The global contact center market is predicted to reach USD 36.57 billion in 2024 and USD 73.24 billion by 2029, growing at a compound annual growth rate (CAGR) of 14.9% during the forecast period.
The rising demand for artificial intelligence (AI) to provide improved customer support is foreseen to accelerate market growth. AI support enables businesses to deliver personalized customer support and real-time customer service. AI assistance also helps improve call transfer rates, reduce agent training costs, and reduce processing times. Companies are vigorously trying to automate customer service interactions. Social media is becoming the preferred platform for interaction with customers. Many contact centers have implemented automated processes for digital channels, such as social media, to engage with customers and identify new sales opportunities.
Contact centers are basically defined as network services in which the cloud service provider owns and operates the technology belonging to them. A contact center is a customer interaction center that tracks contacts and collects customer information at the time of purchase, thus managing customer contacts through various means such as phone, email, live chat, fax, and mail. It is also a part of customer relationship management and helps to improve the customer experience through a unified set of workforce optimization and analysis. Modern channels can be integrated using communications application programming interfaces (APIs). Analytics-based insights can be applied to deliver context-rich and personalized customer experiences. Additionally, since there is no centralized workplace, agents can operate remotely to provide 24-hour customer service. Cloud-based call centers are slowly replacing on-premise call centers. According to the State of the Customer Experience 2018, the migration of 39% of UK contact centers to the cloud, with 57% of them marking an action plan to move to cloud-based call centers in the coming years.
BFSI to witness the highest growth rate over the forecast period in the Global Contact Center Market
The BFSI industry is expected to see significant growth in the contact centers business. Many financial institutions are adopting cloud-based solutions to ease installation. With the increasing adoption of cloud platforms, the banking industry is going digital.
For example, Ameyo, a computer software company, offers cloud-based contact center software for the banking industry. According to Ameyo, the customer base of BFSI companies is growing enormously, creating the need for high-level customer service. Interactions with customers at banks and other financial institutions are very sensitive. It requires sophisticated customer interaction software that helps store, process, and analyze data efficiently and cost-effectively.
According to Financial News London, 80% of a bank's IT spending goes to maintaining legacy technologies and up to USD 300 million is spent each year to manage and maintain these disparate systems. This factor is forcing banks to invest in a cloud solution on premises or in public and private cloud services to achieve greater scalability and integrated communication between disparate systems.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2029 |
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CAGR |
14.9% |
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Segments Covered |
By Service, Solution, Deployment Type, Application, Industry, and Region. |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Cisco Systems, Inc., Oracle Corporation, Liveops, Inc., Aspect Software Inc., Five9, Inc., 3CLogic.com, NICE Systems Ltd., NewVoiceMedia, Connect First Inc., Genesys Telecommunications, and others. |
The market is divided into managed and professional services based on service.
Based on the solution, it is categorized into agent performance optimization, interactive voice responses, automatic call distribution, dialers, reporting and analytics, computer telephony integration, and more.
Depending on the type of deployment, the market is divided into cloud and local.
Based on the application, it includes chat quality and monitoring, workforce optimization, data entry and registration, call routing and queuing, and call reception. decision in real time.
Based on industry verticals, the market is categorized into banking, financial services and insurance, IT and telecommunications, government, health and life sciences, retail, manufacturing, media and entertainment, and others.
North america dominated the market during the forecast period, due to advanced IT infrastructure and focus on customer service.
By Service
By Solution
By Deployment Type
By Application
By Industry Vertical
By Region
Frequently Asked Questions
Key drivers include the increasing demand for customer service automation, the rise of cloud-based contact center solutions, the integration of AI and machine learning technologies, and the growing emphasis on improving customer experience.
AI integration is significantly enhancing the efficiency of contact centers by enabling predictive analytics, improving customer interactions with chatbots, reducing operational costs, and providing personalized customer experiences. AI is also helping in better workforce management and real-time decision-making.
Emerging trends include the increasing use of AI and machine learning, the adoption of omnichannel communication strategies, the rise of self-service technologies, the shift towards cloud-based platforms, and the growing importance of data analytics for customer insights.
The future of the global contact center market looks promising with advancements in AI and automation, the proliferation of IoT devices, increased adoption of cloud-based solutions, and a strong focus on enhancing customer experience through personalized and efficient service delivery.
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