Contact Center Software Market | Contrive Datum Insights

Market Overview:

The global contact center software market size was $42.67 Billion in 2022 and is projected to grow $173.9 Billion by 2030 at a CAGR of 23.2% from 2023 to 2030.

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Contact centre software helps both multi-channel and single-channel call centres handle the large number of outgoing and incoming customer interactions in an effective way. The phone, VoIP, live chat, fax, email, SMS/text, chatbot chats, and social media messages are all ways to talk to people. The software's main job is to send calls and emails from customers to the right employees and to report and keep track of important information about how customers interact with the company. With this program, businesses can talk to customers over the Internet without having to have a PBX phone system on-site. It saves companies money, is easy to set up and keep up with, and gives them more control and visibility over their processes. It makes the contact centre more effective and efficient by putting the focus on how employees and customers connect with each other.

Market Dynamics:

Key Drivers: Role of Social Media in Contact Centre Operation

Modern contact centre solution providers focus on giving companies social media tools so they can handle questions that come from social media, measure the value and impact of their brand, and cut costs and complexity related to questions that aren't answered and customers who leave. Social media is a key part of finding social media influencers, word of mouth, emotions and sentiments, and brand image to make contact centre workers and the services or products they give more effective as a whole. Customers also like companies that respond to comments and questions on social media. Microsoft's 2018 State of Global Customer Service Report says that 59% of the people questioned like brands that respond to questions and complaints on social media. This is another way that social media sites are used in call centres.

Use of digital services has been stepped up to make sure customers are happy

With the help of an Omni channel system, buyers can reach the company through many different digital channels, like emails, social media, SMS, phone calls, video, live chats, and more. It makes customers happier because it tailors how it talks to them. The call centre method cuts down on the cost of customer service but leads to more customer complaints. When service providers can be seen on all platforms, customers are more likely to believe them. Also, agents who talk to clients can find out about them in real time on all platforms. So, the person might be able to get along better with clients and give them a better experience. This is expected to speed up the growth of the contact centre software business.

Businesses are using cloud-based software more and more because there is more competition and the cost of on-premises software is going up. Cloud-based software allows a company to be more flexible and grow than standard call centres. It gives the worker quick help so that they can serve the customer better. The agents use the information that is saved in the cloud to help the customer as quickly as possible. Customers have to wait less, and they are more likely to recommend the brand to their friends.

Restraint: Networks don't have enough bandwidth to use VoIP and cloud-based talks as much as they could

As digitalization keeps growing, many call centres are trying to improve their communication by using VoIP systems and cloud phone platforms. Modern VoIP systems and cloud telephony platforms are the best ways for call centres to talk to each other because they don't need any special hardware and it's easy to switch places. But companies that don't have enough bandwidth find it hard to deal with problems like bad voice quality, network jitters, internal networks that aren't set up right, and security issues. When using Voice over Internet Protocol (VoIP) systems and cloud telephony tools to serve customers well, businesses need to take care of these problems properly. This is why VoIP and cloud telephony aren't used in countries where network speeds change. Some places in the Middle East, Africa, and Latin America have some of the slowest internet speeds. So, these are the places where call centre options are least likely to be used.

Opportunities: More and more people want to look at audio and video chats

Speech and video analytics include tone, emotion, and sentiment detection analytics that would help call centres understand their customers' biggest problems, build customer loyalty, and improve the customer experience.  Since combining video and speech analytics would give contact centres more information about how to make customers happier, more and more contact centre companies are teaming up with video chat companies and AI and speech analytics technology providers for contact centres. 

Challenges: Things that make it hard to move call centres to the cloud

Contact centres are using the cloud more and more, especially now that COVID-19 has caused a lot of chaos and more people are working from home and profit margins are shrinking. Most businesses have already moved their contact centres to the cloud or are planning to do so. This is because the cloud has many benefits, such as improved flexibility, lower costs, real-time control, continuous innovation, integrated reporting, and the ability to manage contact centres with multiple locations. Even though the cloud has a lot of benefits, businesses don't use it all the time because they are afraid of losing control and security and because of problems with storage, retention, continuous access, and portability.

Investments that cost a lot will slow market demand

The cost of call centre solutions is going up, which is causing problems for businesses that use them. For on-site contact centre solutions, you need equipment that needs to be maintained and serviced frequently. Service maintenance and workers who work hard cost the company a lot of money. In the same way, cloud-based software that goes down for a long time can cost the company a lot of money. Since cloud threats are getting worse, companies that make cloud systems work have to give security solutions that are tailored to their needs. This is expected to slow the growth of the market during the time frame that is planned.

Contact Centre Software Market Solution Insights:

In 2022, IVR was the most important part of the market and made up more than 21.0% of income. Speech recognition software can't understand tones and accents as well as interactive voice response options can. Businesses can use interactive voice response systems to send callers to the right offices or agents based on their needs. IVR solutions can also help customers answer their own questions about products so they don't have to wait for customer service agents. IVR systems are often used by call centres with a lot of calls to handle multiple calls at once without the customers being able to tell that there are other people on the line.

