Latest News- Contact Center Market: Voice-based is expected to lead the Type segment during 2025-2029

The Contact Center Market is being driven by Focus on reducing operating costs of businesses

The Contact Center Market is expected to grow at a CAGR of 10.9% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 231.6 billion. In the contact center industry, minimizing response times is crucial to retain customers and prevent them from seeking alternatives. Agents may need to request callers for patience while they retrieve pertinent data to address their concerns. Delays in resolution can lead to customer dissatisfaction and churn. To mitigate this, contact centers are exploring the integration of chatbots into their processes. These AI-driven tools can handle routine queries efficiently, enabling human agents to focus on more complex issues. Enhancing customer service through technology is essential for business success. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Voice-based
  • Text-based
  • Social media-based
• Deployment
  • On-premises
  • Cloud-based
• Component
  • Solutions/Software
  • Services
• Organization Size
  • Small and medium Enterprises (SMEs)
  • Large Enterprises
• End-User
  • Banking, Financial Services, and Insurance (BFSI)
  • Retail and E-commerce
  • Telecommunications
  • Healthcare
  • Travel and Hospitality
  • IT and Telecom
  • Government and Public Sector
  • Others
• Geography
  • North America
    • Canada
    • US
  • APAC
    • China
    • India
    • Japan
  • Europe
    • Germany
    • UK
    • France
    • Spain
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Focus on reducing operating costs of businesses
• Necessity to improve CRM for effective revenue generation
• Integration of interactive voice response (IVR) into contact centers

However, the market also witnesses some limitations, which are as follows:

• Rising cybersecurity threats associated with contact centers
• Low employee engagement and attrition level in contact centers
• Need to adhere to regulatory requirements regarding personal data

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Market Scope in Contact Center Market Research Report

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Research Analysis Overview

In the evolving Contact Center Market, AI/ML and CRM technologies are at the forefront, enhancing customer satisfaction and experience through personalized interactions. Automation, cloud services, and security are key trends, with CFOs and CTOs driving IT spending. Virtual work and self-service interactions dominate, impacting brand reputation and reducing abandoned client queries and customer turnover. Social media, influencers, and word of mouth shape emotions, while ML-powered CCaaS solutions and contact center platforms offer convenience, autonomy, and a learning curve for technical knowledge.

Market Research Overview

The Contact Center market encompasses businesses offering IT consulting and integration services, CRM solutions, AI/ML applications, social media management, automation, cloud services, security, and virtual work. According to Technavio, the global IT consulting and other services market, which covers companies providing IT consulting, information management, and business process outsourcing, will experience growth due to increasing IT spending by CFOs and CTOs, the integration of advanced technologies like AI/ML and CRM, and the adoption of cloud services and virtual work environments by organizations. Additionally, government investments in modernizing IT infrastructure will further fuel market expansion.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

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/