26, August 2022
In the constantly changing business landscape, customer experience has become an integral part of any organization’s success. Estimates points out that each year, companies lose approximately $75 billion worth of revenue owing to poor customer service. Moreover, around 35% of customers want support agents to resolve issues in one call. Given these conditions, the number of call centers has soared over the years, with companies investing heavily in contact center software to ensure high customer retention rates.
As per Triton’s analyst report, the global contact center software market is expected to gain $60.18 billion by 2028, advancing with a CAGR of 13.57% during the forecast period 2022-2028.
Given the changing consumer behavior trends, companies adopt software solutions to automate operations, offering an all-inclusive experience. For instance, Nice CXone is a cloud-based solution offering analytics, automation, and CRM integration that elevates customer experiences, promoting the global market’s growth.
Genesys Cloud CX solution follows customer interactions, offering agents the context to offer personalized experiences. The all-in-one platform also helps engage employees, boosting the team’s performance. The major factors supporting its adoption include real-time dashboards, remote insights to agents, and weekly upgrades. Recently, Genesys partnered with Indian Hotels Company (IHCL) to rediscover the contact center strategy and improve customer engagement.
Talkdesk’s suite of software has also gained significant momentum globally. The automation-first customer experience solutions amalgamate enterprise scale with consumer simplicity. From CX cloud to industry experience clouds, the software has been adopted by notable companies like Fujitsu, IBM, Acxiom, etc. The company’s business phone system built on the cloud decreases costs and supports a hybrid workspace, supporting the software’s high demand.
Aircall is another cloud-based phone system that has gained popularity as it helps agents add numbers from over 100 nations, ensuring clear communication. The real-time analytics and easy accessibility via desktop or mobile app have heightened its demand. For instance, HubSpot invested in Aircall to elevate efficiency and encourage sales.
The service sector has evolved with the advent of technologies such as big data, AI, and machine learning. In this regard, customer relationship management along with predictive analysis technology monitors consumer behavior, leading to solutions for higher customer retention. The industrial expansion has also supported the deployment of contact center solutions, especially in North America and Asia-Pacific.
North America’s contact center software market is expected to advance with a CAGR of 10.63% during the forecast period 2022-2028. The region’s robust growth is due to the expansion of the IT, telecom, and BFSI industries. As per estimates, companies in the US lose approximately $136.8 billion due to consumer switching. This has influenced the adoption of contact center solutions to resolve customer complaints, improve feedback, and avoid revenue loss.
Among these industries, the BFSI industry is a leading end-user in the market. The contact center solution has enabled the industry to prevent security threats and establish centralized control over banking operations, including customer relationship management.
Rapid and wide-scale deployment of emerging technologies, including cloud and predictive analysis, have advanced the contact center capabilities immensely. Moreover, the growing awareness about consumer rights has increased queries and complaints, leading to high demand for better customer experience solutions. Organizations are thus heavily investing in solutions to improve customer retention rates, thereby driving the Asia-Pacific contact center software market.
In terms of delivery mode, the cloud solutions category captures the majority of shares. This is because companies shift from on-premise to cloud-based solutions to scale operations. As per sources, a shift to the cloud improves customer call rates by around 5%, decreasing the average speed of answers by around 50%. Thus, these factors generate numerous opportunities for the market.
In a highly competitive market space, companies need to strengthen their footings with novel solutions like personalization. Based on industry sources, around 93% of companies have witnessed an increment in conversion rates due to customization. Besides this, approximately 65% of consumers have stated that personalization induces brand loyalty. In this regard, the integration of CRM solutions with agent desk software helps representatives access entire customer data, supporting custom solutions to address queries. Thus, the growing trend of personalized services is anticipated to promote the contact center software market’s growth in the upcoming years.
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