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TMCNet:  The global contact center software market size is expected to reach USD 47.77 billion by 2025

[August 27, 2018]

The global contact center software market size is expected to reach USD 47.77 billion by 2025

LONDON, August 27, 2018 /PRNewswire/ -- Contact Center Software Market Size, Share & Trends Analysis Report By Service, By Deployment, By Solution (IVR, Customer Collaboration), By End Use, By Enterprise Size, And Segment Forecasts, 2018 - 2025

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The global contact center software market size is expected to reach USD 47.77 billion by 2025, according to a new report by Grand View Research, Inc. The market is estimated to grow at a rate of 15.6% during the forecast years. Increasing adoption of cloud-based services, social media, and mobile analytics along with growing consumer base is projected to boost the market expansion.

Various technological advancements have resulted in the introduction of Business Process Automation, thereby, reducing the workload of customer care representatives. For example, advent of Interactive Voice Response (IVR) and Automatic Call Distribution (ACD) software has helped customer-centric organizations in increasing their productivity.

Growing adoption of cloud-based contact center services has allowed organizations in reinforcing the security of confidential information through web security and centralized database. Additionally, cloud-based contact center services provide multiple customer points of contact, which allow remote access to the necessary data.

With the competition intensifying over the years, it has become crucial for organizatins to maintain stable and consistent relationships with their customers and ensure customer loyalty. Thus, many companies are adopting contact center software in order to improve the levels of customer satisfaction and experience.

Further key findings from the study suggest:
• The global market is projected to expand at a remarkable CAGR of 15.6% over the forecast period. This growth is attributed to the rising demand for cloud-based technology and need for improved customer satisfaction
• Customer collaboration segment is projected register a CAGR of 23.7% over the forecast period due to growing use of the solution for engaging customers through social media platforms
• Interactive Voice Response (IVR) software segment is expected to hold the largest market share in 2025, owing to its features such as reduced amount of call drops and improved customer satisfaction
• Technical advancements in communication and collaboration application result in an increased demand for training and consulting services. The market for these services is projected to grow at a rate of 17.4% over the forecast years
• The hosted deployment segment is expected to reach USD 22.64 billion by 2025 as it provides remote accessibility and can be easily deployed and integrated with other systems
Asia Pacific regional market is projected reach at USD 10.48 billion by 2025, owing to rapid digitization and industrialization initiatives undertaken by the local governments in this region
• Major companies operating in the contact center software market include Avaya, Inc.; SAP SE; Enghouse Interactive; Five9, Inc.; Mitel Corporation; Alcatel Lucent Enterprise; Cisco Systems; and Unify, Inc.

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