Connect with us

Technology

Contact Center Market to Grow by USD 161.73 Billion (2023-2027) as Cloud Adoption Soars, How AI is Driving Market Transformation – Technavio

Published

on

NEW YORK, Sept. 4, 2024 /PRNewswire/ — Report with the AI impact on market trends- The global contact center market size is estimated to grow by USD 161.73 billion from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of over 9.33% during the forecast period. Rising adoption of cloud-based contact centers is driving market growth, with a trend towards integration of chatbots for better turnaround times. However, inability to achieve an asa poses a challenge. Key market players include 8×8 Inc., ALE International, Alphabet Inc., Alvaria Inc., Amazon.com Inc., Ameyo Pvt Ltd., Atos SE, Avaya Holdings Corp., Cisco Systems Inc., Enghouse Systems Ltd., Five9 Inc., Genesys Telecommunications Laboratories Inc., Mitel Networks Corp., NEC Corp., NICE Ltd., SAP SE, Vocalcom Group, Vonage Holdings Corp., Zendesk Inc., and ZTE Corp..

Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View the snapshot of this report

Contact Center Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017 – 2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 9.33%

Market growth 2023-2027

USD 161.73 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

8.89

Regional analysis

North America, APAC, Europe, South America, and Middle East and Africa

Performing market contribution

North America at 34%

Key countries

US, Australia, India, UK, and Germany

Key companies profiled

8×8 Inc., ALE International, Alphabet Inc., Alvaria Inc., Amazon.com Inc., Ameyo Pvt Ltd., Atos SE, Avaya Holdings Corp., Cisco Systems Inc., Enghouse Systems Ltd., Five9 Inc., Genesys Telecommunications Laboratories Inc., Mitel Networks Corp., NEC Corp., NICE Ltd., SAP SE, Vocalcom Group, Vonage Holdings Corp., Zendesk Inc., and ZTE Corp.

Market Driver

In a contact center, agents may need to ask callers to wait while they retrieve necessary data to resolve issues. Delays in response time can lead to customers seeking alternatives or switching to competitors. To address this challenge, contact centers are integrating chatbots into their processes. These automated tools provide instant responses to customers, resulting in faster turnaround times. Chatbots eliminate the dependency on repair personnel and offer direct solutions to customers, enhancing the overall customer experience. This integration not only improves response times but also enables enterprises to delight their customers without sacrificing the human touch. By providing efficient and effective solutions, chatbots contribute to the success of businesses and increase the adoption of contact center solutions. 

Contact centers are evolving with trends like autonomy and learning curve, allowing end users to manage interactions independently. OEMs provide CCaaS solutions, including Contact center platforms for Phone calls, Emails, Chats, and SMS marketing. AI and automation technologies, such as Virtual assistants and AI-powered chatbots like Meera, enhance customer engagement. Service providers ensure data protection policies align with AI/ML advancements. CX focuses on customer satisfaction, experience, and self-service interactions. Training and skill requirements adapt to virtual work. Telecommunications vertical continues to drive innovation. 

Request Sample of our comprehensive report now to stay ahead in the AI-driven market evolution!

 Market Challenges

Contact centers face a significant challenge in achieving a specified average speed of answer (ASA), a crucial performance indicator. The ASA measures the time a customer spends waiting in a queue and the time an agent’s phone rings. However, it does not account for IVR navigation time. To meet the desired ASA and service levels, contact centers must effectively manage their resources using workforce management (WFM) solutions. The increasing customer demand for superior services intensifies this challenge for vendors of contact center solutions.Contact centers face numerous challenges in today’s business landscape. AI and ML technologies require significant investment and integration with CRM systems. Social media’s growing importance brings new capabilities, but also brand value and impact risks. Automation and cloud services offer convenience, but security concerns and technical complexities loom. CFOs and CTOs grapple with IT spending decisions, while virtual work and customer satisfaction demand new training and skill requirements. Cloud service providers, technology, and solution providers, system integrators, and IT solution manufacturers offer solutions. However, the ecosystem’s complexity, multiple vendors, and dynamic customer demands pose challenges. Legacy systems and abandoned client queries lead to customer turnover. Social media influencers and word of mouth impact brand image. Emotions and sentiments must be addressed for optimal customer experience. Recession and technical complexities add to the pressure. Self-service bots and ML offer potential solutions, but require careful implementation.

Discover how AI is revolutionizing market trends- Get your access now!

