Contact Center Software Market Analysis | 2023-2028

Market Insights

The contact center software market was estimated at USD 34.2 billion in 2022 and is likely to grow at a CAGR of 21.17% during 2023-2028 to reach USD 108.53 billion in 2028.

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Market Dynamics

Introduction

Contact center software enables both uni-channel and multi-channel call centers to effectively manage high volumes of outbound and inbound communications with customers. Various types of customer communication comprise VoIP calls, phone calls, fax, live chat, SMS/text, email, chatbot conversations, and social media messaging. The key function of software is to route customer contacts to agents and to report and track critical metrics regarding customer interactions.

COVID-19 Impact

The COVID-19 pandemic has positively influenced the contact center software sector. Contact centers adopted AI-based virtual agents to enable seamless customer services during the sudden rise in call volumes amid the pandemic. Virtual agents offer instant, on-demand service while providing a conversational experience, handling the same intents as human agents, and offering automated support, thus augmenting the market growth.

Market Drivers

Substantial growth in the telecommunications sector worldwide, coupled with a rising requirement for business process automation solutions, is one of the major factors driving the market growth. Also, strong product adoption across different sectors which includes information technology (IT), healthcare, banking, financial services and insurance (BFSI), retail, media, and education, thus boosting the market growth.

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Key Players

The key players operating in the market are:

• Enghouse Interactive Inc. (US)
• Cisco Systems Inc. (US)
• Unify Inc. (Germany)
• Five9 Inc. (US)
• Genesys Telecommunications Laboratories Inc. (US)
• Oracle Corporation (US), SAP SE (Germany)
• Mitel Networks Corp (Canada)
• Avaya Inc. (US)
• NEC Enterprise Solutions (US)

Note: The above list does not necessarily include all the top players in the market.

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Segments Analysis

By Solution Type

Based on Solution, the contact center software market has been classified into Automatic Call Distribution (ACD), Call Recording, Computer Telephony Integration (CTI), Customer Collaboration, Dialer, Interactive Voice Responses (IVR), Reporting & Analytics, Workforce Optimization, and Others. Under these, the IVR segment held a significant market share in 2022. Interactive voice response solutions help to interpret tones and accents with more precision than conventional speech recognition software. Also, interactive voice response systems help businesses in assigning the caller to the designated departments on a case-by-case basis, thereby boosting segment growth.

Regional Insights

By region, the North American market held the highest market share in 2022 and is projected to grow at a healthy CAGR in the coming years. This is ascribed to the large presence of domestic players; and strong investments in emerging technologies, such as analytics, big data, and cloud platforms. The importance of improving efficiency by enhancing outbound & inbound operations has also been increasing among both large as well as SMEs, further bolstering the regional market growth during the review period.

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Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects contact center software market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The contact center software market is segmented into the following categories:

By Solution Type

• Automatic Call Distribution (ACD)
• Call Recording
• Computer Telephony Integration (CTI)
• Customer Collaboration
• Dialer
• Interactive Voice Responses (IVR)
• Reporting & Analytics
• Workforce Optimization
• Others

By Enterprise Size Type

• Large Enterprise
• Small & Medium Enterprise

By End-Use Type

• BFSI
• Consumer Goods & Retail
• Government
• Healthcare
• IT & Telecom
• Traveling & Hospitality
• Others

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, and The Rest of Europe)
• Asia-Pacific (Country Analysis: Japan, China, India, and the Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Brazil, Argentina, and Others)

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Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@Stratviewresearch.com.