Contact Center Software Market by Solution (Intelligent Virtual Assistants, Customer Collaboration, Dialers, IVR, Workforce Optimization, Reporting & Analytics), Service, Deployment Type, Organization Size, Vertical, and Region - Global Forecast to 2023

The global contact center software market size was USD 15.63 billion in 2017 and is projected to reach USD 35.32 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 14.9% during the forecast period (2018–2023). The forecast period considered for this report is 2018 to 2023, and 2017 is the base year for estimating the market size.

Objectives of the Study:

• The main objective of this report is to define, describe, and forecast the global contact center software market based on components (solutions and services), deployment types, organization sizes, verticals, and regions.
• The report provides detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges).
• The report attempts to forecast the market size with respect to 5 main regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America.
• The report strategically profiles key players and comprehensively analyzes their core competencies.
• This report also tracks and analyzes the competitive developments, such as partnerships, mergers and acquisitions, new product developments, and research and development (R&D) activities in the contact center software market.

The research methodology used to estimate and forecast the contact center software market begins with the collection and analysis of data on the key vendor product offerings and business strategies from secondary sources, such as Information Technology (IT) service providers, technology providers, press releases, investor presentations of companies; and white papers, technology journals, certified publications, and articles from recognized authors, directories, and databases. Moreover, the vendor offerings have been taken into consideration to determine the market segmentation. The bottom-up procedures were employed to arrive at the total market size of the contact center software market from the revenue of the key market solution and services providers. Post-arrival at the overall market size, the total market was split into several segments and subsegments, which were then verified through primary research by conducting extensive interviews with the key people, such as Chief Executive Officers (CEOs), Vice Presidents (VPs), directors, and executives.

To know about the assumptions considered for the study, download the pdf brochure

Industry Ecosystem

The major solution and service providers in the contact center software market include 3CLogic (US), 8x8 (US), Alcatel-Lucent Enterprise (France), Ameyo (Drishti-Soft; India), Aspect Software (US), Avaya (US), BT (England), Cisco (US), Enghouse Interactive (US), Fenero (US), Five9 (US), Genesys (US), Huawei (China), IBM (US), Mitel (Canada), NEC (Japan), NICE (Israel), Oracle (US), RingCentral (US), SAP (Germany), Solgari (Ireland), Unify (Germany), Verizon (US), Vocalcom (France), West Corporation (US), Zendesk (US), and ZTE (China).

Key Target Audience

• Contact center software providers
• Contact center service providers
• Professional service providers
• Managed service providers
• System integrators
• Cloud service providers
• Internet service providers
• Government organizations
• End-users (Industry verticals)

Scope of the Report

The research report categorizes the contact center software market to forecast the revenues and analyze the trends in each of the following subsegments:

By Component

• Software
  • Intelligent Call Routing
  • Workforce Optimization
  • Reporting and Analytics
  • Intelligent Virtual Assistants
  • Security
    • Fraud Management
    • Network Security
    • Others
  • Dialers
    • Preview Dialer
    • Progressive Dialer
    • Predictive Dialer
  • Customer Collaboration
  • Automatic Call Distribution (ACD)
  • Computer Telephony Integration (CTI)
  • Call Recording
  • Interactive Voice Response (IVR)
  • Others
• By service
  • Professional Services
    • Integration and Implementation
    • Consulting
    • Training and Support
  • Managed Services

By Deployment

• Cloud
• On-Premises

By Organization Size

• Large Enterprises
• Small and Medium-sized Enterprises (SMEs)

By Vertical

• Banking, Financial Services, and Insurance (BFSI)
• Consumer Goods and retail
• Healthcare
• IT and Telecom
• Government
• Travel and Hospitality
• Media and Entertainment
• Others

By Region:

• North America
  • US
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Rest of Europe
• APAC
  • Australia and New Zealand (ANZ)
  • Japan
  • China
  • Rest of APAC
• MEA
  • Kingdom of Saudi Arabia (KSA)
  • United Arab Emirates (UAE)
  • South Africa
  • Rest of MEA
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America

Contact Center Software Market Drivers

Rise in omnichannel communication

Customers communicate and collaborate with organizations via a number of channels, such as email, text, voice, mobile, or social media. Omnichannel contact center solutions enable organizations to offer a personal touch to customer interactions, while offering their support and services. Enterprises need a solution that offers centralized control of service delivery over all the different channels; thereby, enterprises have started using omnichannel platforms that integrate all channels and offer a consistent customer experience.

