Contact center software market to reach $210Bn in 2029
NOIDA, INDIA — The contact center software looks poised for a 25.89% yearly growth, potentially reaching $210.622 billion globally by 2029.
According to a new report by Knowledge Sourcing Intelligence, businesses worldwide are prioritizing customer experience, realizing that excellent service retains consumers and enables business expansion.
Contact center software provides the capabilities to accelerate response times, ease cross-channel interactions, and personalize experiences. The rise of omnichannel communication is especially driving adoption.
Incorporating innovations like artificial intelligence (AI) and predictive analytics into solutions also promises to propel market growth. For instance, intelligent Interactive Voice Response (IVR) systems can comprehend customer needs through voice recognition and notify agents accordingly. Workforce optimization examines interactions and supplies agents with insights to improve efficiency.
Small and medium-sized businesses (SMBs) could see the quickest growth rate over the forecast period. SMBs around the world are leveraging customer care solutions to systematize routine tasks so contact center staff can instead concentrate on fueling business development.
Knowledge Sourcing Intelligence added that while North America currently heads the industry, Asia Pacific (APAC) looks to be the fastest-expanding region. Government digitization efforts across APAC are propelling cloud uptake, including cloud contact center platforms with flexible scalability. Expanding retail industries also contribute to demand, as retailers prioritize customer retention and contentment.
Meanwhile, the major players vying for market share include Genesys, Mitel Networks, NICE Systems, Five9, Cisco, and SAP, among others.