The area of customer collaboration solutions is expected to have the highest CAGR over the next few years. Customer collaboration solutions make it easier for businesses to work with current and future customers. These solutions help businesses track, receive, and solve customer support issues quickly. They also help businesses collect and use customer feedback to improve their goods and services. Over the next few years, this segment is likely to grow because of the strong focus on improving collaboration by using images and videos to better interact with clients.

Contact Centre Software Market Service Insights:

In 2022, the integration and deployment section had more than 41.0% of the market's revenue. Over the next few years, the segment is likely to grow because more companies are using cloud-based contact centre software options. Businesses all over the world are putting a lot of money into integrating multiple apps and tools, like Customer Relationship Management (CRM), into their business processes. This is what is driving the growth of this segment. The rising need for business agility and the quick deployment of cloud-based solutions are also good signs for the growth of the integration and deployment segment. Over the next few years, the managed services sector is expected to grow at the fastest rate.

Managed services let businesses focus on their main goods and services and let managed service providers take care of their IT needs. Managed services help companies keep their applications running for end users by using tools for configuration management, provisioning, standard change management, and patch management. These services also include a variety of value-added services that help companies get the most out of their contact centre solutions in terms of performance and reliability while keeping operational costs in check. The fact that more and more people are using cloud services is a good sign for the growth of the managed services segment.

Contact Centre Software Market End-Use Insights:

In 2022, the IT and telecom group made up more than 24.0% of the market's revenue and was the market leader. There are no signs that the competition in the IT and telecom industries will slow down. Several new companies are getting into the business and trying to be successful by using new methods and ideas. Because of this, companies that have already made a name for themselves in the industry are rushing to use contact centre options to make their business operations run more smoothly. Also, IT and telecom companies are pushing for innovation and trying to increase their earnings by using the right tools to make sure their customer service is always up and running and by using the large amounts of customer data to get insights that they can use.

Regional Insights:

The global Contact Centre Software market has been looked at in different parts of the world, including North America, Europe, Asia-Pacific, Latin America, the Middle East, and India. In the near future, this market will be dominated by the global area.

In 2021, North America had more than 35.9% of the income in the world market. Some of the most important market players are based in North America. Companies in North American countries are also putting money into new technologies like big data, analytics, and cloud platforms. Both big and small businesses in the area are putting more of an emphasis on making their operations more efficient by improving their outbound and inbound operations. Along with the fast-growing e-commerce industry, the growing popularity of omni-channel sales will likely help the area market grow even more.

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Due to the large number of Information Technology Support Services (ITS) and IT companies in the Asia-Pacific region, this market is projected to grow the fastest over the next few years. The growth of the regional market is likely to be driven by the increasing use of call centre solutions by both large and small businesses. Favorable steps taken by local governments to support the use of cloud-based systems and the automation of business processes are also expected to play a key role in the growth of the regional market. The fact that companies from all over the world still want to invest in the APAC market is a good sign for the growth of that market.

Scope of report:

Key Vendors:

• 8x8, Inc.
• Alcatel-Lucent Enterprise
• Ameyo (Drishti-Soft)
• Avaya Inc.
• Cisco
• Enghouse Interactive Inc.
• Five9, Inc.
• Genesys
• Huawei Technologies Co., Ltd.
• Mitel Networks Corporation
• Oracle, 
• SAP, 
• Unify, Inc.

8x8 Inc. is an American company that makes tools for voice over IP. Its cloud-based solutions for businesses include voice, contact center, video, mobile, and unified communications. Chi-Shin Wang and Y. W. Sing, who had worked at Weitek, started the company in 1987. They called it Integrated Information Technology, Inc., or IIT. In the middle of the 1990s, the name was changed. The company says that IIT started as a designer of integrated circuits. In the late 1980s, the company made math coprocessors for x86 microprocessors and graphics accelerator cards for personal computers. Later, the company changed its name to 8x8 and started making goods for the market for video conferencing. 

ALE International SAS, which does business as Alcatel-Lucent Enterprise, is a French software company with its headquarters in Colombes, France. It provides communication tools and services to telecommunications companies, ISPs, and data providers. In 2014, China Huaxin Post and Telecom Technologies bought the Enterprise section of Alcatel-Lucent. This is how the company came to be. Nicolas Brunel has been President of Alcatel-Lucent Enterprise since March 2019. The company was founded in 2014 and works on networking, cloud infrastructure, telecommunications equipment, and software.

