According to a research report “Contact Center Software Market with Covid-19 Impact Analysis, by Component (Solutions and Services), Deployment Model (Cloud and On-Premises), Organization Size ( Large and Small and Medium-Sized Enterprises), Industry and Region – Global Forecast to 2027″ published by MarketsandMarkets, the Contact Center Software market size is expected to grow from USD 35.2 billion in 2022 to USD 93.7 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 21.6% during the forecast period. The rising adoption of work from home culture, advancements in virtual and cloud-based contact center technologies and solutions are a few factors driving the growth of the Contact Center Software market.
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The major players have implemented various growth strategies to expand their global presence and increase their market shares. Key players such as Genesys, IBM, AWS, Five9, and Twilio have majorly adopted many growth strategies, such as new product launches, acquisitions, and partnerships, to expand their product portfolios and grow further in the Contact Center Software market.
Genesys offers an exhaustive product portfolio and best-in-class tailored offerings to customers. Hence, the company has witnessed new bookings growth of more than 40% in every quarter of 2020, especially due to the strong progress of its cloud platforms that has enhanced its market share in the contact center software market. Moreover, in January 2020, Genesys rebranded its flagship SaaS offering PureCloud to Genesys Cloud to mark the launch of experience as a service via its cloud platform with a new pricing model. Genesys Cloud offers a flexible environment to meet customer needs with capabilities including call center software, digital sales and service automation, workforce engagement and management, reporting and analytics, and integration and apps. Genesys offers consolidated contact centers and business communications in the all-in-one platform. The company is a pioneer in AI and has a strong focus on intelligent automation as compared to others. In AI, Genesys provides an early adopter program that features Google Contact Center capabilities such as predictive routing.
Five9 has a broad technology portfolio of contact center products, solutions, and services. Hence, it encounters strong competition in all areas of business due to the presence of many big competitors in the contact center software market. The company focuses on delivering its platform on the cloud and is disrupting a significantly large market by replacing legacy on-premises contact center systems with cloud-based contact centers. Furthermore, it has developed a high velocity, metrics-driven sales, and marketing strategy, designed to effectively identify, qualify, and grab sales opportunities. The sales model adopted by Five9 consists of a field sales team and a tele-sales team that sell its solutions. Five9 has also developed a large ecosystem of technology and system integrator partners and independent software vendors to help increase awareness about its solution in the market and drive incremental sales opportunities with new and existing clients.
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