Growing need to cater to dynamic customer requirements

A growing number of organizations around the world have started shifting their focus toward providing a holistic experience to customers. In today’s highly competitive market, customer needs are ever changing. Customer experience is one of the important factors that affect customer retention. Every organization has a contact center to deal with customer issues. A well-maintained contact center can help organizations in gaining new customers and retaining the existing ones. Customers interact directly with contact centers, which play a vital role in creating the brand image. A negative experience can lead to loss of customers or clients. Hence, the growing need to cater to dynamic customer needs and provide a positive customer experience is driving the adoption of contact center software among organizations.

Restraints

Difficult to integrate with legacy systems

Contact centers have seen a lot of modernization in recent times to keep up with the rapid pace of technological advancements. However, there are many legacy systems in use in contact centers and it is crucial to integrate contact center software solutions with these legacy systems. There could be major flaws in the legacy systems, such as lack of well-defined interface and documentation. The possibility of errors due to incorrect or inadequate data increases manifolds with such integrations, as the legacy systems sometimes lack well-defined interfaces. Further, traditional systems may not always be compatible with third-party software, thus causing errors. End-users hesitate to move their traditional legacy systems to new age solutions to avoid information loss. Thus, they prefer to use their traditional legacy systems instead of adopting new technology solutions to avoid system inconsistency and large financial overhead for migrating their old systems to new technology. This has been a restraining factor in the wide-scale adoption of the contact center software.

Contact Center Software Market Opportunities

Rise in the use of social media by customers

The last few years have seen exponential growth in internet and mobile device usage. This has led to significant rise in the number of customers using social media. Social media has a larger outreach than any other channel. Therefore, customers prefer voicing out their views and grievances about the services they are being offered over social media, as compared to other channels such as email or voice. Quick response over social media by enterprises to customer grievances has a positive impact on brand image and customer experience. Enterprises have realized that social media is a very important customer support tool and have started integrating it into their daily operations.

Advancements in technologies such as artificial intelligence and analytics

Adoption of artificial intelligence and analytics in the contact center market has opened new realms of opportunities for the vendors to provide seamless customer experience. By making proper use of these technologies, enterprises have access to information and insights that can drive business decisions. Artificial intelligence is being used to develop bots and automated messaging, and this has had a positive impact on the operational efficiency of contact centers. Analytics provides both customer and employee insights to enterprises and they can use this information to address issues related to customer experience or employee performance. Contact centers have realized the benefits and potential of adopting these technologies and have started implementing them into their systems.

Contact Center Software Market Challenges

Need to redesign contact center business processes to be compliant with new data laws and regulations

Data privacy laws in some parts of the world are making it difficult for enterprises to conduct their business operations. Throughout the world, new data privacy and regulation policies such as General Data Protection Regulation (GDPR) are coming into effect, and these have to be incorporated into the regular functioning of enterprises. Contact centers involve processes that make use of data from various sources such as internal databases. This data might contain personal user information; hence, special caution should be maintained while integrating data from different sources, to be compliant with these regulations.

Constant need to train contact center employees due to high attrition rate

To make the best use of contact center software, employees need to be trained properly. Contact center agents are the ones who interact with customers and handle their issues and queries. Untrained employees can lead to a reduction in operational efficiency and have a negative impact on customer experience. Contact centers have an issue of employee burnout and this leads to a high employee attrition rate. Training new employees costs contact centers in terms of both time and money.

