Contact centres set to enjoy double digit growth
The Contact Centre Software Market size surpassed USD 14 billion in 2017 and is poised to grow at a CAGR of over 15% between 2018 to 2024. The market growth is due to rising demand for coordinating services across various channels including telephone, email, chat, web, fax, and social media.
Providing such omnichannel experience ensures that each customer’s interaction reaches the associated resource at the required time providing a seamless and consistent customer experience. The rising investment made by companies in customer service initiatives & digital marketing platforms for handling customer relations efficiently has also contributed to the market demand.
Also, the rapid adoption of advanced technologies including AI and IoT has a positive impact on the contact centre software market revenue. These technologies enable enterprises to deliver advanced services with improved customer engagement by providing the customers with new information integrated into their existing infrastructure. They change the way businesses conduct their operations by reducing customers’ waiting time and delivering a proactive customer support.
Furthermore, the cloud based IVR software is adopted by various organizations from customer call volume sales from marketing to support & service. These software programs provide a healthy analytical insight by tracking customer timeframe, call volume, and origin, assisting the employees in the scheduling process thereby cutting down on bad customer response and lost business.
The integration and deployment services are anticipated to hold significant share in the contact centre software market through 2024. These services provide integration capabilities with legacy or custom CRM systems at workplaces, ensuring smooth and fast deployment of new solutions in the infrastructure. These services assist businesses in offering higher productivity, agility, and security, driving the market size.
The on-premise deployment model accounts for a large chunk of the market as majority of the contact centre operations depends on the traditional on-premise systems. The on-premise model gives the owner the leverage to decide how and when the software upgrades occur. It also provides the safety and security of confidential business data with the information being stored in-house.
However, these contact centre systems are established for location-specific deployments, which consist of the hardware and software architectures developed decades ago due to which the integration process across multiple sites is a complex and costly task. Hence, organizations are now shifting toward the cloud deployment model, providing easy customization with reduced operational costs.
The BFSI application segment dominated the global contact center software market with a share of around 30% in 2017. The highly mobile friendly & web dominant environment has taken the consumer banking processes to a new level.
In the U.S., the mobile payments rose from around USD 11.9 billion in 2012 to USD 90 billion by 2017. Customers are adopting mobile devices and social media platforms for managing their banking processes, augmenting the usage of the market. The adoption of cloud-based contact center software in the banking sector also enables companies to deliver better customer service.
For instance, in July 2018, Aman Bank, a leading bank in Libya adopted the Oracle service cloud for enhancing its customer engagement and service capabilities. This enables the bank to automate its contact centre processes on an omnichannel and centralized platform, effectively engaging with clients using their preferred communication platform.
North America contact centre software market size is projected to register a steady growth of over 13% during the forecast period. The cloud adoption rate of the North American contact centre industry increased from around 5% in 2012 to approximately 15% in 2016 with a positive impact on market demand. Companies operating in this region are shifting from product-based to customer-centric approach, creating a substantial demand for the market.
Europe held over 21% market share in 2017. Due to stringent government regulations, such as GDPR, the public sector and enterprises are implementing the contact centre software solutions to carry out online tasks associated with citizens queries, feedbacks, and complaints. This ensures the security of the customer’s data along with the provision of improved services.