Contact Center Software Market to Be Worth $93.7 Billion by 2027

MarketsandMarkets expects the worldwide contact center software market to grow from $35.2 billion in 2022 to $93.7 billion by 2027 at a compound annual growth rate of 21.6 percent. It cites the rising adoption of work-from-home culture and advancements in virtual and cloud-based contact center technologies as factors driving that growth.

The market growth can also be attributed to the increasing need for services to integrate their contact center systems with their existing infrastructure and other business applications.

The report also notes a steady shift over the past five years from on-premises systems to cloud deployments. The benefits, it said, include 24x7 access; rapid implementation; reduced setup, operational, and maintenance costs; scalability; and ease of use for companies with limited IT staff and budget.

Small and midsized businesses have largely embraced the cloud model, it said further, but SMBs are adopting contact center solutions in much greater numbers across the board to ease the burdens of carrying out their routine tasks while allowing agents to focus on organizational development.

The research firm also expects the retail and consumer goods vertical to grow at the highest rate during the forecast period. These sectors are highly customer-centric, it said, and companies are adopting technologies to enhance customer experiences, improve customer retention, develop personalized interactions with customers, and build strong customer relationships.

The report identifies IBM, Genesys, Amazon Web Services, Five9, Twilio, Mitel, and Cisco as the leading vendors of contact center technology