Ocean View, DE -- (SBWIRE) -- 05/13/2020 -- Cloud-based deployment model in contact center software market is anticipated to capture the highest CAGR of 22% over the forecast period. In addition to offering faster and easy implementation, cloud-based model also offer other additional advantages such as enhanced scalability & flexibility, real-time data visibility, customization capabilities, greater security, and others. On-premise models are being progressively substituted with cloud-based models as they are aligned with the advantages of lower operating costs, higher flexibility, elimination of upgradation expenses, improved ROI, and reduction of support costs.

Key Companies in Contact Center Software Market: - Avaya, Alcatel-Lucent Enterprise, Ameyo (Drishti-Soft), Aspect Software, BT, Enghouse Interactive, Fenero, Five, Genesys, Huawei Technologies, IBM, Mitel, NEC, Nice, Nixxis, Oracle, Ring Central, SAP, Solgari, Top Down Systems, Unify, Verizon, Vocalcom

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Owing to the increased focus on customer service and digitization of processes across numerous industry sectors, the contact center software market registered revenue worth USD 14 billion in 2017, driven by the demand for efficient customer handling solutions. Massive investments have been made by companies to upgrade contact centers to more productive and cost-effective software-based facilities for coordinating services among different channels. This has eventually allowed many emerging technology companies to tap into the services sector. Increasing adoption of online services by BFSI, telecom and hospitality consumers has transformed the contact center software industry with the need for ensuring quick and accurate responses.

Rising consumer spending on electronics, clothing and other product categories has tremendously bolstered the retail segment worldwide, propelling the contact center software market revenue globally. Reports show that consumers rate customer service in retail sector higher than low prices and product quality, making it the most important part of the businesses retailers should be focusing on. Good customer service leads to more recommendation from consumers, which directly boosts product sales. Subsequently, retail is an ideal application base for the contact center software market, helping companies provide timely and dedicated service for taking care of any problems the customers communicate.

Over the years, technological advances have enabled wider implementation of virtual assistants and interactive voice features by retailers, allowing software makers to provide innovative solutions. The contact center software market has further benefited from the growing awareness among retailers about the role of analytics and reporting in guaranteeing improved customer experience. Managing customer-employee interaction, behavior, customer requirements have critical impact on business revenues. Speaking further on the analytics and reporting component of the contact center software industry, retailers can reduce potential loss of sales and negative consumer responses by analyzing how they are being serviced.

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As the time taken to handle a request, origin of the request, behavior on the call and other factors are recorded by the software, companies can use the information to train their staff better. The success or failure of email and telemarketing campaigns can also be analyzed to enhance or modify their processes, as consumer trend is key for retailers to achieve profits. Essentially the retail segment, with expanding popularity of ecommerce, is expected to contribute significant revenues towards the global contact center software market. Global Market Insights, Inc., forecasts the overall contact center software industry to surpass a valuation of USD 40 billion by 2024.

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