Based on the most recent forecast put out by MarketsandMarkets, a strong showing in the cloud-based contact center market is poised to continue building steam through at least 2020. Global revenue was reported at $4.68 billion last year, but the industry will continue to blossom at a CAGR of 25.7 percent for the next four years, when earnings are expected to hit $14.71 billion.
Why is the market performing so well?
Migrating from on-premise legacy systems enables contact center leaders to cut costs while simultaneously integrating solutions like performance management software and quality management software, optimizing agents, IT departments and management alike in order to focus on providing superior customer support.
Leveraging cloud services unburdens on-premise IT from the challenge of managing the constant rollout of new software updates or security patches. Agents can also benefit, as cloud-based solutions make remote or mobile access to the company network more convenient.
How are businesses choosing to allocate their spending on cloud-based solutions?
The largest segments of investments are forecasted to be spent improving auto dialer software, interactive voice response systems, computer telephony integration solutions, multi-channel engagement, analytics and reporting.
There is a clear push among contact center leaders to bolster autonomy for customers seeking to resolve their own problems across platforms, as well as to empower agents by streamlining and automating tasks which would otherwise hinder their own productivity.
Decision makers are hoping that by taking their contact centers in a new direction with these innovative solutions, customer retention will improve and help boost profitability. Simultaneously, the hope is that agent retention will increase, coinciding with an influx of customer engagement tools to support the completion of their tasks. These benefits provide an opportunity to foster a more positive work environment while helping management curb the costs associated with high turnover rates.
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