Contact Center Software Market To Undertake Strapping Growth, Driven By Rising Adoption of Cloud-Based Services, Mobile Analytics And Social Media Till 2027 | Million Insights

Contact Center Software Market To Undertake Strapping Growth, Driven By Rising Adoption of Cloud-Based Services, Mobile Analytics And Social Media Till 2027 | Million Insights

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According to new report available with Million Insights, the global contact center software industry is expected to witness growth owing to technological advancement and rising demand for enhanced omnichannel experiences in communication services during 2020 To 2027.

The global contact center software market size is projected to reach USD 72.3 billion by 2027, according to Million Insights. Increasing adoption of cloud-based services, mobile analytics, and social media coupled with a rising consumer base is projected to drive the market growth. In addition, technological advancement and rising demand for enhanced omnichannel experiences in communication services are projected to augment market growth.

Factors like the adoption of new technologies such as artificial intelligence (AI) and its implementation in business analytics anticipated to accelerate market growth during the forecast period. Technological advancement introduced business process automation which helps to reduce the burden of customer care representatives. Easy availability of automatic call distribution (ACD) and interactive voice response (IVR) software has increased the productivity of customer-centric organizations.

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The rising adoption of a cloud-based platform for contact center services has enforced the organizations to keep customer personal information secure through a centralized database and web security. In addition, contact center services with cloud platform offer different customer point of contact that allows them to access data from anywhere and anytime. Cloud-based services are compatible with machine learning, AI, different analytics tool, and omnichannel which is expected to open new opportunities for market growth.

Due to intense competition, it has become essential for organizations to maintain strong customer relationships as well as ensure customer loyalty. Various organizations are adopting this contact center software to enhance the customer satisfaction level and feedback related to products and services. With the help of this software, customer care administers can easily maintain seep relations with customers to increase their business for the long term.

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Further key findings from the report suggest:

• The contact center software market is anticipated to witness significant growth over the forecast period due to growing adoption of cloud-based technology and increasing need to enhance the level of customer satisfaction.

• The customer collaboration segment is expected to grow with the fastest CAGR during the forecast period due to growing usage of this solution to engage customers through social media channels.

• The Interactive Voice Response (IVR) software segment is projected to lead the market by the end of 2027 due to advantages such as provide better customer satisfaction and reduce cost of call drops.

• Technological advancement in communication & collaboration application resulted in increased demand for training & consulting services, as customers and professionals are required to be understand ne applications.

• Several large enterprises have installed contact center solutions to manage a huge database of customers efficiently, which is expected to drive the demand for these solution in large enterprises.

• In retail sector, the demand for contact center software and services is increasing due to growing need for ensuring customer satisfaction and overcome challenges faced in customer retention process.

• Due to rapid industrialization and digitalization, Asia Pacific is expected to witness significant growth over the forecast period.

• Avaya, Inc.; Five9, Inc.; Mitel Corporation; Enghouse Interactive; Alcatel Lucent Enterprise; Unify, Inc.; SAP SE; and Cisco Systems are major players operating in the market.

Million Insights segmented the global contact center software market on the basis of solution, service, deployment, enterprise size, end use, and region:

Contact Center Software Solution Outlook (Revenue, USD Million, 2016 – 2027)
    • Automatic Call Distribution (ACD)
    • Call Recording
    • Computer Telephony Integration (CTI)
    • Customer Collaboration
    • Dialer
    • Interactive Voice Responses (IVR)
    • Reporting & Analytics
    • Workforce Optimization
    • Others

Contact Center Software Service Outlook (Revenue, USD Million, 2016 – 2027)
    • Integration & Deployment
    • Support & Maintenance
    • Training & Consulting
    • Managed Services

Contact Center Software Deployment Outlook (Revenue, USD Million, 2016 – 2027)
    • Hosted
    • On-premise

Contact Center Software Enterprise Size Outlook (Revenue, USD Million, 2016 – 2027)
    • Large Enterprise
    • Small & Medium Enterprise (SME)

Contact Center Software End-Use Outlook (Revenue, USD Million, 2016 – 2027)
    • Banking, Financial Services, and Insurance (BFSI)
    • Consumer Goods & Retail
    • Government
    • Healthcare
    • IT & Telecom
    • Travel & Hospitality
    • Others

Contact Center Software Regional Outlook (Revenue, USD Million, 2016 – 2027)
    • North America
        • U.S.
        • Canada
    • Europe
        • U.K.
        • Germany
        • Spain
    • Asia Pacific
        • China
        • India
        • Japan
    • Latin America
        • Brazil
    • Middle East & Africa

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