Contact Center Software Market worth $109.7 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, July 31, 2023 /PRNewswire/ -- Omnichannel experiences, cloud-based solutions, and AI integration will be the driving forces behind the future of the contact centre software market. While security and privacy precautions will continue to be of the utmost importance, data analytics, automation, and customer-centric technology will improve customer experiences.

The Contact Center Software Market is expected to grow from USD 41.9 billion in 2023 to USD 109.7 billion by 2028 at a CAGR of 21.2% during the forecast period, according to a new report by MarketsandMarkets™. The rising demand for analyzing audio and video conversations and the need to deliver an enhanced customer experience has driven market growth.

Browse in-depth TOC on "Contact Center Software Market"

278 – Tables
56 - Figures
300 – Pages

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Scope of the Report

Solutions segment to capture a significant market share during the forecast period

The Contact Center Software Market, by component, includes solutions and services. The solutions segment leads the Contact Center Software Market in terms of share. The contact center solutions transform industries by significantly streamlining contact center processes. The solutions also enable integrations with other supplementary business applications, such as CRM, out-of-the-box applications, and open APIs. Contact center services considered in the study are consulting services, implementation & integration services, and training, support, & maintenance.

Workforce Engagement Management solution segment to capture the second-largest market share

Workforce engagement management is an approach for increasing customer service agent engagement. These empower agents to deliver excellent customer experiences with instant access to innovative tools and insights. Engaged agents are committed to their employer, which includes helping the organization meet business objectives. Contact centers require continuous monitoring and control of agents' ongoing work and interactions to ensure streamlined interactions and performance.

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North America segment to capture a significant market share during the forecast period

The Contact Center Software Market includes regional segmentation into Europe, Asia Pacific, North America, the Middle East and Africa, and Latin America. As per region, North America accounts for the largest market share in the global Contact Center Software Market in 2023, and this trend will persist during the forecast period. North America is the region with the most established contact center software adoption due to several factors, including the existence of large enterprises with sophisticated IT infrastructure and the availability of technical expertise. The US and Canada are North America's two most significant Contact Center Software Market contributors. It is a region with strict regulations for several economic sectors and advanced technology. North America is known for its technological advancements and early adoption of innovative solutions. The large enterprises in this region are rapidly adopting contact center solutions and services to improve employee experience and tackle any business continuity challenges amid COVID-19. In North America, large enterprises and SMEs focus on developing innovative contact center software integrated with technological advancements, such as video analytics, AI, and ML; this would boost growth in the future.

Top Key Companies in Contact Center Software Market:

The key technology vendors in the market include NICE (Israel), IBM (US), Genesys (US), AWS (US), Five9 (US), Twilio (US), Mitel (Canada), Cisco (US), BT (UK), Verizon (US), Avaya (US), Vonage (US), 8x8 (US), Talkdesk (US), Alcatel Lucent Enterprise (France), Sinch (Sweden), Oracle (US), RingCentral (US), Lifesize (US), Content Guru (UK), Alvaria (US), Enghouse Interactive (US), 3CLogic (US), Ameyo (India), West (US), NEC (Japan), ZTE (China), Vocalcom (France), Evolve IP (US), UJET (US), Amtelco (US), AVOXI (US), VCC Live (Hungary), Glia (US), Bright Pattern (US), ComputerTalk (Canada), and C-Zentrix (India).

Recent Developments:

