Contact Center Market Expected to Increase by $161.73 Billion Through 2027

Research firm Technavio expects the global contact center market to accelerate at a compound annual growth rate of 9.33 percentand register an incremental growth of $161.73 billion through 2027.

Technavio's report cites the rising adoption of cloud-based contact centers, the necessity to improve CRM for effective revenue generation, and the integration of interactive voice response (IVR) into contact centers as key factors driving the growth.

North America will account for 34 percent of the market's growth during the forecast period, due in large part to growing adoption of contact center analytics, including multichannel customer interaction analytics, speech analytics, and contact center performance analytics, the firm concluded.

According to Technavio's data, the voice-based segment accounted for the largest share of the market, ahead of text-based and social media-based systems.</p/>

The contact center market report identifies Avaya, Cisco, Enghouse, Five9, Genesys, Mitel, NEC, NICE, SAP, Vocalcom, Vonage, ZTE, and Zendesk as the leading vendors of contact center technologies.