Contact Center Software to Be a $48 Billion Market by 2029, FMI Says

Research firm Future Market Insights has valued the current global call center market at $22.2 billion and projects it to reach $47.6 billion in 2029, expanding at a compopund annual growth rate of 10.8 percent.

The expansion will be driven by the need for lead generation, creating awareness about upcoming offers, receiving feedback, increasing the consumer base, and establishing customer loyalty to gain competitive advantage.

Among the technologies covered in the report are automatic call distributors, interactive voice response systems, intelligent call routing, computer telephony integration, reporting and analytics, intelligent virtual assistants, and workforce optimization.

The report cites particularly strong interest in call center technologies among companies in the financial, consumer goods, and telecom industries. Additionally, FMI expects on-premises solutions to continue to dominate the market for the next 10 years, citing the advantages of data security, confidentiality, and better administration.

FMI also expects North America to continue its dominance of the market. The United States, it says, will present substantial growth in the call centers market, housing nearly half of all the call centers in the world.

North America, FMI reported, holds about 38 percent of the overall contact center market, followed by Europe, with a 19.8 percent share.

The report identifies 3CLogic, Genesys, 8x8, Cisco, Salesforce, IBM, SAP, Alvaria, Avaya, Five9, Enghouse Interactive, Alcatel-Lucent, AMEYO, NICE inContact, and Bright Pattern as some of the major players in the call center market.