Future Market Insights valued the global contact center market at $18.5 billion in 2018 and expects it to grow by more than 10 percent per year through 2029, when it will be more than three times higher than it is now.
The rising adoption of cloud-based call center solutions and services, integration of technologies such as artificial intelligence, customer relationship management, and knowledge management, and a surge in the demand for omnichannel call center solutions are the key factors shaping the growth of the call center market, according to the research.
"Digital channels such as email, web chat, SMS, and social media have opened new doors for the growth of the call center market. Moreover, with the integration of digital technologies, the success of call centers is now being measured by new metrics, which reflects their critical role in overall business performance," the company said in its report.
The report notes that the United States currently houses more than 60 percent of all call centers, though the Asia-Pacific region is expected to see a lot of growth. In fact, by 2029, the markets in North America and APAC will register combined revenue of more than $38 billion.
Among industries, the report notes that the banking, financial services, and insurance (BFSI) sector is expected to flourish, with a contact center market value of more than $10 billion alone in 2027. The retail and consumer goods industries are also seeing accelerated growth, particularly as they shift toward omnichannel call center solutions to add a personal touch to customer interactions.
Though the overall contact center market contains both software and services, the software/solutions segment is expected to hold a significantly larger share. Rising demand for solutions such as interactive voice response, intelligent call routing, and automatic call distributors are driving the growth of the software/solutions segment.
By deployment, the cloud-based segment is anticipated to retain its significant share in the global call center market, allowing organizations to manage daily operations and keep pace with the changing business landscape, the report said.
"In recent times, innovative call center marketing plans have transformed them into experience hubs, where they are not only dealing with emergencies and customer calls but also driving positive interactions and delivering leads to sales and marketing teams, customer feedback to product teams, and key insights for product development and innovation. With advancements in predictive analytics, call center organizations are keeping themselves one step ahead of their customers by anticipating their needs, and are helping enterprises in strengthening customer relationships," the report concluded.