Contact Center Software Market to Reach $72.04 Billion by 2027

Allied Market Research valued the global contact center software market at& $18.7 billion in 2019 and expects it to hit $72.04 billion by 2027, growing at a counded annual rate of 18.9 percent.

The firm credits the rise in omnichannel communication capabilities, rapid advancements in CRM, and an upsurge in need for personalized services as the leading drivers of growth in the global contact center software market. At the same time, the firm expects the emergence of advanced technologies, such as artificial intelligence, predictive analysis, cloud computing, and machine learning, and increases in social media use by customers will create lucrative opportunities in the near future.

Not surprisingly, the COVID-19 pandemic led businesses to develop a more agile approach for customer engagement, and at the same time, organizations with on-premises systems moved their contact centers to the cloud.

Based on component, the software segment contributed to more than two-thirds of the global contact center software market share in 2019, and that is not expected to change through 2027. The services segment, however, is expected to exhibit 21.1 percent compounded annual growth through 2027, the research suggests.

Based on deployment mode, the cloud segment accounted for nearly three-fifths of the global contact center software market revenue in 2019, and is expected to rule the roost by 2027. The same segment would also manifest the fastest CAGR of 20.2 percent throughout the forecast period.

Based on geography,North America;held the major share in 2019, generating around two-fifths of the global contact center software market.

Key players identified in the report include Avaya, Cisco Systems, Huawei, Microsoft, Mitel, NEC, NICE, Oracle, Genesys, 8x8, and SAP.