Analytics and Cloud Migration Driving South Korean Contact Center Applications Market, Forecast to 2026

Analytics and Cloud Migration Driving South Korean Contact Center Applications Market, Forecast to 2026

Growth Opportunities Enhanced by Artificial Intelligence and Omnichannel Communication Services

RELEASE DATE
23-Nov-2020
REGION
Asia Pacific
Research Code: 4M19-01-00-00-00
SKU: IT04240-AP-MT_24980

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Description

South Korean contact center applications market generated revenue growth of 6.2%, with market revenue of $58.0 million in 2019 driven by technology up-gradation, cloud migration, and adoption of new technologies including analytics, automation, and self-service applications. The market is projected to grow at a Compound Annual Growth Rate (CAGR) of 3.2% during the forecast period 2019-2026.

Brands are considering exceptional customer experience as a key factor to differentiate themselves from their competitors. With changing consumer behavior, customer contact continues to evolve, from traditional voice-based interactions to seamless customer journeys that are proactive, interactive, and persistent.

Application vendors are increasingly leveraging new technologies including artificial intelligence (AI) and machine learning (ML), self-service automation, chatbots, robotic process automation (RPA), and real-time analytics to their product portfolio that enables contact centers to enhance customer satisfaction, increase first-call resolution, improve customer loyalty, and boost overall operational efficiency.

This study is part of the research service on the Asia-Pacific contact center application market which covers 14 countries: Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, the Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. This report discusses the contact center applications market segmented into six types of applications. They are Inbound Contact Routing (ICR) Systems, Interactive Voice Response (IVR) Systems, Outbound Dialer (OBD) Systems, Quality Monitoring (QM) Systems, Workforce Management (WFM) Systems, and Contact Center Analytics Systems.

The COVID-19 pandemic has compelled almost all the contact centers in the region to opt work-at-home-agents (WAHA) delivery model. The pandemic accelerated the migration to cloud/hybrid setup and created opportunities in leveraging solutions that support a bigger WAHA base, self-service bots, and AI-enabled solutions.

The pandemic induced high volume of interactions with limited resources compelled contact centers to invest in cloud-based knowledge management tools that helps them optimize knowledge creation, dissemination, and utilization. Enterprises are increasingly looking to source end-to-end analytics solutions from their primary contact center infrastructure or workforce optimization vendor. Robotic process automation, Big Data, and IoT will continue to drive growth.

Throughout the region, the demand for the core contact center applications like ICR, IVR, and OB remained the largest contributing segment. Analytics and WFM are poised to be the fastest-growing contact center applications in the forecast period as the contact centers are focusing on the efficiency within the business.

This report analyzes the overall contact center applications market size of South Korea in the base year 2019 and provides forecasts until 2026. It also analyzes the demand-side revenue by the size of contact centers (50–200 seats, <50 seats, and >200 seats). All revenue and market share figures represent Frost & Sullivan estimates, based on primary and secondary research, and analysis. Any previous year’s market size and market share estimates, if revised, are updated in this study.

South Korean contact center applications market generated revenue growth of 6.2%, with market revenue of $58.0 million in 2019 driven by technology up-gradation, cloud migration, and adoption of new technologies including analytics, automation, and self-service applications. The market is projected to grow at a Compound Annual Growth Rate (CAGR) of 3.2% during the forecast period 2019-2026. Brands are considering exceptional customer experience as a key factor to differentiate themselves from their competitors. With changing consumer behavior, customer contact continues to evolve, from traditional voice-based interactions to seamless customer journeys that are proactive, interactive, and persistent. Application vendors are increasingly leveraging new technologies including artificial intelligence (AI) and machine learning (ML), self-service automation, chatbots, robotic process automation (RPA), and real-time analytics to their product portfolio that enables contact centers to enhance customer satisfaction, increase first-call resolution, improve customer loyalty, and boost overall operational efficiency. This study is part of the research service on the Asia-Pacific contact center application market which covers 14 countries: Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, the Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. This report discusses the contact center applications market segmented into six types of applications. They are Inbound Contact Routing (ICR) Systems, Interactive Voice Response (IVR) Systems, Outbound Dialer (OBD) Systems, Quality Monitoring (QM) Systems, Workforce Management (WFM) Systems, and Contact Center Analytics Systems. The COVID-19 pandemic has compelled almost all the contact centers in the region to opt work-at-home-agents (WAHA) delivery model. The pandemic accelerated the migration to cloud/hybrid setup and created opportunities in leveraging solutions that support a bigger WAHA base, self-service bots, and AI-enabled solutions. The pandemic induced high volume of interactions with limited resources compelled contact centers to invest in cloud-based knowledge management tools that helps them optimize knowledge creation, dissemination, and utilization. Enterprises are increasingly looking to source end-to-end analytics solutions from their primary contact center infrastructure or workforce optimization vendor. Robotic process automation, Big Data, and IoT will continue to drive growth. Throughout the region, the demand for the core contact center applications like ICR, IVR, and OB remained the largest contributing segment. Analytics and WFM are poised to be the fastest-growing contact center applications in the forecast period as the contact centers are focusing on the efficiency within the business. This report analyzes the overall contact center applications market size of South Korea in the base year 2019 and provides forecasts until 2026. It also analyzes the demand-side revenue by the size of contact centers (50–200 seats, <50 seats, and >200 seats). All revenue and market share figures represent Frost & Sullivan estimates, based on primary and secondary research, and analysis. Any previous year’s market size and market share estimates, if revised, are updated in this study.
More Information
No Index No
Podcast No
Author Arpan Bid
Industries Information Technology
WIP Number 4M19-01-00-00-00
Is Prebook No
GPS Codes 9533-C1,9702-C1,9705-C1,9884-C1,9661