Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Contact Center Transformation market.
Trusted Business Insights presents an updated and Latest Study on Contact Center Transformation Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Contact Center Transformation market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Contact Center Transformation Market
The global contact center transformation market size was valued at USD 11.51 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 13.1% from 2021 to 2027. The growth can be attributed to the increasing demand for the automation of contact center operations. With integrated web services, customers can easily connect with contact centers. Customers often expect immediate or live assistance from agents. The contact center transformation automation tools help businesses route calls to suitable agents, so that appropriate service can be provided to the customers.
Customer satisfaction is essentially the ultimate goal of contact center performance since effective customer experience management propels instant profitability and long-term success. The transformation automation tools help businesses enhance the quality and effectiveness of customer queries and deliver fast customer response. Furthermore, an integrated automation solution links the applications and systems in one console that allows agents to build a unified knowledge base, which delivers appropriate data in real-time. This allows agents to be free from having to process manual, repetitive tasks, and focus on developing their customer-centric skills.
Businesses across the globe are adopting automation modules to reduce customer call volume in high-cost engagement channels by low-cost automated channels, such as chatbots. Also, businesses are using the Interactive Voice Response (IVR) module that allows agents to handle large call volumes. Furthermore, this module helps agents with database integration, Automatic Speech Recognition (ASR) integration, and Text-to-Speech (TTS) integration to provide effective customer services. This module also validates callers so that these calls are forwarded to the right contact center agent.
Growth in customer engagement through social media platforms is expected to drive market growth over the forecast period 2021-2027. Social media platform makes an agents work easier by offering insight into customer behavior and earlier grievances while on a call with the customer. Agents have a single console through which they can monitor all the social media channels and can easily switch between them. Various technologies, such as analytics and Artificial Intelligence (AI), are further enhancing the software capabilities and increasing productivity at the agent level.
Numerous contact centers across the globe are integrating contact center transformation solutions in their operations as these solutions are helping contact centers in improving customer experience by quickly resolving customer queries. Also, these solutions help businesses in assigning agents to channels that better match their skills, thereby improving the agents productivity. However, data privacy and security concerns related to contact centers are expected to hinder the market growth. Contact centers process and store a Personally Identifiable Information (PII), such as Social Security Numbers (SSNs) and payment card data. These PII are prime targets for fraudulent activities.
The outbreak of COVID 19 is anticipated to favorably impact the market. The COVID 19 crisis is expected to propel the development of digitally optimized contact centers. The outbreak has resulted in increased call volumes in the contact centers. Moreover, several contact centers have kept their critical interactions facilities functioning, thereby propelling the need for automation tools.
The workforce engagement segment lead the market and accounted for more than 20% share of the global revenue in 2019. The workforce engagement segment is expected to continue its dominance over the forecast period owing to the increasing need for optimizing workplace efficiency on both enterprise and employee levels. Contact centers are integrating workforce engagement solutions to cut operational costs and schedule the right agents at the right times to improve sales and overall company efficiency. Numerous businesses implement these solutions to handle staffing, forecasting, and staff monitoring needs of the businesses.
The voice biometrics segment is expected to register the highest CAGR over the forecast period. Voice biometrics solution uses a combination of various elements in a speakers voice to verify their identity. This solution is widely used by contact centers to verify their claimed identity and authenticate callers in real-time. Furthermore, this identity verification eliminates the need for interrogation by agents, thereby saving call handling time and improving customer experience.
Service Insights: Contact Center Transformation Market
The integration and deployment segment led the market and accounted for more than a 35% share of the global revenue in 2019. The integration and deployment segment lead the contact center transformation market, owing to the increasing shift among businesses towards transforming from their legacy systems into cloud-based systems. Numerous businesses are significantly investing in cloud application integration of their contact center operations. Also, integration and deployment service providers ensure easy call integration with the helpdesk, CRM, analytics, and auto-dialer solutions for their clients.
The managed services segment is anticipated to register the highest growth over the forecast period. The managed service providers help businesses in managing operational costs and get better performance from the clients inbound contact center. These providers help businesses in managing infrastructure, applications, and services. Furthermore, these providers offer secure connectivity and automatic technology upgrades to networks, thereby creating growth opportunities for the managed services segment.
Deployment Insights: Contact Center Transformation Market
The on-premise segment held the largest revenue share of over 60% in 2019 and is expected to expand at a CAGR of over 10% from 2021 to 2027. Businesses are opting for an on-premise mode of deployment since all hardware and software required to operate and maintain a contact center is located at the business infrastructure or property. However, many on-premise systems are running on outdated infrastructure and technology. This infrastructure cant keep up with the disruptive changes in consumer behavior. As a result, businesses are shifting their operations to the cloud-based platform.
The hosted deployment segment is anticipated to register the highest growth over the forecast period. Enterprises are increasingly adopting cloud-based services and solutions to access a wide range of functions and features. Also, these solutions allow enterprises to effectively engage with clients across various channels of interaction in a quicker and more economical way. Furthermore, quick deployment and web services have made it relatively easier for businesses to implement a hosted solution.
