The contact center software market is expected to reach $60.35 billion by 2027, exhibiting a CAGR of 14.3% during the forecast period. For context, the market was worth $20.72 billion in 2019.
Exogenous events, such as the pandemic along with the growing demand for high-quality customer experience have increased the need for reliable CX center software.
As a result, most organizations across industries, ranging from consumer goods to healthcare, have invested in CX center software, which explains the massive growth in the industry.
What has fueled growth?
Two key factors are fuelling growth in the CX center software market:
The need to enforce remote working
The pandemic forced many organizations to enforce remote working in their business structure, and CX centers were no exception.
To facilitate WFH, they turned to cloud-based solutions such as contact-center-as-a-service. Contact center software was chosen because it could be deployed across the ecosystem to support various functions over the cloud.
It could also facilitate communication between customers and agents even when working remotely, thus guaranteeing employee safety.
The need to maximize ROI
Operating on-premise CX environments have proved to be expensive for most businesses. Cloud-based CX solutions are far more cost-efficient, which has made them a more tempting proposition for most CX centers.
Scaling and optimizing operations becomes more efficient because the CX ecosystem is far more flexible than before. It also provides more support and creates a better experience for customers.
Unlike most on-premise solutions, cloud-based software provides multiple opportunities to streamline operating costs.
It also enriches internal operations through a suite of analytics features that provide feedback on different aspects of CX operations, providing additional opportunities for optimizing processes and facilitating CX delivery.
The importance of CX software for different industries
Contact center software will be an integral part of CX, regardless of industry.
Between the growing prominence of remote work and the need to create high-quality customer experiences, we are seeing more organizations invest in CX center software and driving the steady year-on-year growth of the industry.