Contact Center Software Market to Reach $72.04 Bn, Globally, by 2027 at 18.9% CAGR: Allied Market Research

Contact Center Software Market to Reach $72.04 Bn, Globally, by 2027 at 18.9% CAGR: Allied Market Research

PR Newswire

PORTLAND, Oregon, Feb. 16, 2021

- Increase in usage of contact center software among organizations to enhance customer experience, rise in omnichannel communication approach and upsurge in need for personalized services fuel the growth of the market

PORTLAND, Oregon, Feb. 16, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Contact Center Software Market by Component (Solution and Services), Deployment Type (On-premise and Cloud), Enterprise Size (Large Enterprises and Small & Medium Enterprises), Industry Vertical (BFSI, Healthcare, Retail and E-Commerce, Government and Education, IT and Telecom, Travel and Hospitality, and Others: Global Opportunity Analysis and Industry Forecast, 2020-2027." According to the report, the global contact center software industry was estimated at $18.70 billion in 2019, and is anticipated to hit $72.04 billion by 2027, registering a CAGR of 18.9% from 2020 to 2027.

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Drivers, restraints, and opportunities-

Increase in usage of contact center software among organizations to enhance customer experience,  rise in omnichannel communication approach, rapid advancements in the field of customer relationship management, and upsurge in need for personalized services fuel the growth of the global contact center software market. On the other hand, cost issues in case of on-premise call center software impede the growth to certain extent. However, emergence of advanced technologies such as artificial intelligence, predictive analysis, cloud computing, and machine learning and increase in the usage of social media by customers are anticipated to create lucrative opportunities in the near future.

Impact of COVID-19 on Contact Center Software Market:

Get detailed COVID-19 impact analysis on the Contact Center Software Market:

The software segment to maintain the lion's share-

Based on component, the software segment contributed to more than two-thirds of the global contact center software market share in 2019, and is expected to lead the trail by the end of 2027. Growing popularity of interactive voice response (IVR) solutions to enable the quick resolution of queries over calls boosts the segment growth. The services segment, on the other hand, would also exhibit the fastest CAGR of 21.1% during the forecast period, due to extensive adoption of services among end users.

The cloud segment to dominate by 2027-

Based on deployment mode, the cloud segment accounted for nearly three-fifths of the global contact center software market revenue in 2019, and is expected to rule the roost by 2027. The same segment would also manifest the fastest CAGR of 20.2% throughout the forecast period. The availability of affordable internet connections is expected to boost the demand for cloud based deployment of contact center solutions in organizations.

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North America garnered the major share in 2019-

Based on geography, North America held the major share in 2019, generating around two-fifths of the global contact center software market. The organizations across various industries in the region are rapidly adopting and investing in the emerging technologies, such as big data, analytics, and cloud platforms. This factor drives the market growth in the continent. Simultaneously, the region across Asia-Pacific would showcase the fastest CAGR of 23.3% from 2020 to 2027. This is due to the presence of a broad customer base and significant number of SMEs in the province.

Key players in the industry-

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

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