Inbound contact routing will continue to dominate the market, but analytics will witness the strongest growth, finds Frost & Sullivan
Frost & Sullivan is recent analysis, Digitization and Cloud Migration Transforming Asia-Pacific Contact Center Applications Market, Forecast to 2026, finds that COVID-19 has accelerated the rate of migration from on-premise solutions to cloud-based services, given the need to provide outstanding customer experience (CX) remotely. Although the region is a price-sensitive market, the mature markets of Australia, New Zealand, Japan, Singapore, Hong Kong, South Korea, and Taiwan are ready to invest significantly to deploy cloud-based, sophisticated applications. However, required investments are higher in these countries than in China, India, Malaysia, Thailand, Indonesia and the Philippines. The buoyant market in the region comprised of on-premise and cloud applications is expected to grow from $719.5 million to $966.5 million by 2026 at a compound annual growth rate (CAGR) of 4.3%.
Read More:Â 7 ECommerce Insights For 2020 Peak Season
“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,” said Arpan Bid, Information & Communication Technologies Research Analyst at Frost & Sullivan. “Additionally, looking at adoption of contact center applications by vertical, the banking, financial services and insurance (BFSI) industry will be the leader in deploying contact center applications, followed by telecommunications.”
Read More:Â Chatbots In B2B: 2021 Predictions
Bid added, “Similarly, government and education, E-commerce, and healthcare are poised to be the fastest-growing sectors during the COVID-19 pandemic. The retail industry will grow relatively faster after the pandemic.”
Ending lifecycles for existing vendor platforms, refreshing the applications of core segments, adding new channels and providing richer integrations will drive the APAC contact center applications market, presenting lucrative growth prospects for market participants, including:
- Introducing new technologies such as predictive analytics and machine learning to enhance capabilities, add value, and remain competitive.
- Encouraging contact centers to integrate systems and apps outside the contact center 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.