Segment Overview 

This contact center market report extensively covers market segmentation by

Type 1.1 Voice-based1.2 Text-based1.3 Social media-basedDeployment 2.1 On-premises2.2 Cloud-basedGeography 3.1 North America3.2 APAC3.3 Europe3.4 South America3.5 Middle East and Africa

1.1 Voice-based- Contact centers are shifting from voice-based interaction to IVR technology, live chat, and social media for customer queries. Voice interaction helps reduce query resolution time, but IVRs, an application using touch-tone keypads and voice inputs, offer live information through text-to-speech and access to databases. BSFI and logistics industries are major users. However, text-based and social media interaction’s popularity may decrease voice-based interaction’s market share. Vendors focus on advanced voice solutions for high call volumes, driving growth in customer care services across industries.

Download a Sample of our comprehensive report today to discover how AI-driven innovations are reshaping competitive dynamics

Research Analysis

The Contact Center market is experiencing a significant transformation, driven by advanced technologies such as AI/ML, CRM, and automation. Cloud services have become the norm, enabling remote work and reducing IT spending. Security is a top priority, with CTOs and CFOs focusing on data protection and compliance. Customer satisfaction and experience are key metrics, with self-service interactions and brand impact becoming increasingly important. Abandoned client queries and customer turnover are major concerns, leading to the adoption of CCaaS solutions and contact center platforms. Social media plays a crucial role, with influencers shaping public perception and word of mouth driving business. Emotion recognition and ML-powered interactions offer new opportunities for personalized experiences, while the convenience of autonomy and learning curve challenges technical knowledge. Overall, the Contact Center market is evolving to meet the demands of modern consumers and businesses.

Market Research Overview

The Contact Center market is experiencing significant growth, driven by the adoption of advanced technologies such as AI/ML, CRM, and automation. Cloud services, including data centers and cloud computing providers like AWS, are also playing a major role in the industry’s expansion. Security and privacy are top priorities, with CFOs and CTOs increasing IT spending on data protection policies and customization options. Virtual work and self-service interactions are becoming the norm, with self-service bots and ML-powered chatbots providing convenience and autonomy for end users. Technical complexities and organizational factors can pose challenges, however, especially when dealing with legacy systems and multiple vendors. Dynamic customer demands require continuous training and skill development for contact center agents. Social media capabilities, including social media influencers and word of mouth, are increasingly important for brand value and impact. Emotion and sentiments are also key factors in customer satisfaction and experience. The ecosystem includes technology providers, cloud service providers, solution providers, system integrators, IT solution manufacturers, and OEMs. Telecommunications vertical and CCaaS solutions are also part of the Contact Center market landscape. However, economic downturns, such as recessions, can impact contact center spending, and technical knowledge and learning curve can be barriers for some end users. Despite these challenges, the Contact Center market continues to evolve, offering new opportunities for innovation and growth.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

TypeVoice-basedText-basedSocial Media-basedDeploymentOn-premisesCloud-basedGeographyNorth AmericaAPACEuropeSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/contact-center-market-to-grow-by-usd-161-73-billion-2023-2027-as-cloud-adoption-soars-how-ai-is-driving-market-transformation–technavio-302238011.html

SOURCE Technavio

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Ricoh and LG Announce Global Partnership to Enhance Workplace Experience Solutions

Published

on

By

Expanding communication services capability in the global B2B market

TOKYO, Sept. 20, 2024 /PRNewswire/ — Ricoh Company, Ltd. today announced that it has concluded a memorandum of understanding (MOU) with LG Electronics (LG), a trusted partner offering innovative products and customized solutions for diverse industries worldwide, to collaborate on digital solutions for workplaces. Pairing Ricoh’s communication services and LG’s display products, this partnership will deliver B2B customers in the global market an elevated user experience and exceptional customer value. Through this partnership, Ricoh will further enhance its capability in the Workplace Experience domain, one of its growth areas, and it aims to be the top global audiovisual (AV) integrator.

Partnering with LG, Ricoh will strive to enhance its communication services in the Workplace Experience domain. Integration of high-quality devices such as signages and displays into Ricoh solutions will enrich Ricoh’s product and service portfolio and achieve a stable global supply. In addition, the two companies will jointly drive associated sales and marketing efforts and explore new business opportunities as the partnership unfolds.

