Contact Center Software Market to Surpass USD 40 Billion By 2024

The global contact center software market is set to grow from its current market value of more than 14 billion dollars to over 40 billion dollars 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 percent of businesses now have a Facebook and Twitter account, which enables them to educate and update customers about products and services, thereby creating a favorable opportunity for improving 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 competitors. The intelligent virtual assistants gather information, predict customers’ needs, and learn customers’ behavior by understanding customer requests and solving complex tasks.

The customer collaboration segment is projected to show the fastest growth rate with a CAGR (compound annual growth rate) of over 18 percent in the market. The customer collaboration software enables organizations to interact with customers in an efficient way, building long-term relationships. Customers have the advantage of expressing their views about the company’s products and services, which can be considered as feedback. After analyzing comments, the contact center personnel should interact with the concerned customer, ensuring 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 percent over the forecast timespan. This model offers various benefits such as easy and faster deployment and implementation, greater security, ease of managing remote workforce, improved flexibility and scalability, standardization of global technology and services, real-time data visibility, and customization capabilities, driving their market adoption. It also provides the contact center supervisors with substantial visibility of their agent’s productivity, making them aware of the performance of their outbound campaigns and inbound queues, thereby achieving higher business efficiency.