Contact Center Software Market - Recent Development

New Product Launches/Service Launches/Upgradations, 201

Contact Center Software Market - Mergers and Acquisitions

Acquisitions, 2016–201

Business Expansions

Business Expansions, 2015–2018

Contact Center Software Market - Partnerships, Agreements, and Collaborations

Partnerships, Agreements, and Collaborations, 2017–201

Available Customizations

With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:

Product Analysis

• Product matrix that gives a detailed comparison of the product portfolio of each company

Geographic Analysis

• Further breakdown of the North American contact center software market
• Further breakdown of the European market
• Further breakdown of the APAC market
• Further breakdown of the MEA market
• Further breakdown of the Latin American market

Company Information

• Detailed analysis and profiling of additional market players

Table of Contents

1 Introduction (Page No. - 18)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
    1.4 Years Considered for the Study
    1.5 Currency
    1.6 Stakeholders

2 Research Methodology (Page No. - 22)
    2.1 Research Data
           2.1.1 Secondary Data
           2.1.2 Primary Data
                    2.1.2.1 Breakdown of Primaries
                    2.1.2.2 Key Industry Insights
    2.2 Market Size Estimation
    2.3 Research Assumptions and Limitations
    2.4 Limitations

3 Executive Summary (Page No. - 28)

4 Premium Insights (Page No. - 31)
    4.1 Attractive Market Opportunities in the Contact Center Software Market
    4.2 Market By Component
    4.3 Market By Software
    4.4 Market By Service
    4.5 Market By Deployment Type
    4.6 Market By Organization Size
    4.7 Market By Vertical and Region

5 Market Overview and Industry Trends (Page No. - 35)
    5.1 Introduction
    5.2 Market Dynamics
           5.2.1 Drivers
                    5.2.1.1 Rise in Omnichannel Communication
                    5.2.1.2 Growing Need to Cater to Dynamic Customer Requirements
           5.2.2 Restraints
                    5.2.2.1 Difficult to Integrate With Legacy Systems
           5.2.3 Opportunities
                    5.2.3.1 Rise in the Use of Social Media By Customers
                    5.2.3.2 Advancements in Technologies Such as Artificial Intelligence and Analytics
           5.2.4 Challenges
                    5.2.4.1 Need to Redesign Contact Center Business Processes to Be Compliant With New Data Laws and Regulations
                    5.2.4.2 Constant Need to Train Contact Center Employees Due to High Attrition Rate
    5.3 Industry Trends
           5.3.1 Use Cases
                    5.3.1.1 Use Case #1
                    5.3.1.2 Use Case #2

6 Contact Center Software Market, By Component (Page No. - 39)
    6.1 Introduction
    6.2 Software
           6.2.1 Intelligent Call Routing
           6.2.2 Workforce Optimization
           6.2.3 Reporting and Analytics
           6.2.4 Intelligent Virtual Assistants
           6.2.5 Security
                    6.2.5.1 Fraud Management
                    6.2.5.2 Network Security
                    6.2.5.3 Others
           6.2.6 Dialer
                    6.2.6.1 Preview Dialer
                    6.2.6.2 Progressive Dialer
                    6.2.6.3 Predictive Dialer
           6.2.7 Customer Collaboration
           6.2.8 Automatic Call Distribution
           6.2.9 Computer Telephony Integration
           6.2.10 Call Recording
           6.2.11 Interactive Voice Response
           6.2.12 Others
    6.3 Services
           6.3.1 Professional Services
                    6.3.1.1 Integration and Implementation
                    6.3.1.2 Consulting
                    6.3.1.3 Training and Support
           6.3.2 Managed Services

7 Contact Center Software Market, By Deployment Type (Page No. - 60)
    7.1 Introduction
    7.2 Cloud
    7.3 On-Premises

8 Market By Organization Size (Page No. - 64)
    8.1 Introduction
    8.2 Large Enterprises
    8.3 Small and Medium-Sized Enterprises

9 Contact Center Software Market, By Vertical (Page No. - 68)
    9.1 Introduction
    9.2 Banking, Financial Services, and Insurance
    9.3 Consumer Goods and Retail
    9.4 Healthcare
    9.5 IT and Telecom
    9.6 Government
    9.7 Travel and Hospitality
    9.8 Media and Entertainment
    9.9 Others

