The invasion of digital devices and internet has changed consumer habit in the recent years. They now demand customer service on the channels they prefer, such as social media or mobile devices.
Voice, video, e-mail, IVR, Web chat, file sharing, and social media are some of the tools which help customer care agents at contact centers.
In a fast changing world, providing excellent customer support consistently is a challenging task for enterprises. They are forced to adopt cutting edge technologies to improve their interactions with customers. As a result, the contact center solutions market is one of the most happening markets in the world.
Since cloud technology become the new normal, the market for cloud-based contact center solutions continues to expand rapidly.
Communications Cloud provider 8×8 enhanced capabilities of its Virtual Contact Center (VCC) solution.
The company introduced new Customer Experience Analytics and Post Call Survey features, as well as launched the next version of the 8×8 Quality Management solution.
With this new announcement, 8×8 aims to encourage closer collaboration among contact center agents and supervisors to improve the overall customer experience.
Another contact center solution provider Five9 offers VCC solution, which helps firms to automate and route inbound calls for an enhanced customer experience.
Avaya is famous for its leading CC solutions. It offers conferencing, messaging and video conferencing solutions.
Hinduja Global Solutions, who leverages Avaya solutions at its contact center, also uses artificial intelligence (AI) to improve call handler response time through speech analytics.
AI allows agents to see relevant screen prompts, eliminating the need for agents to click to open the right pages or applications- based on the analysis of words spoken by customers.
Technology outsourcing major Genpact also tapped AI to launch Neural Chat Assistant for its contact center customers.
Neural chat assistant solution help to increase human agent’s productivity and reduce response times.
In May this year, BPO major Sutherland deployed customer experience platform PureEngage developed by Geneys. Sutherland uses the platform to provide improved CRM integrations, enhanced IVR and workforce optimisations capabilities.
According to Bill Nicholas, Sutherland’s head of Global Telecom, PureEngage helped the company to improve operational efficiencies and enhanced the visibility and measurement of performance data.
C-Zentrix, another CC solutions provider, recently launched two customer engagement solutions TrixChat and Zenbot, designed to offer work automation.
Expected market growth
Markt research firm Technavio predicts that global live chat software market would grow at a CAGR of almost 8 percent to reach $819.2 million by 2020.
Chatbot market is predicted to expand at a CAGR of 27.8 percent by revenue, from 2016 to 2024. By the end of 2024, the global chatbot market is expected to reach $994.5 million.
The retail and e-commerce will be one of the fastest growing segments for live chat software during the forecast period. This is because of the rapid growth of the major e-commerce platforms like Amazon, Alibaba, Flipkart, Snapdeal, and Walmart.
LivePerson, Zendesk, LogMeIn, LiveChat, SnapEngage are some of the prominent vendors of live chat software.
Another report, compiled by Research and Markets, says that the contact center analytics market is projected to grow from $709.5 million in 2017 to $1,483.6 million by 2022, at a Compound Annual Growth Rate (CAGR) of 15.9 percent during the forecast period.
Demand for better customer experience management solutions, proliferation of cloud computing, growing demand for speech and text analytics solutions, and increased compliance requirements are the key growth drivers.