LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global contact center market to grow at a CAGR of almost 11% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global contact center market for 2016-2020. To calculate the market size, the report considers the revenue generated from the sale of contact center solutions and services.
IT solutions such as big data and analytics, machine learning, cloud computing, and virtualization have transformed the global contact center market. Legacy systems are being replaced by robotics technology to minimize organizational expenditure. Digital transformation in the contact center of the BFSI, telecom, healthcare, and retail sectors has created significant demand for advanced IT solutions. Large organizations are implementing on-premises software solutions to secure customer data. Organizations are also opting to use IT outsourcing services for call center management. Technavio analysts highlight the fact that small and medium-sized businesses (SMBs) are largely embracing cloud-based contact center services due to flexibility in the pricing model.
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Technavio ICT analysts highlight the following three factors that are contributing to the growth of the global contact center market:
- Need to automate contact center operations
- Exponential increase in data generated by contact centers
- Digital transformation of contact centers
Need to automate contact center operations
Contact center service providers and in-house contact centers in organizations need to automate the customer assistant services to provide high-quality services. The emergence of AI and robotics technology has helped contact centers to automate contact center processes. The use of software robots is improving customer service in contact centers. With the advent of machine learning technology, cognitive computing, and behavioral analytics, the technology landscape has changed in the contact centers.
Amit Sharma, a lead IT spending by region and industry analyst at Technavio, says, “Replacing human assisted call center by robot-assisted call centers is helping enterprises to reduce costs and enhance the overall performance of contact centers. Fully automated contact centers save employee expenses and encourage self-service through automated agent interaction.”
Exponential increase in data generated by contact centers
The exponential increase in large volume and variety of data in contact center requires large databases, data mining, and advanced analytical tools. These are required to manage large sets of data. In recent years, organizations have generated high volumes of data due to digitization and implementation of smart connected devices. Contact center databases should be integrated with front and back office operations to provide specific information for agents that can be used to resolve customer queries.
“Customer care executives need market information and other business-related information to assist their customers better. CRM function is playing an important role to improve the business performance of the healthcare, retail, and financial service organizations,” adds Amit.
Digital transformation of contact centers
Contact centers are undergoing digital transformation to enhance customer services and revenue generation. The increased use of smartphones and the rise of social media platforms has encouraged organizations to implement next-generation IT solutions. Cloud computing has gained traction in contact centers to implement cost-effective and flexible information technology solutions. The analysts at Technavio note that upgrades of digital technology in contact centers (such as the implementation of advanced biometrics systems and virtualization) help to provide round-the-clock and best-in-class customer services.
End-to-end digitization in the retail, banking, telecom and healthcare sector has compelled contact center service providers to offer services based on next-generation technologies. However, many organizations in several industry verticals still lack the implementation of digital solutions due to low IT budget and lack of infrastructure.
Top vendors:
- Avaya
- Cisco Systems
- Genesys
- Huawei Technologies
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