Research firm MarketsandMarkets has updated its latest contact center software market forecasts, projecting the industry to grow from $41.9 billion today to $109.7 billion by 2028. It expects the market to expand at a 21.2 percent compound annual growth rate, due in large part to the growing emphasis on omnichannel experiences, cloud-based solutions, and artificial intelligence integration.
Additionally, the rising demand for analyzing audio and video conversations and the need to deliver an enhanced customer experience has driven market growth, the firm said.
Contact center software, it said further, provides users with the following benefits:
- The effective management of client contacts, which results in speedier response times, individualized service, and higher levels of customer satisfaction.
- Businesses can connect with clients on their preferred platforms thanks to the support provided by contemporary contact center solutions for channels like voice, email, chat, social media, and SMS.
- By streamlining workflows and ensuring that client enquiries are routed to the most qualified agents, automation and intelligent routing capabilities boost productivity and decrease wait times.
- Real-time analytics and reporting offered by contact center software enable organizations to track performance indicators, spot patterns, and make informed decisions.
- Contact center software enables companies to cut operational expenditures like infrastructure upkeep and agent training by streamlining operations and minimizing manual tasks.
- Cloud-based contact center solutions are flexible and scalable, enabling organizations to simply scale up or down in response to changing business needs or seasonal demand.
- CRM systems and other business applications can be integrated with contact center software to give agents a comprehensive picture of client information and enable more informed interactions.
- Contact center software delivers personalized customer experiences and assists organizations in anticipating customer demands by capturing client data and interaction history.
- Contact center software offers round-the-clock customer care, boosting customer happiness and loyalty, with features like chatbots and self-service choices.
- Businesses acquire a competitive edge in their respective industries by offering greater customer service and developing stronger client relationships.
Top companies in the contact center software market include NICE, IBM, Genesys, Amazon Web Services, Five9, Twilio, Mitel, Cisco, BT, Verizon, Avaya, Vonage, 8x8, Talkdesk, Alcatel Lucent Enterprise, Sinch, Oracle, RingCentral, Content Guru, Alvaria, Enghouse, 3CLogic, Ameyo, NEC, ZTE, Vocalcom, Evolve IP, UJET, Amtelco, AVOXI, VCC Live, Glia, Bright Pattern, ComputerTalk, and C-Zentrix, according to the report.