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The global contact center software market size is expected to reach USD 47.76 billion by 2025
[May 29, 2019]

The global contact center software market size is expected to reach USD 47.76 billion by 2025

NEW YORK, May 29, 2019 /PRNewswire/ -- Contact Center Software Market Size, Share & Trends Analysis Report, By Solution, By Service, By Deployment, By Enterprise Size, By End Use, By Region, And Segment Forecasts, 2019 - 2025

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The global contact center software market size is expected to reach USD 47.76 billion by 2025. Increasing consumer base and high adoption rate of cloud-based services, social media, and mobile analytics among various industry sectors is projected to boost the growth.

Rapid technological advancements resulted in introduction of the Business Process Automation (BPA), thereby, reducing the workload of customer care representatives. The availability of Interactive Voice Response (IVR) and Automatic Call Distribution (ACD) software has resulted in an increase in productivity of customer-centric organizations.

Increased adoption of cloud-based contact center services has empowered organizations in reinforcing the security of customers' confidential information through web security and centralized database. Additionally, cloud-based contact center services provide multiple customer point of contact, which allow access to the necessary data from anywhere and at any time across the globe.

With the competition intensifying over the years, it has become crucial for organizations to maintain stable and consistent relationships with their customers and ensure customer loyalty. Various companies are extensively adopting ontact center software to improve customer satisfaction levels and their experience over the inquiry call.

Further key findings from the report suggest:
• The customer collaboration segment is projected to expand at a CAGR of 25.7% from 2019 to 2025 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 by 2025, owing to features such as reduced amount of call drops and better customer satisfaction levels
• Technical advancements in communication and collaboration application result in an increased demand for training and consulting services, as professionals and customers are required to be trained to understand and get knowledge about new applications. The segment is projected to grow at a CAGR 19.3% over the forecast period
• The hosted deployment segment is expected to witness increased demand over the forecast period on account of benefits such as ease of deployment, accessibility from anywhere anytime, and simplicity in integration with other systems. The segment is anticipated to reach USD 22.64 billion by 2025
• Numerous large enterprises have adopted contact center solutions to efficiently manage the vast database of customers; thereby driving the demand for contact center solutions in large enterprises over the forecast period
• 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 projected to witness considerable growth and reach USD 10,489.0 million by 2025, owing to the rapid digitization and industrialization initiatives undertaken by the government in this region.
• Major players 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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