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Contact Center Software Market Outlook 2024: Top Companies, Trends, Growth Factors Details by Regions, Component and Applications

Author : Ronak Bora | Published Date : 2020-09-08 

The Latin America contact center software market is projected to cross over USD 3 billion over the forecast timeframe. The regional growth is attributed to the rising adoption of new technologies including cloud computing, speech recognition, analytics, and AI accompanied by an increase in the demand for augmented customer experience. Various industry verticals including healthcare, telecommunications, and retail are investing in the Latin America contact center software market to deliver an omnichannel communication experience to its customers. The adoption of cloud-based contact centers in this region is still in the nascent stage with major development witnessed mainly in Argentina, Brazil, Mexico, Chile, and Peru. Its adoption is anticipated to grow over the forecast period, mainly in the regions of Colombia and Costa Rica, driving the contact center software market growth.

Rising consumer spending on electronics, clothing and other product categories has tremendously bolstered the retail segment worldwide, propelling the contact center software market revenue globally. Reports show that consumers rate customer service in retail sector higher than low prices and product quality, making it the most important part of the businesses retailers should be focusing on. Good customer service leads to more recommendation from consumers, which directly boosts product sales. Subsequently, retail is an ideal application base for the contact center software market, helping companies provide timely and dedicated service for taking care of any problems the customers communicate.

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Major retail brands have employed contact centers to handle hundreds to thousands of queries, frequently asked questions and complaints they receive throughout their worldwide businesses. As these centers start to provide services like billing and telemarketing in addition to customer service, the contact center software industry will experience challenges from coping with enormous amounts for customer requests and data analysis. The advent of ecommerce retail has further given a remarkable boost to digital services, connecting more consumers with businesses and creating a demand for higher number of customer contact executives.

In 2017, the global ecommerce retail sales amounted to about USD 2.3 trillion, out of which world’s top three e-retailers contributed nearly USD 100 billion. This includes Amazon.com, which operates 13 country-specific websites and services at least 16 countries in all, including the U.S., U.K., India, Germany, Spain, France, among others. The vast ecommerce operations of Amazon indicate the probability of customer service requests from millions of people from diverse cultures, as it sells thousands of products in each country every day. Various other local and international e-retail platforms face similar concerns, offering outstanding growth prospects for the contact center software market from hundreds of online businesses.

Contact Center Software Market is projected to surpass USD 40 billion by 2024. The growing demand for meeting dynamic customer requirements, technological advancements in the field of machine learning, AI, and IoT, and the rising integration with social media platforms are the major factors driving the global contact center software market growth. The increasing demand for cloud-based contact center software solutions by various industry verticals including BFSI, healthcare, IT & Telecom, travel and hospitality, and government organizations also has a positive impact on the market.

The automation of contact center solutions also propels the market growth. The automation process brings up the self-service processes by enabling the customer service platform to automate low-level concerns, allowing the contact center agents to concentrate on complex and high-value interactions. This also helps organizations in saving costs and increasing the overall business productivity along with an augmented customer experience.

The Interactive Voice Response (IVR) segment dominates the contact center software market and accounted for over 15% of the market share in 2017. The rising adoption of smartphones by customers has replaced the traditional voice-based IVR with the visual IVR technology. This transformative platform allows customers to touch the screen menus and to get their required answers instead of waiting for the traditional IVR to read the unwanted options not required by customers. This visual IVR software handles around 75% of the customer service calls thereby transforming the functioning of contact center and leading to customer delight.

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Avaya, Cisco, Five9, Huawei Technologies, BT, and 8x8 are among the prominent vendors in the contact center software market. Other noticeable players include Ameyo, Enghouse Interactive, Aspect Software, Fenero, Genesys, Mitel, NEC, Nice, Nixxis, Oracle, Ring Central, Solgari, Unify, Verizon, and Vocalcom.

Table of Contents (ToC) of the report:

Chapter 1.   Methodology & Scope

1.1.  Methodology

1.1.1. Initial data exploration

1.1.2. Statistical model and forecast

1.1.3. Industry insights and validation

1.1.4. Scope

1.1.5. Definition

1.1.6. Methodology and forecast parameters

1.2.  Data Sources

1.2.1. Primary

1.2.2. Secondary

1.2.2.1.    Paid sources

1.2.2.2.    Public sources

Chapter 2.   Executive Summary

2.1.  Contact center software industry 360º synopsis, 2013- 2024

2.1.1. Regional trends

2.1.2. Component trends

2.1.3. Deployment model trends

2.1.4. Application trends

Chapter 3.   Contact Center Software Industry Insights

3.1.  Introduction

3.2.  Industry segmentation

3.3.  Industry landscape, 2013-2024

3.4.  Contact center software ecosystem analysis

3.4.1. Contact center software providers

3.4.2. Contact center providers

3.4.3. Contact center component integrators

3.4.4. Distributors

3.4.5. End users

3.5.  Contact center software architecture analysis

3.6.  Contact center software evolution

3.7.  Technology & innovation landscape

3.7.1. Artificial Intelligence (AI) and machine learning

3.7.2. Cloud-based technology

3.7.3. Big data and predictive analytics

3.8.  Regulatory landscape

3.8.1. European Contact Centre Standard (ECCS)

3.8.2. General Data Protection Regulation (GDPR)

3.8.3. Financial Industry Regulatory Authority (FINRA)

3.8.4. Payment Card Industry Data Security Standard (PCI DSS)

3.8.5. Health Insurance Portability and Accountability Act (HIPAA)

3.8.6. Telemarketing Sales Rule (TSR)

3.8.7. California Online Privacy Protection Act (CalOPPA)

3.9.  Industry impact forces

3.9.1. Growth drivers

3.9.1.1.    Rising demand for the automation of contact center solutions

3.9.1.2.    Emergence of omnichannel communication

3.9.1.3.    Increasing adoption of social media by customers

3.9.1.4.    Advancement in latest technologies including IoT and AI

3.9.1.5.    Growing adoption of cloud-based contact center solutions

3.9.2. Industry Pitfalls and Challenges

3.9.2.1.    High initial investment and complex integrations

3.9.2.2.    Inefficiency to achieve low first call resolution and improved average speed of answer

3.10.   Porter’s Analysis

3.10.1.  Threat of new entrants

3.10.2.  Threat of substitutes

3.10.3.  Bargaining power of buyer

3.10.4.  Bargaining power of supplier

3.10.5.  Industry rivalry

3.11.   PESTEL analysis

3.12.     Growth potential analysis

 Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/contact-center-software-market

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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