Contact Center Software Market to surpass US$40bn by 2024

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Global Contact Center Software Market to cross
USD 40 billion by 2024 Global Market Insights
Inc.
Fuel Cell Market size worth 25.5bn by 2024
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Key Insights from Heat Meters Market

• Global Contact Center Software Market was
  estimated at over USD 14 billion in 2017, is set
  to exceed USD 40 billion by 2024 according to a
  new research report by Global Market Insights,
  Inc. The contact center software market growth is
  attributed to the increasing adoption of social
  media platform by customers with the active
  social media users in 2018 being approximately
  3.1 billion. The incorporation of social media
  with contact center software allows businesses to
  communicate in an improved way with their current
  and prospective customers providing improved
  sales opportunity, increased customer awareness,
  and high-quality customer service.
• Around 90 of the businesses now own a Facebook
  and Twitter account, which enables them to
  educate and update the customers about their
  products and services, thereby creating a
  favorable opportunity for improving the company
  sales. Furthermore, the increasing emergence of
  AI-based intelligent virtual assistants in the
  contact center software market is changing the
  way businesses carry out their operations by not
  only providing augmented customer experience but
  also giving the early adopters an edge over their
  competitors.

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Continued...

• The customer collaboration segment is projected
  to show the fastest growth rate with a CAGR of
  over 18 in the market. The customer
  collaboration software enables organizations to
  interact with its customers in an efficient way,
  building long-term relationships. Customers have
  the advantage of expressing their views about the
  companys products and services, which can be
  considered as feedbacks. After analyzing the
  comments, the contact center personnel should
  interact with the concerned customer, ensuring
  that they are provided with the best products and
  services.
• In the contact center software market, the
  cloud-based deployment model is projected to
  observe the highest adoption rate with a CAGR of
  approximately 22 over the forecast timespan.
  This model offers various benefits such as easy
  and faster deployment implementation, greater
  security, ease of managing remote workforce,
  improved flexibility scalability,
  standardization of global technology services,
  real-time data visibility, and customization
  capabilities, driving their market adoption.

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Europe Contact Center Software Market Share, By
Software, 2017

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Continued...

• The IT Telecom sector is projected to grow at
  the fastest rate in the contact center software
  market with a CAGR of over 17 by 2024. The IT
  Telecom enterprises are witnessing a huge growth
  rate due to the rise in the number of mobile
  devices and internet usage rate. With the aid of
  contact center software, the telecom industry
  offers multiple calling and internet usage offers
  to improve its business sales. It provides the
  expertise and communication tools required to
  serve the customers by registering complaints,
  answering their queries, sending follow up
  reminders for payments, and delivering
  value-added services to be proactively connected
  with their customers.
• Various telecom companies are also keen on
  adopting cloud-based contact center software due
  to the added benefits they provide including
  lower operational costs and higher flexibility.
  This partnership will enable CallTower to provide
  a unique virtual contact center solution to
  various enterprises, enabling the customers to
  leverage cloud communications.

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Continued...

• The U.S. dominates the North American contact
  center software market with a share of around 84
  in 2017. Various tech companies in this country,
  such as IBM, Google, and Cisco, are investing
  huge funds in RD to implement new technologies
  and augment user experience, enhancing the market
  growth. The companies are making efforts to
  reduce the contact center personnel workload by
  integrating advanced technologies into the
  contact center software solutions. The high
  adoption rate of mobile analytics, cloud, and
  social media platform among various industries
  also assist the contact center market growth in
  North America.
• The Asia Pacific market is estimated to grow at
  the highest CAGR of over 20 during the forecast
  period. The market growth is attributed to
  factors such as the growing demand from various
  industry verticals including BFSI, healthcare,
  consumer goods retail, and IT Telecom. The
  rising adoption of the contact center software by
  various SMEs also contributes to the market
  growth. Furthermore, favorable government
  initiatives for increasing industrial automation
  also augment the market growth in this region.

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Industry Coverage

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Continued...

• The companies operating in the global contact
  center software market are concentrating on
  improving implementations of customer care
  solutions allowing professionals to focus on
  solving complex customer queries, thereby gaining
  a higher customer retention rate.
• The major companies functioning in this market
  include Ameyo, Vocalcom, Cisco, Five9, BT, Avaya,
  Mitel, Fenero, Oracle, Alcatel-Lucent, Zendesk,
  ZTE, SAP, Top Down Systems, West Corporation,
  Aspect Software, and Unify. The global companies
  are also working toward augmenting their product
  and service base by entering into strategic
  partnerships and collaborations, gaining a share
  in the competitive market.

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Table OF Content
Chapter 1. Methodology Scope 1.1.
Methodology 1.1.1. Initial data
exploration 1.1.2. Statistical model and
forecast 1.1.3. Industry insights and
validation 1.1.4. Scope 1.1.5. Definition 1.1.6.
Methodology and forecast parameters 1.2. Data
Sources 1.2.1. Primary 1.2.2. Secondary 1.2.2.1.
Paid sources 1.2.2.2. Public
sources Chapter 2. Executive Summary 2.1.
Contact center software industry 360º synopsis,
2013- 2024 2.1.1. Regional trends 2.1.2.
Component trends 2.1.3. Deployment model
trends 2.1.4. Application trends
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