MarketsandMarkets expects the Contact Center Software Market to grow from USD 17.65 Billion in 2018 to USD 35.32 Billion by 2023, at a Compound Annual Growth Rate (CAGR) of 14.9% during the forecast period.
Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period, owing to the presence of many Small and Medium-sized Enterprises (SMEs) which are interested in adopting cloud-based contact center solutions. Broad customer base and increasing adoption of advanced technologies, such as artificial intelligence, machine learning, deep learning, and IoT, are expected drive the contact center software market in APAC.
The consumer goods and retail vertical is expected to grow at the fastest rate in the global contact center software market by vertical during the forecast period. Contact center solutions have become an integral part of the e-Commerce industry and online shopping is a strong channel for retailers to gain customer loyalty in the highly competitive market. The difficulty in managing large volumes of regularly updated media, comprising general marketing activities that are either in store or outdoor, encourages retailers to implement contact center software for the optimum utilization of web-based content.
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The cloud deployment type is expected to grow at a higher CAGR during the forecast period. Several companies have deployed contact center solutions in the cloud to improve data mobility, collaboration of data, and reduction of data loss during the transit. Moreover, the cloud deployment type takes care of the latest version of the software every time and gets auto-installed at the earliest. Owing to these advantages, several vendors have switched from on-premises deployment mode to the Software-as-a-Service (SaaS)-based mode. The cloud deployment type has gained more traction among SMEs, due to its low IT infrastructural requirement and cost for the clients.
The SMEs segment is expected to grow at a higher CAGR in the contact center software by organization size during the forecast period. Organizations with less than 1,000 employees are categorized as SMEs. SMEs face some specific challenges, such as the lack of domain-specific technical personnel and skilled workforce, budget constraints, scalability, management control, and limited production scale. Moreover, the entry of small vendors in the contact center software market has created an opportunity for organizations to have an inexpensive software. Contact center software enables SMEs to reduce their expenditure while enhancing their customer experience. SMEs prefer cloud-based contact center solutions, owing to cost-effectiveness, scalability and flexibility, and quick deployment.
Major vendors of the contact center software market include 3CLogic (US), 8×8 (US), Alcatel-Lucent Enterprise (France), Ameyo (Drishti-Soft; India), Aspect Software (US), Avaya (US), BT (England), Cisco (US), Enghouse Interactive (US), Fenero (US), Five9 (US), Genesys (US), Huawei (China), IBM (US), Mitel (Canada), NEC (Japan), NICE (Israel), Oracle (US), RingCentral (US), SAP (Germany), Solgari (Ireland), Unify (Germany), Verizon (US), Vocalcom (France), West Corporation (US), Zendesk (US), and ZTE (China).These players have adopted various growth strategies, such as partnerships, collaborations, agreements, mergers and acquisitions, and new product developments, to further grow in the contact center software market.
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