Several recent studies and reports are signaling the growth of the contact center market, attributed in large part to the implementation of IVR across the board. However, we’re also seeing an increase in the degree of trust people have in call centers. Global crises like the Coronavirus are triggering impressive responses across the industry, with call centers being an important source of information for the general public. 4.5% Compound Annual Growth Rate for 2020-2025 A forecast study by Orbis Research puts the CAGR for the entire global contact center market at 4.5% for the following 5 years. The comprehensive report looks at an impressive number of factors: from market size on regional and global levels, to trade regulations, new opportunities, products being launched, and – very important – how innovations in the technology are fueling this growth. Main factors that will contribute to contact center market growth for 2020-2025: \tIncreased demand for lower costs. Across the industry, we’re firsthand witnesses to how aggressive cost-competitiveness can become. \tWidespread consumer-first approach. It took a while to get to this, but contact center leaders have finally reached a turning point in how they think about consumers. This, in turn, means everyone is either willingly or forcibly adapting to meet the needs of the market. \tMarket awareness among consumers. Not only are there more call centers, resulting in more people interacting with call centers, but people are also increasingly familiar with calling customer support. \tFocus on technological innovations from companies aiming to compete. Just as we’re working on improving NobelBiz constantly, so are our competitors. This, in turn, makes the market significantly more aggressive. \tAccelerated moves to cloud-based systems. Ever since cloud contact centers started being a thing, it was easy to understand why everyone wanted to switch. And every day, more of them are. \tIncreased use of automatic call distribution software (such as IVR). IVR is making call centers more efficient at responding to the needs of the consumers. It’s also optimizing the number of agents and how they’re doing their jobs. $5.99BN Growth Projection for 2020-2024 Other studies are even more optimistic. Technavio predicts a $5.9 billion growth in the next 4 years, mainly due to interactive voice response becoming an industry standard. Because chatbots are eliminating the need for agents in some basic scenarios, results are faster and the costs are much lower. Customer satisfaction, the study says, is also one of the most significant drivers for industry growth. The research piece goes on to restate what the previous study also said: that the adoption of cloud-based solutions and the advances in technology are very significant as well. They also add some other growth factors from their own findings: \tIntegration of multi-channel solutions \tMore focus on analytics and social media channels \tImprovements in CRM for outbound contact centers Coronavirus Fears and Industry Trust There are also significant efforts that serve to increase the volatile trust withing the industry. From our point of view, the prevalence of call centers that provide genuine help in the case of crises is very important to the overall trust element in the industry. The recent Coronavirus outbreak has prompted some states to open Coronavirus Call Centers that are standing by with research and factual information for the general public. However, standing by is only a figure of speech. They’re actually increasingly busy, as a Business Wire report shows. It appears the contact centers in question are reporting that they’re overwhelmed by the sheer number of incoming calls. What does this mean for the industry? Well for one, it makes people more aware of contact centers being here to help – balancing the negative view created by the prevalence of spam, scam, and fraudulent callers. Industry trust is also growing because of recent laws. The TRACED Act, signed into law on December 31, 2020, is the first that comes to mind. Besides its many provisions that help discourage spam callers, it also made the adoption of STIR/SHAKEN protocols mandatory by mid-2021. Promising Future? It seems there are many reasons to celebrate the future of the global contact center industry. However, as an industry insider, we know that the only way we’re going to be part of that trend is by continuing to grow. Fortunately, NobelBiz already provides IVR and cloud contact center solutions. Moreover, we’re also already prepared to deal with STIR/SHAKEN and have our engineers on it right now, working with all our customers to verify the numbers they’re using and make our way together towards full attestation. Fill out our form to see how we can help you optimize your contact center for a better year!