• In June 2023, Genesys unveiled its new ai-powered employee experience solution, Genesys Cloud Ex. This solution helps businesses improve the employee experience in their contact centers by giving them the tools they need to be more productive, engaged, and satisfied.
• In June 2023, NICE announced that its CXone platform is now available as an EU sovereign cloud platform. CXone is an industry-leading cloud platform for customer experience (CX) that offers unmatched scalability, reliability, and a complete set of CX applications. With this announcement, organizations from any vertical across the EU can now choose CXone as their platform while meeting regulatory and compliance requirements.
• In June 2023, Amazon Connect Chat came with a new feature that offers more ways to customize the chat widget that comes with the service. It enables the user to add a logo and change the text in fields like "system message," "bot," "text input placeholder," and "end chat."
• In May 2023, BT and Five9 announced they are expanding their partnership to offer organizations global contact center services and solutions. As part of the expanded partnership, BT will now provide the Five9 Intelligent CX Platform as a managed service to new and existing customers. BT will install, configure, and maintain the Five9 platform, freeing customers to focus on their core business activities.
• In March 2023, Genesys and Acqueon partnered to help B2C organizations optimize proactive customer outreach. The partnership will combine Genesys' ai-powered experience orchestration capabilities with Acqueon's omnichannel workflows, predictive analytics, and ai to help organizations deliver personalized, compliant, and effective outbound customer interactions. Through the partnership, joint contact center customers can seamlessly leverage the Genesys Cloud CX platform's artificial intelligence (AI)-based experience orchestration capabilities with the Acqueon omnichannel workflows, predictive analytics, AI, and built-in compliance suite.
• In March 2023, Five9 announced the general availability of Five9 Agent Assist 2.0 with AI Summary, powered by OpenAI. This new solution uses generative AI technology to summarize customer call transcripts in seconds, which can help businesses to reduce manual, after-call work and improve the efficiency of their contact centers.
• In January 2023, Mitel entered exclusive negotiations with Atos to acquire Unify. Unify provides Communication and Collaboration Services businesses (CCS) and Unified Communications and Collaboration (UCC). Mitel and Unify would serve a customer base of over 75 million users in nearly 100 countries and a channel community of more than 5,500 global partners. The proposed transaction would also notably expand Mitel's reach and increase global revenues and profitability.
• In January 2023, Verizon Business introduced digital engagement capabilities to enhance the end-to-end digital customer journey for the Verizon Virtual Contact Center (VCC). The latest VCC digital solutions would help improve customer experiences.
• In July 2022, Amazon Connect launched Contact Lens integration with Contact Control Panel and Salesforce CTI Adapter.
• In June 2022, Avaya announced that it is reimagining digital campus learning with its Avaya OneCloud Experience Platform. The platform offers significant advantages for higher education institutions facing increased competition and slowing admission growth.
• In May 2022, Avaya and Microsoft expanded their strategic partnership by integrating Avaya's OneCloud portfolio with Microsoft Azure to provide businesses with more options to enhance productivity, scalability, and customer engagement.

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Contact Center Software Market Advantages:

• The effective management of client contacts is made possible by contact centre software, which results in speedier response times, individualised service, and higher levels of customer satisfaction.
• Businesses can connect with clients on their preferred platforms thanks to the support provided by contemporary contact centre solutions for channels like voice, email, chat, social media, and SMS.
• By streamlining workflows and ensuring that client enquiries are routed to the most qualified agents, automation and intelligent routing capabilities boost productivity and decrease wait times.
• Real-time analytics and reporting offered by contact centre software give organisations the ability to track performance indicators, spot patterns, and make informed decisions.
• Contact centre software enables companies to cut operational expenditures like infrastructure upkeep and agent training by streamlining operations and minimising manual tasks.
• Cloud-based contact centre solutions are flexible and scalable, enabling organisations to simply scale up or down their operations in response to changing business needs or seasonal demand.
• CRM systems and other business applications can be integrated with contact centre software to give agents a comprehensive picture of client information and enable more informed interactions.
• Contact centre software delivers personalised customer experiences and assists organisations in anticipating customer demands by capturing client data and interaction history.
• Contact centre software offers round-the-clock customer care, boosting customer happiness and loyalty, with features like chatbots and self-service choices.
• Businesses acquire a competitive edge in their respective industries by offering greater customer service and developing stronger client relationships.

Report Objectives

• To define, describe, and forecast the Contact Center Software Market by component (solution and service), organization size, deployment model, vertical, and region
• To provide detailed information about the factors (drivers, opportunities, restraints, and challenges) that impact the growth of the Contact Center Software Market
• To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the Contact Center Software Market
• To forecast the size of the market segments for five regions, including North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
• To analyze subsegments of the market concerning individual growth trends, prospects, and contributions to the overall market.
• To profile the key players of the Contact Center Software Market and comprehensively analyze their market size and core competencies.
• To track and analyze the competitive developments, such as new product launches; product enhancements; partnerships & collaborations; and acquisitions; in the Contact Center Software Market globally.

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