Contact Center Customer Experience Software and Services Revenue Will Surpass $18 Billion by 2026, According to Dash Research Digital Transformation, Omnichannel Customer Engagement, and Evolving Labor Models Are All Driving Significant Growth in the Contact Center Technology Market
Denver, Colorado
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March 28, 2022 05:30 AM Eastern Daylight Time
Today’s business-to-consumer (B2C) and business-to-business (B2B) organizations have been evolving their call centers into contact centers, which are designed to take a more active role in delivering great customer experience (CX) via an omnichannel engagement strategy that focuses on improving the overall experience of the customer across all touchpoints, rather than just traditional call center key performance indicators (KPIs) and metrics. According to a new report from Dash Research, this approach is leading to the purchase of new software and services that not only incorporate basic customer data, but also integrate customer journey information to help provide the most appropriate level of service (which can range from a self-service tool to a voice conversation or other digital interaction with a live agent specialist). The end goal, of course, is to ensure that the customer’s sales, support or administrative engagements with the company are efficient, convenient, and successful.
Dash Research projects that the market for contact center software and services will reach $18.1 billion by 2026, increasing from $13.8 billion in 2019, reflecting a compound annual growth rate (CAGR) of 4%. The CX market intelligence firm’s analysis indicates that contact center software is likely to be purchased by organizations that have adequate financial resources to deploy each year, as most contact center software is now being sold via an “as a service” subscription model. Additionally, companies that have a dedicated focus on improving the overall CX are also prime candidates for purchasing new technology, as they realize that single-channel, primarily voice-based CXs are rarely preferred by customers.
“Providing excellent and consistent experiences can and will be bolstered by investments in contact center applications, platforms and services,” says principal analyst Keith Kirkpatrick. “But overall improvements in CX ultimately depend on an organization taking an assessment of its current CX policies and procedures, listening to customers, identifying the level of service is wants to provide, and then implementing specific operational and behavioral changes.”
Kirkpatrick adds that the key adoption drivers of software for contact centers include:
- An increase in digital engagement from B2C and B2B customers
- A mandate for more efficient contact center labor and resource allocation
- A desire to deploy a multichannel or omnichannel engagement strategy
- A push to generate revenue via contact centers
- A demand to improve the overall CX
However, despite the increasing appetite for deploying new technology tools to improve the efficiency, speed, and effectiveness of contact centers, organizations face several barriers to implementation, including:
- Technical integration challenges
- Issues with data quality and data availability
- Data governance, privacy, and security concerns
- Return on investment (ROI) considerations
- Agent dissatisfaction and turnover
- Support and training
Dash Research’s report, “CX for Contact Centers”, examines the market issues, drivers, and barriers for CX and CE software platforms, software applications, and services that incorporate or facilitate the personalization and/or optimization of CXs. Several case studies illustrating the various ways personalization & optimization efforts are being deployed by end users are included in the report. The scope of the market forecasts includes software that is deployed by Dash Research’s ecosystem of companies that spans 20 industries, 5 world regions, and 3 offerings (software platforms, software applications, and professional services). The forecast takes 2019 as a base year, forecasts market value from 2021 through 2026, and segments the market by offering, geography, and function (CX versus CE). An Executive Summary of the report is available for free download on the firm’s website.
Dash Research, the market intelligence arm of Dash Network, provides in-depth research and insights on the worldwide CX market including a comprehensive assessment of technology solutions, business issues, market drivers, and end-user dynamics across industry sectors. Dash Research’s global market coverage combines qualitative and quantitative research methodologies to provide a complete view of emerging business opportunities surrounding contact center technologies, customer data & analytics, customer data platforms, customer insights & feedback, customer relationship management, personalization & optimization, and employee experience. For more information, visit www.dashresearch.com or call +1.720.603.1700.
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Clint Wheelock
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