According to a latest research report on the global contact center solution market published by Transparency Market Research, for the historical period 2018–2019 and the forecast period 2020–2030, rise in technological advancements in the field of customer relationship management, and integration of artificial intelligence and machine learning into business processes are expected to boost the global contact center solution market during the forecast period. Increasing need to cater to dynamic customer requirements and rise in omni-channel communication have propelled the demand for contact center solutions across the globe.
In terms of revenue, the global contact center solution market is estimated to exceed value of US$ 118.6 Bn by 2030, expanding at a CAGR of 19.3% during the forecast period.
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Rise in Cross-channel Communication: A Key Driver
Organizations shifting from analog to digital technologies have led to tremendous growth in the amount of organizational data. Within the next few years, more than a quarter of the global population is anticipated to be using wireless devices. Hence, the demand for cross-channel communication solutions is projected to increase during the forecast period. Additionally, shift in working of BPO companies from phone calls to other communication channels, including e-mail, web chat, and social media is expected to boost the contact center solution market during the forecast period.
Contact center solutions provide an efficient option to establish communication with customers in real-time. Hence, rise in demand to solve customer queries in real-time is expected to drive the contact center solution market.
Usage of the Internet is expected to witness a rise from moderate to high levels halfway through the forecast period, due to anticipated rise in consumer awareness and increased use of smartphones (iOS and Android). This is also likely to lead to extensive adoption of contact center solutions such as automatic call distribution, IVR, and video chat.
At present, contact center solution providers across the globe are facing integration challenges with existing systems, and the companies are planning to invest in emerging technologies but facing integration or implementation challenges with existing systems. This generates demand for high-quality infrastructure and need to realize the full potential of new capabilities. Additionally, change management and budget management are also emerging as significant barriers for contact center solution providers.
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Next-generation IVR with Advanced Speech Recognition
Speech recognition technology is used in a wide range of applications from complex enterprise systems to robotics. IVR systems, when combined with speech analytics enable customers to interact with the systems instead of pushing buttons. At present, technology advanced contact center solution companies use speech enabled call routing to help customers by describing their needs in their own words.
Increasing adoption of next-generation IVR with advanced speech recognition in various sectors, such as BFSI, retail, and healthcare is leading to the growth of the contact center solution market
Contact Center Solution Market: Competition Landscape
Detailed profiles of providers of contact center solutions have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
Key players operating in the global contact center solution market are
8×8, Inc.
Alcatel-Lucent International
Avaya, Inc.
Cisco Systems, Inc.
Five9, Inc
Huawei Technologies Co., Ltd.
IBM Corporation
Mitel Networks Corp.
NICE Ltd.
Oracle Corporation
Salesforce.com, Inc.
SAP SE
West Corporation
Zendesk Inc.
ZTE Corporation
