Expected to reach under US$1 billion in five years.
The contact centre software market in Asia-Pacific is expected to reach just under US$1 billion in the next five years.
According to analysis from Frost & Sullivan, the growth was driven by COVID-19, which saw an accelerated rate of migration from on-premise solutions to cloud-based services as workforces moved to remote work.
The market of both on-prem and cloud applications is expected to grow from US$719.5 million this year to US$966.5 million by 2026 at a compound annual growth rate (CAGR) of 4.3 percent.
“From an application perspective, inbound contact routing (ICR) will continue to dominate the application market throughout the forecast period, whereas analytics will witness the strongest growth as contact centers will consider it a service differentiator,” Frost & Sullivan ICT research analyst Arpan Bid said.
“Additionally, looking at adoption of contact centre applications by vertical, the banking, financial services and insurance (BFSI) industry will be the leader in deploying contact centre applications, followed by telecommunications.”
Bid added that government, education, e-commerce and healthcare will be the fastest-growing sectors as the COVID-19 pandemic continues.
Also driving growth in the market are ending lifecycles for existing vendor platforms, refreshing the applications of core segments, adding new channels and providing richer integrations.
Bid also said market participants also have a number of growth prospects within APAC:
- Introducing new technologies such as predictive analytics and machine learning to enhance capabilities, add value, and remain competitive.
- Encouraging contact centres to integrate systems and apps outside the contact centre to support digital transformation strategies.
- Offering rich and easy-to-use contact center analytics capabilities as enterprises increasingly source end-to-end analytics solutions for their business needs.
- Providing work-from-home (WFH) solutions, AI-enabled bots, Robotic Process Automation (RPA), and automation tools as contact centers are compelled to increasingly invest in advanced tools to manage the fallout from the COVID-19 pandemic.