10 Contact Center Software Market, By Region (Page No. - 78)
     10.1 Introduction
     10.2 North America
             10.2.1 United States
             10.2.2 Canada
     10.3 Europe
             10.3.1 United Kingdom
             10.3.2 Germany
             10.3.3 France
             10.3.4 Rest of Europe
     10.4 Asia Pacific
             10.4.1 China
             10.4.2 Japan
             10.4.3 Australia and New Zealand
             10.4.4 Rest of Asia Pacific
     10.5 Middle East and Africa
             10.5.1 Kingdom of Saudi Arabia
             10.5.2 United Arab Emirates
             10.5.3 South Africa
             10.5.4 Rest of Middle East and Africa
     10.6 Latin America
             10.6.1 Brazil
             10.6.2 Mexico
             10.6.3 Rest of Latin America

11 Competitive Landscape (Page No. - 108)
     11.1 Overview
     11.2 Competitive Scenario
             11.2.1 New Product Launches/Service Launches/Upgradations
             11.2.2 Mergers and Acquisitions
             11.2.3 Business Expansions
             11.2.4 Partnerships, Agreements, and Collaborations

12 Company Profiles (Page No. - 116)
(Business Overview, Solutions Offered, Recent Developments, and MnM View)*
     12.1 Introduction
     12.2 3clogic
     12.3 8x8
     12.4 Alcatel-Lucent Enterprise
     12.5 Ameyo (Drishti-Soft)
     12.6 Aspect Software
     12.7 Avaya
     12.8 BT
     12.9 Cisco
     12.10 Enghouse Interactive
     12.11 Five9
     12.12 Genesys
     12.13 Huawei Technologies
     12.14 IBM
     12.15 Mitel
     12.16 NEC
     12.17 Nice
     12.18 Oracle
     12.19 Ring Central
     12.20 SAP
     12.21 Unify
     12.22 Verizon
     12.23 Vocalcom
     12.24 West Corporation
     12.25 Zendesk
     12.26 ZTE
*Details on Business Overview, Solutions Offered, Recent Developments, and MnM View Might Not Be Captured in Case of Unlisted Companies.
     12.27 Key Innovators
             12.27.1 Fenero
             12.27.2 Solgari
             12.27.3 Topdown

13 Appendix (Page No. - 182)
     13.1 Key Industry Insights
     13.2 Discussion Guide
     13.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     13.4 Available Customizations
     13.5 Related Reports
     13.6 Author Details

List of Tables (100 Tables)

