The global contact center software market is expected to reach $72.3 billion by 2027, growing at a compound annual rate of 19.7 percent, according to a report by Grand View Research.
Among the key drivers of this growth is the high adoption of cloud-based services, social media, and mobile analytics; improved omnichannel experiences; and technological advancements in communication services. Other contributing factors include advancements in artificial intelligence (AI) and its application in business analytics as well as business process automation that is reducing the workload of customer care representatives.
The market includes software for automatic call distribution (ACD), call recording, computer-telephony integration (CTI, customer collaboration, dialers, interactive voice response (IVR) systems, reporting and analytics, and workforce optimization (WFO). Among them, the customer collaboration segment is projected to witness the highest growth due to the increasing use of solutions for engaging customers through social media platforms. The IVR software segment is expected to hold the largest market share, particularly as companies turn to the technology to reduce call drops and increase customer satisfaction levels.
As technology advances, though, vendors are seeing an increased demand for training and consulting services.
The hosted deployment segment is expected to see considerable growth compared to on-premises solutions due to increased awareness of benefits such as ease of deployment, improved accessibility, and simplicity in integration with other systems. Cloud-based contact center services are also helping organizations reinforce the security of customers' confidential information and provide multiple customer points of contact.
Among industries, Grand View expects the greatest demand for contact center software and services in the retail segment, driven by the rising need among organizations to ensure customer satisfaction and customer retention.
"With the competition intensifying over the years, it has become crucial for organizations to maintain stable and consistent relationships with their customers and ensure customer loyalty. Various companies are extensively adopting contact center software in order to improve customer satisfaction levels and their experience over the inquiry call. With the help of contact center software, customer care executives are finding it easier to build a deeper relationship with customers, which helps provide long term value for the business," the report said.