Attention contact-center software providers and the partners who resell them: The global market for your offerings is expected to double by 2023.
That’s according to a new report by MarketsandMarkets, which expects the market’s value to increase from $17.6 billion this year to $35.3 billion, a compound annual growth rate of nearly 15 percent over the next five years.
A growing need to cater to changing customer requirements and increasing omnichannel communications are the major drivers of the contact-center software market, according to MarketsandMarkets. New communication platforms, redefined content value and shifting consumer preferences also are driving the adoption of contact center offerings across industry verticals.
Since the banking, financial services and insurance (BFSI) vertical deals with critical financial data and credit risks, it’s an excellent target for contact-center software sales. This software helps financial institutions in mining customer data, including transactions, customer activities across banking and financial service websites, and customer queries through multiple channels. In addition, the software allows these types of businesses to automate their processes, thereby helping them reduce service delivery time.
Large enterprises in particular are investing in the new and latest technologies to run their businesses effectively, the report notes. That market segment is larger than that of SMEs. Moreover, software adoption has become an integral part of large enterprises to sustain their position in the highly competitive market. Also, large enterprises prefer implementing software and services that are expected to assist them in making more money.
Strong growth is expected in North America. In the United States and Canada, organizations have rapidly adopted and invested in emerging technologies, such as analytics, big data and cloud platforms. Furthermore, there has been an increasing demand among enterprises to increase their overall productivity by optimizing inbound and outbound operations. And a large number of companies willingly invest in North America due to the presence of many large enterprises in the region.