Market Trends of Contact Center Software Industry
Retail End User Industry is Expected to Hold Significant Market Share
- The retail sector is driving growth in the contact center software industry by providing a high demand for software solutions that can handle a large volume of customer inquiries and support interactions, both through traditional channels like phone and email and, increasingly, through digital channels such as chat, social media, and messaging apps.
- Retail companies use these solutions to improve customer experience, increase operational efficiency, and reduce costs. With the rise in e-commerce, the need for multi-channel support is increasing the demand for contact center software. The increase in e-commerce penetration has redefined the sector in several aspects. The increasing volume of omnichannel sales has made it challenging to manage the post-sales services offered to the clients and presents 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, and 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 has an immense prospect in countries such as the United Kingdom as the Omni-channel sales in the country are expected to witness rapid growth. According to a survey by Manhattan Associates, a single view of consumers and personalized experience were the top aspects prioritized by retailers in the country. Owing to such a scenario, contact centers are expected to benefit omnichannel retailers compared to the traditional call center approach.
- Improved contact center software can contribute to a better customer experience. Retailers may invest in solutions that offer advanced features such as omnichannel support, AI-driven chatbots, and analytics to better understand and serve their customers. According to Flexera Software, In 2023, Retail, eCommerce, and software companies had spent a 10 percent and 19 percent share of their revenue on IT.
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North America is Expected to Hold Significant Market Share
- North America has been a leader in the adoption of cloud technology. The growth in the adoption of cloud technology is helping to reduce capital expenditures, IT management complexity and to deploy new applications efficiently, which has encouraged companies to adopt the cloud-based platform in their business processes. Moving to cloud technology has made it easier for businesses to implement contact center software, eliminating the need for on-premises hardware and maintenance.
- The growing omnichannel approach to sales and North America's expanding e-commerce industry are driving demand for contact center software. Companies are attempting to diversify their business portfolios in the region due to the massive potential it offers.
- For instance, in January 2023, Broadvoice, a provider of hosted voice, unified communications (UCaaS), omnichannel contact center (CCaaS), and SIP trunking services for small and midmarket businesses, launched the GoContact omnichannel cloud contact center solution for business customers in North America.
- The shift was primarily to enhance its customer experience. As a result, it is expected to compel other companies to move their software over to the cloud, thus creating ample opportunity for the industry players and positively impacting the region's market growth over the forecast period.
- Moreover, increased integration, innovation, and implementation of technologies such as cloud computing, big data, and Artificial Intelligence in the United States provide real-time analytics capabilities to contact center software which is expected to support market growth in the region.
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