Cloud Services and Home-sourcing Minimize Exposure to COVID-19
Cloud contact center solutions have gained prominence during the COVID-19 (coronavirus) pandemic. With the help of cloud, service providers are able to achieve more flexibility in managing customer operations using a remote workforce. On the other hand, the trend of home-sourcing is gaining traction in countries of Asia Pacific. As such, Asia Pacific is projected to grow at an exponential rate in the contact center solution market during the assessment period.
The trend of home-sourcing is benefitting contact center agents amidst the current COVID-19 situation. These agents are being equipped with laptops and access to the corporate network via a VPN (Virtual Private Network) from their home Wi-Fi. This has drastically reduced the need for agents to report to their respective offices, whilst minimizing the exposure toward the novel infection. These factors are expected to drive the contact center solution market during the forecast period.
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Proactive Monitoring and Improved Agent Communication Help Optimize Customer Experience
The contact center solution market is expected to grow at an astonishing CAGR of ~19% during the forecast period. However, challenges such as poor audio quality and lack of communication at centers can affect services provided to customers. Hence, companies in the contact center solution market are implementing proactive monitoring and testing of phone lines to move toward better services. Conducting bi-weekly or monthly meetings at the center is another solution to avoid lack of communication.
Companies are investing in unique and innovative ideas to optimize their contact center customer experience. Proliferation of artificial intelligence (AI), visual support, and data analytics are helping companies to scale business opportunities. As such, companies are tapping into incremental opportunities in countries of North America, since this region is projected to hold the lion’s share in terms of revenue.
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AI Technologies Leverage Omni-channel Communication and Intelligent Visual Support in Businesses
AI, visual support, and data analytics are emerging as key drivers that are contributing to the growth of the contact center solution market. The growing demand for prompt and effective customer solutions is creating revenue opportunities for contact centers. Due to the ongoing pandemic, businesses have become more reliant on contact centers more than ever in order to cope with the increased demand. This explains why the contact center solution market is expected to cross US$ 118.6 Bn by the end of 2030.
Omni-channel communication and intelligent visual support are helping enterprises revolutionize their business. Voice messages and social media are helping agents to interact with customers. Co-browsing and augmented reality (AR) technologies are providing real-time solutions to customer problems.
Self-service Bots and Gig Agents Helping Companies in Leveraging Business Opportunities
The transition from product to service is generating new business avenues for companies in the contact center solution market. This shift is helping contact center agents to improve and deliver customer engagement. Self-service bots are a fast growing phenomenon in contact centers and are very suitable for common queries of customers. These bots help to reduce costs but deliver less customer satisfaction, since the technology in bots is still at the nascent stage. Hence, companies in the contact center solution market are targeting bot services for insurance companies who are able to advise and sell their insurance products to customers.
Gig agents are growing in popularity for contact center solutions. Since these agents are mostly students or stay-at-home parents, AI technologies are being deployed to interpret the request of customers and provide agents with visual guidance for resolution.
Contact Management Software Grow Popular for Personalized and Convenient Customer Interactions
Contact center software solutions are being used by companies in order to gain a competitive edge. The software are capable of enabling positive customer interaction and deliver a seamless experience in terms of providing personalized services. Hence, companies in the contact center solution market, such as Aspect, is increasing its marketing capabilities to gain visibility for its contact management software that facilitates live interactions and mobile communications.
The delivery of powerful, personalized, and convenient interactions has become the key focus point for service providers in the contact center solution market. Contact agents are able to comply with key regulations with the assistance of contact management software in terms of providing advanced routing and dialing solutions.
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Contact Center Solution Market: Overview
- According to a latest research report on the global contact center solution market published by Transparency Market Research, for the historical period 2018–2019 and the forecast period 2023–2030, rise in technological advancements in the field of customer relationship management, and integration of artificial intelligence and machine learning into business processes are expected to boost the global contact center solution market during the forecast period. Increasing need to cater to dynamic customer requirements and rise in omni-channel communication have propelled the demand for contact center solutions across the globe.
- In terms of revenue, the global contact center solution market is estimated to exceed value of US$ 118.6 Bn by 2030, expanding at a CAGR of ~19% during the forecast period
Rise in Cross-channel Communication: A Key Driver
- Organizations shifting from analog to digital technologies have led to tremendous growth in the amount of organizational data. Within the next few years, more than a quarter of the global population is anticipated to be using wireless devices. Hence, the demand for cross-channel communication solutions is projected to increase during the forecast period. Additionally, shift in working of BPO companies from phone calls to other communication channels, including e-mail, web chat, and social media is expected to boost the contact center solution market during the forecast period.
- Contact center solutions provide an efficient option to establish communication with customers in real-time. Hence, rise in demand to solve customer queries in real-time is expected to drive the contact center solution market.
- Usage of the Internet is expected to witness a rise from moderate to high levels halfway through the forecast period, due to anticipated rise in consumer awareness and increased use of smartphones (iOS and Android). This is also likely to lead to extensive adoption of contact center solutions such as automatic call distribution, IVR, and video chat.
- At present, contact center solution providers across the globe are facing integration challenges with existing systems, and the companies are planning to invest in emerging technologies but facing integration or implementation challenges with existing systems. This generates demand for high-quality infrastructure and need to realize the full potential of new capabilities. Additionally, change management and budget management are also emerging as significant barriers for contact center solution providers.
Next-generation IVR with Advanced Speech Recognition
- Speech recognition technology is used in a wide range of applications from complex enterprise systems to robotics. IVR systems, when combined with speech analytics enable customers to interact with the systems instead of pushing buttons. At present, technology advanced contact center solution companies use speech enabled call routing to help customers by describing their needs in their own words.
- Increasing adoption of next-generation IVR with advanced speech recognition in various sectors, such as BFSI, retail, and healthcare is leading to the growth of the contact center solution market
Contact Center Solution Market: Competition Landscape
- Detailed profiles of providers of contact center solutions have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the global contact center solution market are
- 8×8, Inc.
- Alcatel-Lucent International
- Avaya, Inc.
- Cisco Systems, Inc.
- Five9, Inc
- Huawei Technologies Co., Ltd.
- IBM Corporation
- Mitel Networks Corp.
- NICE Ltd.
- Oracle Corporation
- Salesforce.com, Inc.
- SAP SE
- West Corporation
- Zendesk Inc.
- ZTE Corporation
Contact Center Solution Market: Key Developments
- Key providers of contact center solutions, such as Five9, Inc., Avaya, Inc., Salesforce.com, Inc., and Cisco Systems, Inc. are focusing on the development of cost-effective contact center solutions to attract more customers
- Additionally, players active in providing contact center solutions are focusing on inorganic growth strategies such as strategic collaborations and merger & acquisition activities with technology partners to improve their offerings and market reach in the contact center solution market. Some other key developments in the global contact center solution market are highlighted below:
- In August 2023, ConvergeOne Holdings Corp acquired Altivon Inc., a contact center solution provider, to enhance its contact center solution offering
- In February 2019, Five9, Inc. acquired Virtual Observer, formerly known as CSI, a provider of cloud-based Workforce Optimization (WFO) solutions to expand its portfolio
- In August 2019, Intermedia.net, Inc. acquired Telax, a Toronto-based cloud Contact Center as a Service (CCaaS) software provider to consolidate its position in the cloud communications and collaboration solution market
- In the global contact center solution market report, we have discussed individual strategies, followed by company profiles of providers of contact center solution. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global contact center solution market.
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