Contact Center Software Market Growing at a CAGR 20.9% | Key Player Oracle, Ringcentral, IBM, Content Guru, Aspect Software

April 16 00:26 2021
Contact Center Software Market Growing at a CAGR 20.9% | Key Player Oracle, Ringcentral, IBM, Content Guru, Aspect Software

NICE (Israel), Genesys (US), Cisco (US), Avaya (US), Five9 (US), Talkdesk (US), Vonage (US), 8×8 (US), AWS (US), Atos (France), Alcatel-Lucolent Enterprise (France), SAP (Sweden), Oracle (US), RingCentral (US), IBM (US), Lifesize (US), Content Guru (UK), Aspect Software (US), Enghouse Interactive (US), 3CLogic (US), Ameyo (India), Verizon (US), Intrado (US), AT&T (US)
Contact Center Software Market by Component (Solutions and Services), Deployment Model (Cloud and On-premises), Organization Size (Large Enterprises and SMEs), Industry, and Region – Global Forecast to 2026

The global Contact Center Software Market size is expected to grow from USD 24.1 billion in 2020 to USD 75.5 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 20.9% during the forecast period. The demand for contact center solutions has grown considerably with the rising use of online services for home deliveries, and with the ongoing work from home trend. Contact center solutions optimize contact center routing, customer engagements, and agent performance to help contact centers gain efficiencies across their workflows.

SMEs segment to grow at the highest CAGR during the forecast period

SMEs considered for this report are organizations with an employee size of 1–999. SMEs are majorly dependent on manual processes to manage their contact center processes due to the lack of awareness and budget constraints. However, the intensely competitive market scenario has encouraged SMEs to invest in automated solutions to achieve high business efficiency. Being constrained by limited budgets, small IT infrastructure, and limited staff, SMEs are looking for flexible, scalable, and cost-effective solutions. The need for minimizing costs associated with the manual routing of calls and management of contact center processes and the requirement for the diffusion of technologies at contact centers for WFO drive the adoption of contact center solutions among SMEs.

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Retail and consumer goods industry vertical to grow at the highest CAGR during the forecast period

The retail and consumer goods industry is highly customer-centric, and companies across this industry are adopting different penetration strategies and leveraging various industry-ready technologies to enhance customer experiences and improve customer retention. IT budgets are huge as retail and consumer goods companies try to maintain a certain brand image in terms of both employee and customer retention, which is key to higher revenue. The need to capture a larger market share, increase sales, and enhance customer experiences with the accurate management of customer profiles and agent interactions with customers drives the use of contact center solutions in the retail and consumer goods industry.

The contact center software market comprises major providers, such as NICE (Israel), Genesys (US), Cisco (US), Avaya (US), Five9 (US), Talkdesk (US), Vonage (US), 8×8 (US), AWS (US), Atos (France), Alcatel-Lucolent Enterprise (France), SAP (Sweden), Oracle (US), RingCentral (US), IBM (US), Lifesize (US), Content Guru (UK), Aspect Software (US), Enghouse Interactive (US), 3CLogic (US), Ameyo (India), Verizon (US), Intrado (US), AT&T (US), BT (UK), Twilio (US), Vocalcom (France), NEC (Japan), Evolve IP (US), Mitel (Canada), and ZTE (China). The study includes an in-depth competitive analysis of key players in the contact center software market with their company profiles, recent developments, COVID-19 developments, and key market strategies.

The players in this market have embraced different strategies to expand their global presence and increase their market shares. New product launches and enhancements, partnerships, merger and acquisitions, have been the most dominating strategies adopted by the major players from 2015 to 2020, which helped them strengthen their offerings and broaden their customer base.

NICE provides software solutions for analytics and personalization, process automation, workforce optimization, and recording and compliance that enable enterprises to improve their performance, increase operational efficiency, prevent financial crimes, and enhance safety and security. Moreover, NICE operates its business through two segments: Customer Engagement and Financial Crime and Compliance. In the contact center software market space, NICE caters to its client requirements through the NICE inContact CXone platform. In 2016, NICE acquired inContact (NASDAQ: SAAS), a leading provider of cloud contact center software and agent optimization tools, enabling the industry’s first fully integrated and complete cloud contact center solution suite. The acquisition of inContact has enhanced the entire length and breadth of NICE’s portfolio for cloud-based contact centers. NICE inContact, a wholly-owned subsidiary of the company, offers cloud-based contact center solutions with features, such as ACD, IVR, interaction channel, proactive outbound, my agent eXperience-MAX, workforce intelligence, partner AI chatbots, workforce management, quality management, customer satisfaction surveys, performance management, omnichannel analytics, security and reliability, CRM integrations, UCaaS integrations, developer ecosystems, RESTful APIs, voice as a service, and reporting.

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Genesys is a privately-owned enterprise and market leader in offering customer services and contact center solutions in cloud and on-premises. It is recognized for its IVR systems and call center modernization software. It offers the Genesys Customer Experience Platform that enables optimal customer journeys across touchpoints, channels, and interactions. The company also provides Session Initiation Protocol (SIP) communications, enabling users to build virtual call and contact centers. Its product portfolio aims at delivering the power of cloud and AI, helping companies in achieving rapid innovation, scalability, and flexibility. In the contact center software market, Genesys offers a wide range of on-premises and cloud-based contact center platforms. Genesys provides its contact center solutions to commercial customers across industries, such as retail, healthcare, technology, and media and telecom. With offices in over 100 countries worldwide, the company has its presence in North America, Europe, MEA, APAC, and Latin America.

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