Intelligent Virtual Assistant
Contact center software market to accumulate substantial gains from retail applications, global industry to witness a double-digit CAGR over 2018-2024
Owing to the increased focus on customer service and digitization of processes across numerous industry sectors, the contact center software market registered revenue worth USD 14 billion in 2017, driven by the demand for efficient customer handling solutions. Massive investments have been made by companies to upgrade contact centers to more productive and cost-effective software-based facilities for coordinating services among different channels. This has eventually allowed many emerging technology companies to tap into the services sector. Increasing adoption of online services by BFSI, telecom and hospitality consumers has transformed the contact center software industry with the need for ensuring quick and accurate responses.
Europe Contact Center Software Market Share, By Software, 2017
Rising consumer spending on electronics, clothing and other product categories has tremendously bolstered the retail segment worldwide, propelling the contact center software market revenue globally. Reports show that consumers rate customer service in retail sector higher than low prices and product quality, making it the most important part of the businesses retailers should be focusing on. Good customer service leads to more recommendation from consumers, which directly boosts product sales. Subsequently, retail is an ideal application base for the contact center software market, helping companies provide timely and dedicated service for taking care of any problems the customers communicate.
Major retail brands have employed contact centers to handle hundreds to thousands of queries, frequently asked questions and complaints they receive throughout their worldwide businesses. As these centers start to provide services like billing and telemarketing in addition to customer service, the contact center software industry will experience challenges from coping with enormous amounts for customer requests and data analysis. The advent of ecommerce retail has further given a remarkable boost to digital services, connecting more consumers with businesses and creating a demand for higher number of customer contact executives.
In 2017, the global ecommerce retail sales amounted to about USD 2.3 trillion, out of which world’s top three e-retailers contributed nearly USD 100 billion. This includes Amazon.com, which operates 13 country-specific websites and services at least 16 countries in all, including the U.S., U.K., India, Germany, Spain, France, among others. The vast ecommerce operations of Amazon indicate the probability of customer service requests from millions of people from diverse cultures, as it sells thousands of products in each country every day. Various other local and international e-retail platforms face similar concerns, offering outstanding growth prospects for the contact center software market from hundreds of online businesses.
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According to statistics, there were approx. 1.66 billion digital buyers around the world in 2016, representing the extensive customer service difficulties and opportunities e-retailers have to deal with. These businesses have to cater to several requests via tele calling, email, mobile text messages as well as social media, since it is impossible for all customers to communicate with them on the same platform. Receiving requests, identifying problem areas and providing solutions to consumers across these distinct channels has defined the contact center software industry’s evolution over the years, further intensified by the growing utilization of online payment options.
Over the years, technological advances have enabled wider implementation of virtual assistants and interactive voice features by retailers, allowing software makers to provide innovative solutions. The contact center software market has further benefited from the growing awareness among retailers about the role of analytics and reporting in guaranteeing improved customer experience. Managing customer-employee interaction, behavior, customer requirements have critical impact on business revenues. Speaking further on the analytics and reporting component of the contact center software industry, retailers can reduce potential loss of sales and negative consumer responses by analyzing how they are being serviced.
As the time taken to handle a request, origin of the request, behavior on the call and other factors are recorded by the software, companies can use the information to train their staff better. The success or failure of email and telemarketing campaigns can also be analyzed to enhance or modify their processes, as consumer trend is key for retailers to achieve profits. Essentially the retail segment, with expanding popularity of ecommerce, is expected to contribute significant revenues towards the global contact center software market. Global Market Insights, Inc., forecasts the overall contact center software industry to surpass a valuation of USD 40 billion by 2024.
Author Name :Pankaj Singh
U.S. smart speaker market to record commendable gains over 2018-2024, global industry shipments to cross 500 million units by 2024
Smart speaker industry has been the recipient of a plethora of megatrends that are indeed underlining its massive expansion. Pioneered by Amazon, the Echo made its mark as the first product to debut across this business space in 2014, post which the smart speaker industry is witnessing an inflection point with the influx of new players in the business wanting exploiting the future growth prospects. Speaking of which, the last three years have also witnessed the incursion of Chinese competitors in smart speaker market, leading to a massive diversification in the product landscape.
Germany smart speaker market size, by intelligent virtual assistant, 2017 & 2024 (Million Units)
The recent trends of IoT and artificial intelligence have had a commendable impact on the development of smart speaker market. The robust proliferation of the internet has further aided smart speaker market growth in the last few years. Apart from the rising penetration of consumer electronics and high demand for wireless connectivity, technological interventions have also allowed manufacturers to introduce products that are not confined only to playing music, but have extended their applications to problem-solving, setting reminders, streaming of news and music with a single voice command. Integration of virtual assistant software has further played a pivotal role in reshaping the business model of prominent contenders. Google Home, for instance, powered by Google is profoundly considered one such technological breakthrough.
The smart speaker market size, by the end of the next few years is forecast to outpace all records by collecting a revenue of USD 30 billion. Primarily dominated by intelligent virtual assistants such as Siri, Google Assistant, Cortana, Alexa, and many others, this business space stands to gain appreciable proceeds through the efforts of established contenders and new entrants striving to bring innovative products to the fore. Google for instance, recently made it to the headlines for having announced its supposed launch of homegrown smart display later this year. The Google Home family, comprising the standard Home, the premium Home Max, and the affordable Home Mini, would indeed provide stiff competition to Amazon’s Echo Show with this introduction.
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The United States being one of the most progressive nations as far as technological penetration is concerned, observes an upper hand in the global smart speaker industry. Increasing regional demand for wireless connection and rising IoT applications is driving the U.S. smart speaker market. But the one factor that has been undeniably impelling the regional industry is the escalating penetration of smart homes in the nation. A research study conducted by U.S. tech magnate Metova claims that more than 85% of consumers in the U.S. now own some form of smart home device, while over 65% have already purchased a voice-controlled system such as Google Home or an Amazon Alexa. It is thus rather over that smart homes have extensively proliferated the masses, a factor that would be majorly responsible for the expansion of U.S. smart speaker market.
U.S. smart speaker industry contender Amazon made it to the headlines for having set up model smart homes across the United States so that shoppers conveniently experience how it is like for Alexa to perform tasks like ordering stuff online, dimming the lights, or turning on the TV. Powered by the robust demand for internet-enabled products and services and the rising proliferation of smart products owing to their advantages such as luxury, safety, convenience, and entertainment, the U.S. smart speaker market share is anticipated to register a commendable CAGR over 2018-2024.
Despite having associated risks such as security breaches and data threats, the smart speaker industry is certain to witness a phenomenal demand over the coming years. The projected growth curve of this market aptly justifies that this vertical holds a tremendous set of opportunities for application developers, component suppliers, network operators, and several other vendors. Global Market Insights, Inc., projects the overall smart speaker market size to register a massive CAGR of 33% over 2018-2024, in terms of shipments.
Author Name : Saipriya Iyer