Table 1 Contact Center Software Market: Assumptions
Table 2 Market Size By Component, 2016–2023 (USD Million)
Table 3 Software: Market Size By Type, 2016–2023 (USD Million)
Table 4 Software: Market Size By Region, 2016–2023 (USD Million)
Table 5 Intelligent Call Routing Market Size, By Region, 2016–2023 (USD Million)
Table 6 Workforce Optimization Market Size, By Region, 2016–2023 (USD Million)
Table 7 Reporting and Analytics Market Size, By Region, 2016–2023 (USD Million)
Table 8 Intelligent Virtual Assistants Market Size, By Region, 2016–2023 (USD Million)
Table 9 Security Market Size, By Region, 2016–2023 (USD Million)
Table 10 Fraud Management Market Size, By Region, 2016–2023 (USD Million)
Table 11 Network Security Market Size, By Region, 2016–2023 (USD Million)
Table 12 Others Market Size, By Region, 2016–2023 (USD Million)
Table 13 Dialer Market Size, By Region, 2016–2023 (USD Million)
Table 14 Preview Dialer Market Size, By Region, 2016–2023 (USD Million)
Table 15 Progressive Dialer Market Size, By Region, 2016–2023 (USD Million)
Table 16 Predictive Dialer Market Size, By Region, 2016–2023 (USD Million)
Table 17 Customer Collaboration Market Size, By Region, 2016–2023 (USD Million)
Table 18 Automatic Call Distribution Market Size, By Region, 2016–2023 (USD Million)
Table 19 Computer Telephony Integration Market Size, By Region, 2016–2023 (USD Million)
Table 20 Call Recording Market Size, By Region, 2016–2023 (USD Million)
Table 21 Interactive Voice Response Market Size, By Region, 2016–2023 (USD Million)
Table 22 Other Software Market Size, By Region, 2016–2023 (USD Million)
Table 23 Services: Contact Center Software Market Size, By Type, 2016–2023 (USD Million)
Table 24 Services: Market Size By Region, 2016–2023 (USD Million)
Table 25 Professional Services Market Size, By Type, 2016–2023 (USD Million)
Table 26 Professional Services Market Size, By Region, 2016–2023 (USD Million)
Table 27 Integration and Implementation Market Size, By Region, 2016–2023 (USD Million)
Table 28 Consulting Market Size, By Region, 2016–2023 (USD Million)
Table 29 Training and Support Market Size, By Region, 2016–2023 (USD Million)
Table 30 Managed Services Market Size, By Region, 2016–2023 (USD Million)
Table 31 Contact Center Software Market Size, By Deployment Type, 2016–2023 (USD Million)
Table 32 Cloud Market Size, By Region 2016–2023 (USD Million)
Table 33 On-Premises Market Size, By Region, 2016–2023 (USD Million)
Table 34 Contact Center Software Market Size, By Organization Size, 2016–2023 (USD Million)
Table 35 Large Enterprises Market Size, By Region, 2016–2023 (USD Million)
Table 36 Small and Medium-Sized Enterprises Market Size, By Region, 2016–2023 (USD Million)
Table 37 Contact Center Software Market Size, By Vertical, 2016–2023 (USD Million)
Table 38 Banking, Financial Services, and Insurance: Market Size By Region, 2016–2023 (USD Million)
Table 39 Consumer Goods and Retail: Market Size By Region, 2016–2023 (USD Million)
Table 40 Healthcare: Market Size By Region, 2016–2023 (USD Million)
Table 41 IT and Telecom: Market Size By Region, 2016–2023 (USD Million)
Table 42 Government: Market Size By Region, 2016–2023 (USD Million)
Table 43 Travel and Hospitality: Market Size By Region, 2016–2023 (USD Million)
Table 44 Media and Entertainment: Market Size By Region, 2016–2023 (USD Million)
Table 45 Others: Market Size By Region, 2016–2023 (USD Million)
Table 46 Contact Center Software Market Size, By Region, 2016–2023 (USD Million)
Table 47 North America: Market Size By Country, 2016–2023 (USD Million)
Table 48 North America: Market Size By Component, 2016–2023 (USD Million)
Table 49 North America: Market Size By Software, 2016–2023 (USD Million)
Table 50 North America: Market Size By Dialer Type, 2016–2023 (USD Million)
Table 51 North America: Market Size By Security Type, 2016–2023 (USD Million)
Table 52 North America: Market Size By Service, 2016–2023 (USD Million)
Table 53 North America: Market Size By Professional Service, 2016–2023 (USD Million)
Table 54 North America: Market Size By Deployment Type, 2016–2023 (USD Million)
Table 55 North America: Market Size By Organization Size, 2016–2023 (USD Million)
Table 56 North America: Market Size By Vertical, 2016–2023 (USD Million)
Table 57 Europe: Contact Center Software Market Size, By Country, 2016–2023 (USD Million)
Table 58 Europe: Market Size By Component, 2016–2023 (USD Million)
Table 59 Europe: Market Size By Software, 2016–2023 (USD Million)
Table 60 Europe: Market Size By Dialer Type, 2016–2023 (USD Million)
Table 61 Europe: Market Size By Security Type, 2016–2023 (USD Million)
Table 62 Europe: Market Size By Service, 2016–2023 (USD Million)
Table 63 Europe: Market Size By Professional Service, 2016–2023 (USD Million)
Table 64 Europe: Market Size By Deployment Type, 2016–2023 (USD Million)
Table 65 Europe: Market Size By Organization Size, 2016–2023 (USD Million)
Table 66 Europe: Market Size By Vertical, 2016–2023 (USD Million)
Table 67 Asia Pacific: Contact Center Software Market Size, By Country, 2016–2023 (USD Million)
Table 68 Asia Pacific: Market Size By Component, 2016–2023 (USD Million)
Table 69 Asia Pacific: Market Size By Software, 2016–2023 (USD Million)
Table 70 Asia Pacific: Market Size By Dialer Type, 2016–2023 (USD Million)
Table 71 Asia Pacific: Market Size By Security Type, 2016–2023 (USD Million)
Table 72 Asia Pacific: Market Size By Service, 2016–2023 (USD Million)
Table 73 Asia Pacific: Market Size By Professional Service, 2016–2023 (USD Million)
Table 74 Asia Pacific: Market Size By Deployment Type, 2016–2023 (USD Million)
Table 75 Asia Pacific: Market Size By Organization Size, 2016–2023 (USD Million)
Table 76 Asia Pacific: Market Size By Vertical, 2016–2023 (USD Million)
Table 77 Middle East and Africa: Contact Center Software Market Size, By Country, 2016–2023 (USD Million)
Table 78 Middle East and Africa: Market Size By Component, 2016–2023 (USD Million)
Table 79 Middle East and Africa: Market Size By Software, 2016–2023 (USD Million)
Table 80 Middle East and Africa: Market Size By Dialer Type, 2016–2023 (USD Million)
Table 81 Middle East and Africa: Market Size By Security Type, 2016–2023 (USD Million)
Table 82 Middle East and Africa: Market Size By Service, 2016–2023 (USD Million)
Table 83 Middle East and Africa: Market Size By Professional Service, 2016–2023 (USD Million)
Table 84 Middle East and Africa: Market Size By Deployment Type, 2016–2023 (USD Million)
Table 85 Middle East and Africa: Market Size By Organization Size, 2016–2023 (USD Million)
Table 86 Middle East and Africa: Market Size By Vertical, 2016–2023 (USD Million)
Table 87 Latin America: Contact Center Software Market Size, By Country, 2016–2023 (USD Million)
Table 88 Latin America: Market Size By Component, 2016–2023 (USD Million)
Table 89 Latin America: Market Size By Software, 2016–2023 (USD Million)
Table 90 Latin America: Market Size By Dialer Type, 2016–2023 (USD Million)
Table 91 Latin America: Market Size By Security Type, 2016–2023 (USD Million)
Table 92 Latin America: Market Size By Service, 2016–2023 (USD Million)
Table 93 Latin America: Market Size By Professional Service, 2016–2023 (USD Million)
Table 94 Latin America: Market Size By Deployment Type, 2016–2023 (USD Million)
Table 95 Latin America: Market Size By Organization Size, 2016–2023 (USD Million)
Table 96 Latin America: Market Size By Vertical, 2016–2023 (USD Million)
Table 97 New Product Launches/Service Launches/Upgradations, 2018
Table 98 Mergers and Acquisitions, 2016–2018
Table 99 Business Expansions, 2015–2018
Table 100 Partnerships, Agreements, and Collaborations, 2017–2018