Takahiro Irisa, Senior Corporate Officer and President of Ricoh Digital Services and Paik Ki-Mun, Senior Vice President and Head of the Information Display Business Unit of LG Business Solutions Company, present the signed memorandum of understanding.

As its mid-term vision, Ricoh aims to provide consistent global services as a workplace services provider in the changing workplace. In the Workplace Experience domain, Ricoh provides solutions enabling seamless collaboration in offices and other workplaces where hybrid work has become commonplace, enhancing people’s creativity. Ricoh empowers customers to focus on value adding, creative tasks and achieve organizational growth through its integrated solution propositions of hardware, software, and managed services that comfortably utilize them.

“The pairing of Ricoh’s office solutions with LG’s advanced display products will deliver impressive value to customers and further establish LG as one of the most trusted providers of integrated solutions in the B2B market,” said Paik Ki-Mun, Senior Vice President and Head of the Information Display Business Unit of LG Business Solutions Company. “LG will continue to pursue strategic partnerships with innovative global companies to create customized solutions for today’s business environment.”  

Takahiro Irisa, Senior Corporate Officer and President of Ricoh Digital Services Business Unit, Ricoh Company, Ltd. said “We firmly believe that this global strategic partnership with LG will accelerate Ricoh’s Workplace Experience business. Through the synergy between LG’s advanced display products and Ricoh’s communication services, we will continue to offer optimal workplace to our customers as a workplace services provider. Ricoh will continue to execute strategic partnerships to empower our customers to achieve fulfilment through work.”

 

 

| About Ricoh |

Ricoh is a leading provider of integrated digital services and print and imaging solutions designed to support the digital transformation of workplaces, workspaces and optimise business performance.

Headquartered in Tokyo, Ricoh’s global operation reaches customers in approximately 200 countries and regions, supported by cultivated knowledge, technologies, and organisational capabilities nurtured over its 85-year history. In the financial year ended March 2024, Ricoh Group had worldwide sales of 2,348 billion yen (approx. 15.5 billion USD).

It is Ricoh’s mission and vision to empower individuals to find ‘Fulfillment through Work’ by understanding and transforming how people work so we can unleash their potential and creativity to realise a sustainable future.

For further information, please visit www.ricoh.com

 

###

 

© 2024 RICOH ASIA PACIFIC PTE LTD. All rights reserved. All referenced product names are the trademarks of their respective companies.

 

 

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/ricoh-and-lg-announce-global-partnership-to-enhance-workplace-experience-solutions-302253778.html

SOURCE Ricoh Asia Pacific Pte Ltd

Continue Reading

Technology

Wright, Moore, DeHart, Dupuis & Hutchinson Provides Notice of Data Security Incident

Published

on

By

LAFAYETTE, La., Sept. 19, 2024 /PRNewswire/ — Wright, Moore, DeHart, Dupuis & Hutchinson (“WMDDH”) has become aware of a data security incident that may have involved individuals’ personal information. WMDDH is providing notification to the potentially involved individuals about this incident, providing steps they can take to help protect their personal information, and offering the opportunity to enroll in complimentary credit monitoring and identity protection services.

What Happened. On or around July 11, 2023, WMDDH became aware of unusual network activity and immediately took steps to secure our systems. We launched an investigation with the assistance of leading cybersecurity experts to determine what happened and whether sensitive or personal information may have been affected during the incident. As a result of the investigation, we identified that certain WMDDH data may have been acquired without authorization. WMDDH then engaged an independent team to conduct a comprehensive review of all potentially affected data, and on May 8, 2024, that review determined that personal information may have been affected. WMDDH then worked diligently to identify contact information to effectuate notification and prepare the services being offered to affected individuals, as provided in more detail below. This process was completed on July 18, 2024.

What Information Was Involved. The information involved may have included individuals’ names, Social Security numbers, driver’s license numbers, financial account numbers, passport numbers, and/or medical/treatment information.

What We Are Doing. As soon as WMDDH learned of the incident, we took the measures described above and implemented additional security features to reduce the risk of a similar incident occurring in the future. We are also providing information about steps individuals can take to help protect their personal information.

Additionally, we are offering impacted individuals the opportunity to enroll in credit monitoring and identity protection services through Equifax®.

What You Can Do. Please review this notice carefully, along with the guidance included with this notice about additional steps that can be taken to protect your information.

WMDDH takes the security of information in its possession very seriously and has taken steps to prevent a similar event from occurring in the future. We deeply regret any concern or inconvenience this may cause.

