Technavio’s latest report on the contact center market forecasts growth of 9.33% between 2023 and 2027, representing an increase of USD 161.73 billion.
According to the report, key drivers fueling this expansion include rising adoption of cloud-based contact centers, the need to improve CRM for better revenue generation, and integration of interactive voice response (IVR) technology into contact centers.
Technavio’s analysis reveals that North America is expected to account for 34% of the overall market growth during the forecast period. The research firm attributes this significant share of expansion in the region primarily to rising adoption of advanced contact center analytics technologies.
These include multichannel customer interaction analytics to gather customer data across different channels, speech analytics to gain insights from customer conversations, and contact center performance analytics to optimize agent efficiency and the customer experience. By adopting these analytical solutions, businesses in North America are better positioned to improve their customer relationship management and boost revenue.
However, the report notes the inability to achieve average speed of answer (ASA) standards is limiting market growth.
The analysis provides insights into growth opportunities across regions as well as trends like new product launches and the post-pandemic recovery of the contact center market.
Leading vendors identified in the report are Avaya, Cisco, Enghouse, Five9, Genesys, Mitel, NEC, NICE, SAP, Vocalcom, Vonage, Zendesk, and ZTE.