Contact Center Market is Projected To Reach USD 43570 Million By 2028 At A CAGR of 3.7%

Contact Center Market is Projected To Reach USD 43570 Million By 2028 At A CAGR of 3.7% | Valuates Reports

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Dec 23, 2022

BANGALORE, India, Dec. 23, 2022 /PRNewswire/ — 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.

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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
Europe
Asia-Pacific
Latin America
Middle East & Africa

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Key players

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