The global contact center software market size was USD 15.63 billion in 2017 and is projected to reach USD 35.32 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 14.9% during 2018-2023, as per a report by MarketsandMarkets.
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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Why advancements in technologies such as artificial intelligence and analytics is a good opportunity for Contact Center Software Market?
Adoption of artificial intelligence and analytics in the contact center market has opened new realms of opportunities for the vendors to provide seamless customer experience. By making proper use of these technologies, enterprises have access to information and insights that can drive business decisions. Artificial intelligence is being used to develop bots and automated messaging, and this has had a positive impact on the operational efficiency of contact centers. Analytics provides both customer and employee insights to enterprises and they can use this information to address issues related to customer experience or employee performance. Contact centers have realized the benefits and potential of adopting these technologies and have started implementing them into their systems.
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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