July 24, 2024
Ict

Artificial Intelligence and cloud infrastructure developments to drive the global Contact Center Software Market growth

The global Contact Center Software Market is estimated to be valued at US$ 38.8 Bn in 2023 and is expected to exhibit a CAGR of 20% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Contact center software solutions refer to computer and cloud-based systems that help companies manage communications like phone calls, video calls, live chats, emails and social media interactions from clients through multiple channels. They help contact centers automate common tasks, streamline workflows and improve customer experience by offering real-time customer support. Contact center software provide speech and text analytics capabilities to help companies understand customer needs and identify opportunities for product and service improvements. They offer multi-channel customer interaction capabilities including voice, chat, email and social media. Contact center software also have features like reporting, workforce optimization, quality monitoring and self-service capabilities to provide better customer and agent experience.

Market key trends:
The increasing adoption of artificial intelligence and machine learning capabilities in contact center solutions is a key trend in the market. AI can automate repetitive tasks, predict customer needs, and optimize agent performance. Cloud deployment of contact center software has also increased as cloud-based solutions offer scalability, flexibility and reduced costs. Contact centers are using cloud infrastructure to quickly and cost-effectively scale up operations during peak periods and work-from-home requirements.Emergence of new digital technologies like messaging platforms and virtual assistants are also influencing contact center strategies.
Porter’s Analysis

Threat of new entrants: Low as the market is dominated by major players with strong market presence and economies of scale. High initial investments and costs associated with R&D act as entry barriers for new players.

Bargaining power of buyers: Moderate bargaining power as there are multiple vendors providing similar services. However, switching costs and contracting nature of services increase bargaining power.

Bargaining power of suppliers: Low bargaining power of hardware and software suppliers as market comprises large contact center software providers.

Threat of new substitutes: Moderate threat from emerging alternative technologies like chatbots and AI powered solutions, which can substitute the need for human agents.

Competitive rivalry: Highly competitive with continuous product innovation and investments in R&D by major players to gain market share.

Key Takeaways

The global contact center software market is expected to witness high growth, exhibiting CAGR of 20% over the forecast period, due to increasing digital transformation initiatives across industries. Increasing adoption of cloud-based solutions by enterprises will further propel the market during the forecast period.

Regional analysis: North America dominates the contact center software market and accounts for over 40% of the global share due to significant technology adoption across industries. Asia Pacific is expected to grow at the fastest CAGR during the forecast period supported by expanding outsourcing sectors and growing IT industries in emerging nations.

Key players operating in the contact center software market are 8X8, Inc., ALE International, Altivon, Amazon Web Services, Inc., Ameyo, Amtelco, Aspect Software, Avaya Inc., Avoxi, Cisco Systems, Inc., and Salesforce Inc.. Major players are focusing on developing innovative omnichannel capabilities, analytics and AI powered functionalities to strengthen their market positions. Oracle acquired several contact center software providers to enhance its cloud-based CX offerings

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it