Contact Center Market is segmented by Type – On-premise Type, Cloud-based Type, by Application – Telecommunication, Banking, Financial Services and Insurance (BFSI), Government and Public Sector, Healthcare and Life Sciences, Retail and Consumer Goods, Others. Global Opportunity Analysis and Industry Forecast, 2023 – 2028. It is published in Valuates Reports under the Business Services Category.
Considering the economic change due to COVID-19 and Russia-Ukraine War Influence, the global Contact Center market is projected to reach USD 43570 million by 2028 from an estimated USD 35030 million in 2022, at a CAGR of 3.7% during 2023 and 2028.
Major Factors Driving The Growth Of The Contact Center Market
The Contact Center Market is expanding as a result of the increased demand to meet dynamic client requirements that are affordable and improve customer experience.
Additionally, one of the major elements that will favorably affect the expansion of the worldwide Contact Center Market in the near future is the rise in the usage of cloud-based contact centers.
The Contact Center market is also being driven by an expansion in multichannel communication, a rise in customer social media usage, and technical improvements in artificial intelligence and analytics.
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TRENDS INFLUENCING THE GROWTH OF CONTACT CENTER MARKET
Trends in the contact center sector market are centered on accelerating efficiency and cost reductions while also enhancing employee and customer experiences (CX) (EX). Traditional contact center labor models won’t be sufficient to accomplish this. Instead, focus more on CX and technological advancements like cloud infrastructure, intelligent automation, and remote workforces.
When the pandemic struck, enormous effort was required to support critical requirements in every sector. Self-service became crucial to help reduce call volumes as a result of the prioritization of labor resources for urgent situations. Intelligent IVRs, online FAQs, automated chatbots, and improved knowledge bases have all emerged as crucial call-deflection techniques. These deflection techniques freed up agents to focus on important tasks that required more mindfulness, consideration, and empathy. This factor further boosted the contact center market.
One of the key factors fueling the market’s expansion is the increasing demand for tailored and efficient client interactions. Additionally, the adoption of Cloud-Based Contact Center solutions is being driven by the rising popularity of Omnichannel contact centers to increase channel availability. Another of the main drivers of cloud-based contact centers is business continuity. Hardware breakdowns and natural disasters can have a terrible effect on a company’s customer data in on-premises contact centers, leading to downtime, busy signals, and lengthy wait times.
The COVID-19 outbreak has created a chance for businesses to switch from work-from-office to work-from-home business models. Having a permanent model for contact centers that accommodates work-from-home agents is one of the crucial things that any firm would need to take care of after this pandemic. Through Contact Center as a Service (CCaaS) techniques, a dispersed work-from-home operational model can be scaled. Integrations made possible by cloud telephony can deliver a consistent support platform by enabling direct call routing to conventional mobile phones or smartphone applications. This in turn is expected to drive the growth of the Contact Center market.
CONTACT CENTER MARKET SHARE ANALYSIS
The market share that belonged to cloud-based services was the highest. The causes can be linked to the advantageous features provided by cloud-based contact centers, such as the availability of many points of contact for customers and the availability of essential information from anywhere in the world at any time.
The banking, financial services, and insurance (BFSI) segment is predicted to increase at a considerable CAGR during the anticipated period. As well as, customer data mining, customer queries through various channels, and customer activity on websites for banking and financial services are just a few of the ways that contact center software contributes to the BFSI industry.
North America is expected to be the most lucrative region. This is due to the early adoption of emerging technologies like big data and cloud platforms. Additionally, there is a surge in the demand for Contact Sensor technology throughout the region as a result of efforts to optimize outgoing and inbound processes in order to boost overall productivity. The market in North America is anticipated to be driven by these elements.
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Market By Region
- North America
- Latin America
- Middle East & Africa
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- Contact Center
- Sykes Enterprises
- Serco Group
- Acticall (Sitel)
- Concentrix (SYNNEX)
- HKT Teleservices
- Comdata Group
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- The global Contact Center Analytics market size is projected to reach USD 2707.6 million by 2028, from USD 1145.2 million in 2021, at a CAGR of 12.9% during 2022-2028.
- Contact Center Outsourcing Market
- Contact Center Interaction Analytics Market
- Contact Center Knowledge Base Software Market
- Intelligent Contact Center (ICC) Market
- Contact Center Consulting Service market size is estimated to be worth USD 358.3 million in 2021 and is forecast to be a readjusted size of USD 358.3 million by 2028 with a CAGR of 6.2% during the review period.
- Contact Center Solution Market
- Contact Center as a Service Market
- Contact Center AI Software Market
- Contact Center Gamification Platform Market
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- The global conversational AI market size was valued at USD 5.78 billion in 2020 and is projected to reach USD 32.62 billion by 2030, registering a Compound Annual Growth Rate (CAGR) of 20.0% from 2021 to 2030.
- Conversational AI Platforms Market
- The Korea call center AI market size was valued at USD 42.14 million in 2020, and is projected to reach USD 350.08 million by 2030, registering a CAGR of 23.7% from 2020 to 2030.
- The global Business Process Outsourcing (BPO) market size is projected to reach USD 241370 Million by 2027, from USD 180440 Million in 2020, at a CAGR of 4.2% during 2021-2027.
- The global Knowledge Process Outsourcing (KPO) Service market size is projected to reach USD 166670 Million by 2028, from USD 63810 Million in 2021, at a CAGR of 14.4% during 2022-2028.
- The global big data and business analytics market size was valued at USD 198.08 Billion in 2020, and is projected to reach USD 684.12 Billion by 2030, growing at a CAGR of 13.5% from 2021 to 2030.
- The global Procurement Outsourcing market size is projected to reach USD 9800.9 Million by 2028, from USD 4477.6 Million in 2021, at a CAGR of 11.7% during 2022-2028.
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- The global Medical Device Contract Manufacturing market size is projected to reach USD 131970 Million by 2028, from USD 73100 Million in 2021, at a CAGR of 8.7% during 2022-2028.
- The global Healthcare BPO market size is projected to reach USD 316930 Million by 2027, from USD 178070 Millionin 2020, at a CAGR of 8.6% during 2021-2027.
- The global Life Sciences BPO market size is projected to reach USD 243320 Million by 2028, from USD 149550 Million in 2021, at a CAGR of 7.1% during 2022-2028.
- The global Employer of Record market size is projected to reach USD 6794.5 Million by 2028, from USD 4235.8 Million in 2021, at a CAGR of 6.9% during 2022-2028.
- The global Customer Care BPO market size is projected to reach USD 81040 Million by 2027, from USD 53950 Million in 2020, at a CAGR of 6.0% during 2021-2027.
- The global Healthcare Provider Network Management market size is projected to reach USD 3696 Million by 2028, from USD 2373 Million in 2021, at a CAGR of 6.1% during 2022-2028.
- The global BPO Business Analytics market size is projected to reach USD 174480 Million by 2027, from USD 113510 Million in 2020, at a CAGR of 6.3% during 2021-2027.
- The global Legal Process Outsourcing (LPO) market size is projected to reach USD 72090 Million by 2027, from USD 10560 Million in 2020, at a CAGR of 31.6% during 2021-2027.
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