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Contact Center Software Market is projected to surpass USD 40 billion by 2024. The growing demand for meeting dynamic customer requirements, technological advancements in the field of machine learning, AI, and IoT, and the rising integration with social media platforms are the major factors driving the global contact center software market growth. The increasing demand for cloud-based contact center software solutions by various industry verticals including BFSI, healthcare, IT & Telecom, travel and hospitality, and government organizations also has a positive impact on the market.
The Interactive Voice Response (IVR) segment dominates the contact center software market and accounted for over 15% of the market share in 2017. The rising adoption of smartphones by customers has replaced the traditional voice-based IVR with the visual IVR technology. This transformative platform allows customers to touch the screen menus and to get their required answers instead of waiting for the traditional IVR to read the unwanted options not required by customers. This visual IVR software handles around 75% of the customer service calls thereby transforming the functioning of contact center and leading to customer delight.
Avaya, Cisco, Five9, Huawei Technologies, BT, and 8x8 are among the prominent vendors in the contact center software market. Other noticeable players include Ameyo, Enghouse Interactive, Aspect Software, Fenero, Genesys, Mitel, NEC, Nice, Nixxis, Oracle, Ring Central, Solgari, Unify, Verizon, and Vocalcom. Mergers and acquisitions are the major strategies adopted by the players to gain a competitive market share. For instance, in September 2018, Twilio acquired a contact center software company Ytica aimed at expanding its position in the highly lucrative market.