Additional information is also available via WMDDH’s website.

View original content:https://www.prnewswire.com/news-releases/wright-moore-dehart-dupuis–hutchinson-provides-notice-of-data-security-incident-302253769.html

SOURCE Wright, Moore, DeHart, Dupuis & Hutchinson

Continue Reading

Technology

AIE Graduates create visual effects for Academy-nominated film

Published

on

By

NAWI, a feature film whose visual effects were created by graduates from the Academy of Interactive Entertainment (AIE), has been officially nominated by Kenya for entry into the 97th Academy Awards in the category of Best International Feature Film. NAWI is a heartfelt story about a young girl’s journey towards empowerment and aims to shed light on a pressing issue that affects countless young women in the Turkana region of Kenya.

CANBERRA, Australia, Sept. 19, 2024 /PRNewswire-PRWeb/ — NAWI, a feature film whose visual effects were created by graduates from the Academy of Interactive Entertainment (AIE), has been officially nominated by Kenya for entry into the 97th Academy Awards in the category of Best International Feature Film. NAWI is a heartfelt story about a young girl’s journey towards empowerment and aims to shed light on a pressing issue that affects countless young women in the Turkana region of Kenya.

“The film has a very important social message to tell so it was rewarding in many ways to be able to contribute to this project. NAWI was a fantastic opportunity for our graduates to put their skills to the test on a full-length feature film,” said Tom Pugh.

AIE graduates and teachers were given the opportunity to work on the film’s visual effects through AIE’s ongoing partnership with Learning Lions, who produced the film with Film Crew & Baobab Pictures. AIE is proud to support Learning Lions non-profit mission to enable young adults in marginalised rural communities of East Africa to become digital creatives by providing game development training and technology.

The visual effects for NAWI were brought to life by AIE teachers and experienced industry professionals, Thomas Magill and Tom Pugh, who were tasked with supervising the visual effects and liaising with the film’s Directors, Apuu Mourine, Kevin Schmutzler, Tobias Schmutzler and Toby Schmutzler. They assembled a team of recent AIE graduates and worked out how to create the effects required to immerse audiences in Nawi’s world.

“Graduates were able to take the skills they had learnt in class and apply them to cinema-quality footage. There was even a bit of nervous excitement working with professional expectations and deadlines,” said Tom Pugh.

Thomas Magill explained that most of the work involved compositing such as fixing blemishes, removing unwanted folds in clothing, changing pages in a book and removing background actors that were in the wrong place.

“We had a river shot where there was only a sandbank, and we had to create an entire island! There were several shots filmed in a dry riverbed which required us to create floodwater. We had to draw upon various disciplines: not just digital compositing but also visual effects creation and fluid simulations,” said Thomas Magill.

Both teachers enthused that the directors were a pleasure to work with and the collaboration was smooth.

“The film has a very important social message to tell so it was rewarding in many ways to be able to contribute to this project. NAWI was a fantastic opportunity for our graduates to put their skills to the test on a full-length feature film,” said Tom Pugh.

Learning Lions and AIE look forward to seeing NAWI progress through two rounds of voting by members of the Academy of Motion Picture Arts and Sciences to narrow the list of submitted films down to five nominees for the Best International Feature Film.

About Academy of Interactive Entertainment (AIE)

AIE offers practical, career-focused courses delivered by industry-experienced teachers in 3D animation, game development, visual effects and film. Since 2019 AIE has sponsored scholarships to their Certificate and Diploma programs to Learning Lions student. AIE provided laptops and is supporting with opportunities at various gaming companies around the world for paid part-time and full-time work.

https://aie.edu.au/

About Learning Lions

Learning Lions is fighting poverty with digital opportunity. Established in 2015, Learning Lions equips local youth with essential IT and media skills, and empowering them to become entrepreneurs and self-sustaining individuals. By leveraging digital services, these aspiring entrepreneurs not only support themselves but also provide opportunities for others through employment and mentorship.

https://www.learninglions.org/

Media Contact

Neil Boyd, Academy of Interactive Entertainment, 61 434273190, neilb@aie.edu.au, https://aie.edu.au/

Facebook, LinkedIn

View original content to download multimedia:https://www.prweb.com/releases/aie-graduates-create-visual-effects-for-academy-nominated-film-302252825.html

SOURCE Academy of Interactive Entertainment

Continue Reading

Trending