Contact Center Software Market Expected to Grow 20%+ in 5 Years
The increasing adoption of virtual and cloud-based contact center solutions during and post-COVID-19 is just one of the factors contributing to the rapid rise of the global contact center software market, which is estimated to grow to $75.5 billion by 2026, a compound annual growth rate (CAGR) of 20.9%, according to the report “Contact Center Software Market by Component”.
- BFSI industry enjoys rise of cloud and artificial intelligence-enabled bots
The banking, financial services, and insurance (BFSI) industry, for one, has acknowledged the need to attract talent, gain holistic visibility into entire contact center processes, improve timely responses to customer complaints and queries—in adherence to country-wide regulations—and protect businesses from fraudulent activities, is a top priority in the BFSI industry.
Services are an important part of any software solution’s development life cycle, and a swath of vendors have emerged offering services associated with cloud contact center solutions to help companies effectively implement their contact center strategies.
Contact center solutions enable BFSI companies to monitor, manage, and assist remote agents selling and earning incentives based on the sale of insurance and banking products such as credit cards and loans. Contact center solutions in the BFSI industry allow cost cutting, adaptation to changing regulations, and maximizing opportunities related to financial growth.
The Asian Pacific American Community (APAC), in particular, is expected to experience extensive growth opportunities in the next few years, owing to the rising adoption of advanced technologies such as cloud, and artificial intelligence (AI)- and natural language processing (NLP)-enabled bots.
As an indication of this, Exotel—Asia’s largest cloud communication platform—and Ameyo—Asia’s largest contact center platform—recently announced a merger creating the largest customer engagement cloud platform in the emerging markets, with a presence in 60 countries and an annual recurring revenue (ARR) of $40 million.
And, according to the “Customer Service Trend Report” by Genesys, 78.5% of APAC small and medium sized enterprises (SMEs) applied AI to engagement channels. Over 61.1% of APAC SMEs now consider total cost of ownership (TCO) for sourcing new technologies to transform their customer engagement roadmap.
- Emerging role of social media in contact center operations
Many global cloud-based contact center organizations are infusing AI in their contact center solutions and launching solutions serving contact centers to drive sales, improve customer experience and engagement, and attract new customers with automated workflows and speech analytics capabilities.
Further major factors that are expected to drive the growth of the contact center software market include the rising adoption of advanced technologies, a need for handling contact center attrition and absenteeism, and the emerging role of social media in contact center operations.
Better business continuity involves growing omnichannel solutions to minimize efforts in reaching end customers, continuous transitions to cloud-based contact centers, and meeting the rising demand for personalized and streamlined customer interactions to achieve high customer satisfaction.
More than ever, an effective solution must necessarily include omni channel routing, workforce engagement management, reporting and analytics, customer engagement management, computer telephony integration (CTI), messaging, compliance, and data integration.