List of Figures (51 Figures)

Figure 1 Contact Center Software Market Segmentation
Figure 2 Market Research Design
Figure 3 Breakdown of Primary Interviews: By Company, Designation, and Region
Figure 4 Data Triangulation
Figure 5 Market Size Estimation Methodology: Bottom-Up Approach
Figure 6 Market Size Estimation Methodology: Top-Down Approach
Figure 7 Top 3 Segments for the Contact Center Software Market During the Forecast Period
Figure 8 North America is Estimated to Hold the Largest Share of the Market in 2018
Figure 9 Increased Omnichannel Communications and Rapid Adoption of Cloud Technology are Expected to Drive the Growth of the Market
Figure 10 Services Segment is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 11 Reporting and Analytics Software is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 12 Managed Services Segment is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 13 Cloud Deployment Type is Expected to Grow at A Higher CAGR in the Contact Center Software Market During the Forecast Period
Figure 14 Small and Medium-Sized Enterprises Segment is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 15 Banking, Financial Services, and Insurance Vertical, and North America are Estimated to Hold the Largest Market Sizes in 2018
Figure 16 Contact Center Software Market: Drivers, Restraints, Opportunities, and Challenges
Figure 17 Services Segment is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 18 Reporting and Analytics Software is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 19 Managed Services Segment is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 20 Integration and Implementation Services Segment is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 21 Cloud Deployment Type is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 22 Small and Medium-Sized Enterprises Segment is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 23 Consumer Goods and Retail Vertical is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 24 Asia Pacific is Expected to Witness A Significant Growth During the Forecast Period
Figure 25 North America: Market Snapshot
Figure 26 Asia Pacific: Market Snapshot
Figure 27 Key Developments By the Leading Players in the Contact Center Software Market, 2016–2018
Figure 28 Market Evaluation Framework
Figure 29 Geographic Revenue Mix of Top Market Players
Figure 30 8x8: Company Snapshot
Figure 31 Aspect Software: SWOT Analysis
Figure 32 Avaya: Company Snapshot
Figure 33 Avaya: SWOT Analysis
Figure 34 BT: Company Snapshot
Figure 35 Cisco: Company Snapshot
Figure 36 Cisco: SWOT Analysis
Figure 37 Enghouse Interactive: SWOT Analysis
Figure 38 Five9: Company Snapshot
Figure 39 Genesys: SWOT Analysis
Figure 40 Huawei Technologies: Company Snapshot
Figure 41 IBM: Company Snapshot
Figure 42 Mitel: Company Snapshot
Figure 43 NEC: Company Snapshot
Figure 44 Nice: Company Snapshot
Figure 45 Oracle: Company Snapshot
Figure 46 Ring Central: Company Snapshot
Figure 47 SAP: Company Snapshot
Figure 48 Verizon: Company Snapshot
Figure 49 West Corporation: Company Snapshot
Figure 50 Zendesk: Company Snapshot
Figure 51 ZTE: Company Snapshot

