COVID-19 has accelerated the rate of migration from on-premise solutions to cloud-based services in part to provide outstanding customer experience (CX) remotely. The is revealed in Frost & Sullivan’s Digitization and Cloud Migration Transforming Asia-Pacific Contact Center Applications Market, Forecast to 2026.
Markets like 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.
Frost forecasts revenue for on-premise and cloud applications to grow from $719.5 million to $966.5 million by 2026 at a compound annual growth rate (CAGR) of 4.3%.
“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 centres will consider it a service differentiator,” said Arpan Bid, Information & Communication Technologies research analyst at Frost & Sullivan.
He added that the banking, financial services and insurance (BFSI) industry will be the leader in deploying contact centre applications, followed by telecommunications.
That said, government and education, eCommerce, 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 centre 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 centres to integrate systems and apps outside the contact centre to support digital transformation strategies.
- Offering rich and easy-to-use contact centre 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 centres are compelled to increasingly invest in advanced tools to manage the fallout from the COVID-19 pandemic.