Ameyo is a platform for customer experience that helps businesses of all kinds connect with, serve, and help their customers. Founded in 2003 with a powerful and highly flexible all-in-one solution for all your contact center needs. It lets businesses interact with each customer in a personalized way across multiple platforms, which increases customer engagement. It works  on Customer Interaction Management (CIM), Contact Center Software, Call Center Software, Workforce Management, Predictive Dialer, Interactive Voice Response, Automatic Call Distributor, Customer Experience, Customer Service, customer engagement, Call Center, Contact Center, Customer Support, Communication Software, Ticketing software, Helpdesk Software, Debt Collection, and Inbound/Outbound.

Avaya Holdings Corporation, which is often just called Avaya, is an American global technology company with headquarters in Durham, North Carolina. It offers cloud communications and workstream collaboration services. On the company's platform, there are features like unified communications as a service (UCaaS), a contact center, and more. The company works with 220,000 customer sites in 190 countries to provide services.

In 1995, Lucent Technologies was split off from AT&T. After that, Lucent also split off parts of its business to try to fix its problems.

Cisco Systems, Inc., also known as Cisco, is an American global digital communications technology conglomerate company with its headquarters in San Jose, California. Cisco creates, makes, and sells networking hardware, software, telecommunications equipment, and other high-tech services and goods.[4] Cisco focuses on certain tech markets, like the Internet of Things (IoT), domain security, videoconferencing, and energy management. Webex, OpenDNS, Jabber, Duo Security, and Jasper are some of Cisco's top goods in these areas. Cisco is one of the biggest technology companies in the world. It has over $51 billion in sales and nearly 80,000 workers, which puts it at number 74 on the Fortune 100 list.

Leonard Bosack and Sandy Lerner, two computer scientists from Stanford University who had helped connect computers at Stanford, started Cisco in December 1984.

Industry Development:

In March 2021, 8x8, Inc. launched 8x8 Contact Centre for Microsoft Teams, a Microsoft Teams integration that had been tested and approved. The 8x8 cloud contact centre and communications system gives agents and employees a unified contact centre and global direct routing that can be easily managed from any Teams endpoint.

In April 2022, Five9 and Deloitte Canada, the independent company behind the Deloitte brand, signed a new strategic deal.

Market Segmentation:

By Component:

• Solution
• Omnichannel Routing
• Workforce Engagement Management
• Reporting and Analytics
• Customer Engagement
• Others (CTI, Messaging, Compliance, and Data Integration)
• Services
• Consulting
• Integration and Implementation
• Training Support and Maintenance

By Type

• Cloud
• On-Premises

By Application

• Large Enterprises
• Small and Medium-sized Enterprises

Regional Insights:

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• France
• Italy
• Spain
• UK
• Nordic Countries
• Denmark
• Finland
• Iceland
• Sweden
• Norway
• Benelux Union
• Belgium
• The Netherlands
• Luxembourg
• Rest of Europe
• Asia-Pacific
• Japan
• China
• India
• Australia
• South Korea
• Southeast Asia
• Indonesia
• Thailand
• Malaysia
• Singapore
• Rest of Southeast Asia
• Rest of Asia-Pacific
• The Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of the Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America

Conclusion:

In this Contact Centre Software Market report the various key trends, drivers, restraints, segmentation insights, and key vendors are clarified. The area of customer collaboration solutions is expected to have the highest CAGR over the next few years. Customer collaboration solutions make it easier for businesses to work with current and future customers. These solutions help businesses track, receive, and solve customer support issues quickly. They also help businesses collect and use customer feedback to improve their goods and services. Over the next few years, this segment is likely to grow because of the strong focus on improving collaboration by using images and videos to better interact with clients.

The IT and telecom category accounted for more than 24.0% of market revenue in 2022, making it the market leader. There are no indications that the level of rivalry in the telecom and IT sectors will decrease. Many new businesses are entering the market and attempting to succeed by utilizing novel approaches and concepts. Because of this, businesses that are already well-known in the sector are scrambling to implement contact center solutions to streamline operations. Additionally, IT and telecom businesses are driving innovation and attempting to boost their profits by utilizing the appropriate tools to ensure that their customer service is always available, as well as by utilizing the vast amounts of customer data to obtain useful insights.

Furthermore, on the basis of the geography the market is divided into North America, Europe, Asia-pacific, The Middle East & Africa and Latin America. In 2021, North America had more than 35.9% of the income in the world market. Some of the most important market players are based in North America. Companies in North American countries are also putting money into new technologies like big data, analytics, and cloud platforms. Both big and small businesses in the area are putting more of an emphasis on making their operations more efficient by improving their outbound and inbound operations. Along with the fast-growing e-commerce industry, the growing popularity of omni-channel sales will likely help the area market grow even more.

Due to the large number of Information Technology Support Services (ITS) and IT companies in the Asia-Pacific region, this market is projected to grow the fastest over the next few years. The growth of the regional market is likely to be driven by the increasing use of call centre solutions by both large and small businesses. Favourable steps taken by local governments to support the use of cloud-based systems and the automation of business processes are also expected to play a key role in the growth of the regional market. The fact that companies from all over the world still want to invest in the APAC market is a good sign for the growth of that market.