The contact center software market is expected to grow from USD 17.65 billion in 2018 to USD 35.32 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 14.9% during the forecast period. Increasing use of contact center solutions among organizations to offer customers with enhanced experience through multiple channels including the voice, video, web, mobile, and social media is one of the major growth factors for the market. The contact center software offers competitive advantages by increasing productivity of organizations through the automation of inbound and outbound operations of contact center.

Evolution of the technology has changed the way enterprises deal with potential customers. Intelligent communication that offers ubiquitous working environment to interact with the customers has become the basic requirement for customer-centric enterprises. The contact center software is a communication and collaboration application that enables users to resolve inbound queries and manage outbound to serve or acquire customers. The implementation of contact center software helps organizations to communicate effectively with customers through different channels and to manage customer queries efficiently. Enhanced business agility, improved business continuity, are driving the growth of cloud-based contact center software market.

Professional services are a major service type in the contact center software market. Professional services include integration and implementation, consulting, and training and support for contact center software. The managed services type is expected to record a higher adoption rate than professional services. Managed services help organizations to focus on their core business functions while delegating contact center operations to professionals. Managed service providers ensure efficient management of contact center processes and simultaneously deliver enhanced customer experience through multiple channels.

Major industry verticals, such as banking, financial services, and insurance (BFSI); consumer goods and retail; healthcare; IT and telecom; and travel and hospitality, are increasingly adopt contact center software and services. The retail and consumer goods industry vertical is expected to grow at the highest rate in the global market during the forecast period.

North America is expected to hold the largest market size and dominate the global contact center software market from 2018 to 2023. This is mainly due to the high focus on innovations obtained from research and development and technology adoption, especially in the developed economies of North America. The high adoption rate of cloud, mobile, analytics, and social media among enterprise across industry verticals is expected to help contact center market to grow in North America. APAC is expected to be the fastest-growing region in the global contact center software market, owing to the presence of considerable number of SMEs and a broad customer base in the region. However, difficulty in integrating new age digital contact center solutions with existing legacy systems of organizations may restrain the growth of contact center software market.

Major vendors in the contact center software market include 3CLogic (US), 8x8 (US), Alcatel-Lucent Enterprise (France), Ameyo (Drishti-Soft; India), Aspect Software (US), Avaya (US), BT (England), Cisco (US), Enghouse Interactive (US), Fenero (US), Five9 (US), Genesys (US), Huawei (China), IBM (US), Mitel (Canada), NEC (Japan), NICE (Israel), Oracle (US), RingCentral (US), SAP (Germany), Solgari (Ireland), Unify (Germany), Verizon (US), Vocalcom (France), West Corporation (US), Zendesk (US), and ZTE (China). These vendors have adopted different types of organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions to expand their offerings in the global contact center software market.

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