Contact center software will present a massive opportunity for the channel as the global market is set to exceed $72 billion by 2027.
That’s according to a new report by Grand View Research, which expects a compound annual growth rate (CAGR) of nearly 20% through 2027. The market is valued at just over $18 billion.
With competition intensifying over the years, it has become crucial for organizations to maintain stable and consistent relationships with their customers and ensure customer loyalty, according to the report. Various companies are extensively adopting contact center software to improve customer satisfaction levels and their experience over the inquiry call. With the help of contact-center software, customer care executives are finding it easier to build a deeper relationship with customers, which helps provide long-term value for the business.
Strong market growth is expected due to significant demand for cloud-based technology and the need for enhanced levels of customer satisfaction. The customer collaboration segment is projected to draw the highest CAGR through 2027 due to the growing use of the solution for engaging customers through social media platforms.
The interactive voice response (IVR) software segment is expected to hold the largest market share in 2027 due to features such as the reduced amount of call drops and better customer satisfaction levels.
Factors such as increasing advancements in AI and its application in business analytics are expected to accelerate market growth. Rapid technological advancements have resulted in the introduction of business process automation to reduce the workload of customer care representatives. The availability of IVR and automatic call distribution (ACD) software has further resulted in an increase in productivity of customer-centric organizations.
The hosted deployment segment is expected to experience increased demand through 2027 due to benefits such as ease of deployment, improved accessibility anywhere anytime, and simplicity in integration with other systems.
The demand for contact center software and services in the retail segment is driven by the rising need among organizations to ensure satisfaction of customers and overcome challenges involved in customer retention processes
Asia Pacific is expected to witness considerable growth through 2027 due to the rapid digitization and industrialization initiatives undertaken by governments.