Global Contact Center Software Market Demand Analysis 2022 Growth Statistics, Revenue Estimates, COVID-19 Impact, Global Share, Emerging Trends
The global contact center software market was valued at US$23,174.75 million in 2021 and is estimated to grow at a compound annual growth rate (CAGR) of 19.1% between 2022 and 2029. This can be attributed to rising adoption of contact center technologies in customer-service industries such as BFSI, retail, healthcare and telecom to ensure accurate, consistent and timely queries resolution.
AgileIntel’s global contact center software market study is a 157 pages report containing in-depth analysis on historical and forecasted spending patterns in the sector. The study offers granular value data from a global, regional, business solution, and vertical perspective.
The base year is 2021 for the study with historical data between 2018 and 2021. The data forecast has been provided for the years between 2022 and 2029.
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Insights on Vertical:
The contact center software market is classified into BFSI, FMCG and retail, government, healthcare, telecom and IT, travel and hospitality, and others, based on vertical.
The telecom and IT segment dominated the contact center software market in 2021, mainly due to the presence of many telecom and IT companies in the overall customer base. Intense competition has made it imperative for telecom and IT players to enhance their service quality, increasing the demand for contact center solutions. Additionally, the growing adoption of cloud-based contact center solutions has resulted in quick access to customer information, resulting in timely query resolution.
The rise in online shopping customers has created a need for retailers to deploy a dedicated team to handle online queries. Moreover, the retail segment is gradually incorporating social media management tools for customer feedback and engagement, which requires the deployment of contact center platforms.
The demand for contact center solutions is anticipated to increase in the healthcare sector. It can perform various functions such as scheduling appointments, conveying doctors' availability, scheduling surgeries, receiving management feedback, and maintaining a customer database. Likewise, banking, finance, and insurance industries are implementing contact center solutions due to the increasing demand for personalized and streamlined customer interactions while conducting financial transactions.
Insights on Business Solution:
The contact center software market is segmented based on business solution into Automatic Call Distribution (ACD), call recording, Computer Telephony Integration (CTI), customer collaboration, dialer, Interactive Voice Response (IVR), reporting and analytics, workforce optimization, and Others.
Contact centers use ACD systems to increase employee productivity and enhance customer satisfaction. These systems answer the incoming calls and route them to the concerned department based on the type of query. The ACD systems help organizations to streamline the communication process by ensuring even distribution of workload among the agents and simultaneously improve the service quality.
Similarly, call recordings help improve the quality monitoring of the performance and analyze the improvements required by the contact center agents, enables to retrieve information and help assess the time required to solve a particular query.
Contact centers are adopting the CTI technology to synchronize the functions of the telephone system and the computer system that will allow contact center representatives to monitor, record, and route the incoming calls to the most appropriate person in the department.
Furthermore, the IVR segment accounted for 21% of the contact center software market in 2021. The IVR feature allows automating customer support by providing customized greetings and messages and also guiding them during a call. This reduces the time required to address queries and enables to handle higher call volumes per day.
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Insights on Regional Growth:
North America is the largest market accounting for a 37% share during the forecast period. This can be attributed to the growing omnichannel approach to sales and the region's rising e-commerce industry. Several organizations are rapidly investing in emerging technologies, such as big data, analytics, and cloud-based platforms, which is likely to drive the demand for contact center software solutions in the region.
Meanwhile, Europe is expected to witness steady growth due to the increased adoption of contact center systems in the healthcare industry due to the growing number of multi-specialty hospitals. Likewise, the rise in the aging population in Germany and the advancement in medical technologies has increased the demand for services such as telehealth and telemedicine, which is likely to drive the market growth.
The Asia Pacific is expected to be the fastest-growing regional market, with the number of contact centers in the region estimated to reach 36,350 by 2028. This can be attributed to the initiatives taken by the governments in countries such as India, China, and Japan to encourage the digitization of business processes. Moreover, the deployment of cloud-based systems across various organizations is also expected to boost the demand for contact centers in the region during the forecast period.
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