Enterprise Size Insights: Contact Center Transformation Market
The large enterprise segment led the market with a revenue share of over 55% in 2019 and is expected to expand at a CAGR of over 11.0% from 2021 to 2027. The large enterprise segment lead the market, owing to the increased adoption of contact center transformation solutions for support, feedback, service, and marketing functions. Several providers are focusing on designing highly scalable and cluster-based customer engagement solutions for large enterprises. These solutions can scale easily over 1,000 agents with the multi-channel facility of chat, voice, SMS, social media interface, and email for an improved customer engagement experience.
The small and medium enterprises segment is anticipated to register the highest growth over the next eight years. The small and medium enterprises are widely adopting contact center transformation solutions as it helps them to reduce repetitive and manual tasks. These solutions configure time-saving automation, such as automatically triggering events or synchronizing data in CRM based on contact center activities. Furthermore, the AI integrated solutions help businesses analyze calls in real-time and proactively help agents with the recommended response.
End-use Insights: Contact Center Transformation Market
The BFSI segment lead the market and accounted for more than 25.0% share of the global revenue in 2019. The BFSI segment is expected to dominate the market over the forecast period owing to the increased adoption of contact center transformation solutions to offer first call resolutions for customer service requests. These solutions offer the BFSI industry with cost-effective and robust support for outbound and inbound communication with customers through; live chat support, SMS, voice support, email management, and IVR, among others. Moreover, these solutions help BFSI institutions in streamlining data collections, improving digital sales, and offering superior customer experience.
The consumer goods and retail segment is expected to emerge as the fastest-growing end use segment over the forecast period. In order to stay ahead of the competition, consumer goods and retailers are using proactive methods and automation techniques for connecting with customers. Tracking the trends of customer buying behavior has been a major task for consumer goods and retail organizations. However, the customer interaction data captured through CRM coupled with real-time analytics is helping these organizations in identifying the buying pattern of the customers, thereby driving the adoption of contact center transformation solutions in the consumer goods and retail industry.
Regional Insights: Contact Center Transformation Market
North American lead the market for contact center transformation and accounted for over 30% share of global revenue in 2019. In the North America region, businesses have rapidly adopted and invested in emerging technologies, such as cloud platforms, big data, and analytics. In addition, there has been a growing demand among businesses to increase their overall business productivity by optimizing outbound and inbound operations in the region. Moreover, the presence of a large number of contact centers in the region is further expected to create growth opportunities for the regional market.
Asia Pacific is expected to emerge as the fastest-growing regional market over the forecast period. Various factors, such as the presence of a large number of small and medium enterprises and a broad customer base in the region is expected to fuel the regional market growth. Numerous small and medium enterprises are shifting their operations towards cloud-based solutions. Moreover, the large-scale adoption of cost-effective cloud-based solutions by large enterprises in the region is further anticipated to propel the growth.
Key Company & Market Share Insights: Contact Center Transformation Market
The market is moderately fragmented in nature. The key vendors are focusing on adopting strategies, including partnerships, agreements, product launches, and acquisitions, on meeting the growing demand for solutions. For instance, in January 2019, Aculab partnered with IPI, a digital contact center platform. Under the partnership agreement, Aculab integrated its VoiSentry biometric voice system into IPIs speech recognition applications to lower the friction experienced during the verification and identification process in the contact center.
Artificial Intelligence (AI) and digital transformation technologies have changed consumer expectations. Customers have become more demanding in terms of faster responses. To address this, most of the vendors are investing in these technologies to help businesses transform their contact centers into a revenue model. Furthermore, numerous vendors are focusing on providing omnichannel communication services. Some of the prominent players in the contact center transformation market include:
Key companies Profiled: Contact Center Transformation Market Report
- AGC Networks Ltd.
- AT&T Inc.
- Cisco Systems, Inc.
- Five9, Inc.
- Metaswitch Networks
- Mitel Networks Corp.
- RingCentral, Inc.
- SAP SE
- Talkdesk, Inc.
The report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global contact center transformation market report based on solution, service, deployment, enterprise size, end use, and region:
Solution Outlook (Revenue, USD Million, 2016 – 2027)
- Omnichannel Routing
- Real Time Reporting & Analytics
- Social Media Analytics
- Visual Networks Analytics
- Voice Biometrics
- Workforce Engagement
Service Outlook (Revenue, USD Million, 2016 – 2027)
- Integration & Deployment
- Support & Maintenance
- Training & Consulting
- Managed Services
Deployment Outlook (Revenue, USD Million, 2016 – 2027)
Enterprise Size Outlook (Revenue, USD Million, 2016 – 2027)
- Large Enterprises
- Small & Medium Enterprises
End-use Outlook (Revenue, USD Million, 2016 – 2027)
- Consumer Goods & Retail
- IT & Telecom
- Travel & Hospitality
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