

In terms of deployment, the market is further grouped into on-premise and cloud. On the bases of organisation size, the market is classified into small, medium, and large enterprises. By component, the market is segmented into solutions and services.

Contact centres are used to manage customer service, telemarketing, accounting, debt collection, and other associated operations. They are often operated by external businesses. 

Recently, numerous efficient channels of communications have become available for use resulting in the evolution of customer preferences and redefined content value. 

All these factors are projected to increase the adoption of contact centre software solutions across the globe. 

Competition has also increased in the market, leading organisations to retain coherent and stable relationships with customers and safeguard customer loyalty. 

8x8, a renowned provider of customer engagement solutions and cloud communications headquartered in the U.S.A., announced the launch of their complete cloud contact centre solution in June 2019. 

It provides standalone solutions that include omnichannel, customer journey analytics, ACD, speech analytics, dialer, IVR, quality management, reporting, and surveys under a single platform. 

This is the only existing product in the market that provides a bank for every agent which in turn, gives rise to saving opportunities.

In April of this year, Genesys, a seller of call centre technology and customer experience based in California, declared that it has integrated its three customer experience platforms, namely, PureConnect, PureCloud, and PureEngage with Google cloud contact centre AI. 

Genesys is one of the first companies to conduct an integration process with Google cloud contact centre AI. 

It will aid numerous companies to leverage this particular technology through its programmes.

The Asia Pacific market is anticipated to witness notable growth due to the investments of small and medium organisations. 

Companies are investing to increase the adoption of cloud-based and technologically advanced software solutions for contact centres. 

Developing countries such as India and China in Asia Pacific are projected to hold considerable portions of the market during the forecast period. 

Key companies covered in the report

  • Alcatel-Lucent Enterprise
  • Avaya
  • Cisco Systems
  • Enghouse Interactive
  • Five9
  • Genesys
  • Microsoft
  • NEC
  • Mitel
  • SAP SE
  • Nice Systems
  • Huawei Technologies