Contact Center Software Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The Contact Center Software Market was valued at USD 20.18 billion in 2020 and is expected to reach USD 44.30 billion by 2026, at a CAGR of 14% over the forecast period 2021 - 2026. The contact center software market is primarily driven by the increasing need to enhance customer experience, at relatively lower costs. This helps in catering to the intensified competition and increased customer expectations stemming from the advancements in technology. These advancements have considerably increased the barraging power of customers in the supply chain, thus reducing the hidden cost of switching vendors in most of the services, as the demand for hardware component is reducing in the businesses.

• The cost of retaining a customer is 70% less than the amount expended to acquire a new one; 67% of customers are lost due to bad experiences. Thus, customer experience is one of the factors expected to aid the increasing use of contact center software, as businesses try to retain their existing customers.
• One of the features that could increase the demand for contact center solutions is integrated workforce management. Teams that have a high employee engagement are found to be 21% more productive, which in turn, reduces internal theft by 28%. Employees are the most valuable assets for the company. In order to leverage maximum productivity from these assets, scheduling of their work is vital. Contact center solutions are very helpful for such purposes.
• Another factor that could further increase the demand in the contact center software market is the surging need for personalized services. According to Accenture, a prominent software vendor in the global market, over 75% of the customers are more likely to purchase from a vendor that recognizes them by name or from a vendor recommended on the basis of a previous purchase.

Scope of the Report

Contact center software helps in increasing the efficiency and effectiveness of a contact center, with a specific focus on interactions between customers and contact center agents. The main function of the software is to route customer contacts to agents and track and report critical metrics regarding those interactions. 

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Key Market Trends

Retail is Expected to Hold a Significant Share

• Retail sector no longer has single channel contact centers. The increase in e-commerce penetration has redefined the sector in several aspects. The increasing volume of omnichannel sales has made it difficult to manage the post sales services offered to the clients and presenting a broad opportunity for the contact center software market.
• Omnichannel sales have gained wide acceptance among consumers as well. Over 70% of the customers are open to online shopping among, which some shop regularly from online channels, whereas a few others are willing to switch if the experience and value for money are enhanced. 
• The market in the retail sector seems to have an immense prospect in countries such as the United Kingdom as the Omni-channel sales in the country is expected to witness rapid growth. According to a survey conducted by Manhattan Associates, single view of consumers and personalized experience were the top aspects prioritized by retailers in the country. Owing to such market scenario, contact centers are expected to benefit omnichannel retailers when compared to traditional call center approach.

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