Contact Center Software Market to grow at 15 % CAGR from 2018 to 2024: Global Market Insights Inc. Global Contact Center Software Market was estimated at over USD 14 billion in 2017, is set to exceed USD 40 billion by 2024; according to a new research report by Global Market Insights, Inc. The contact center software market growth is attributed to the increasing adoption of social media platform by customers with the active social media users in 2018 being approximately 3.1 billion. The incorporation of social media with contact center software allows businesses to communicate in an improved way with their current and prospective customers providing improved sales opportunity, increased customer awareness, and high-quality customer service. Around 90% of the businesses now own a Facebook and Twitter account, which enables them to educate and update the customers about their products and services, thereby creating a favorable opportunity for improving the company sales. Furthermore, the increasing emergence of AI-based intelligent virtual assistants in the contact center software market is changing the way businesses carry out their operations by not only providing augmented customer experience but also giving the early adopters an edge over their competitors. The intelligent virtual assistants gather information, predict customers’ needs, and learn customers’ behavior by understanding customer requests and solving complex tasks.
The customer collaboration segment is projected to show the fastest growth rate with a CAGR of over 18% in the market. The customer collaboration software enables organizations to interact with its customers in an efficient way, building long-term relationships. Customers have the advantage of expressing their views about the company’s products and services, which can be considered as feedbacks. After analyzing the comments, the contact center personnel should interact with the concerned customer, ensuring that they are provided with the best products and services. In the contact center software market, the cloud-based deployment model is projected to observe the highest adoption rate with a CAGR of approximately 22% over the forecast timespan. This model offers various benefits such as easy and faster deployment & implementation, greater security, ease of managing remote workforce, improved flexibility & scalability, standardization of global technology & services, realtime data visibility, and customization capabilities, driving their market adoption. It also 1|Page