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Outbound Call Tracking Software Market Segmented By Cloud-based, On-premise Deployment in Aerospace & Defense, Automotive & Transportation, BFSI, Consumer Goods & Retail, Education and many more
The global outbound call tracking software market is expected to grow at a compound annual growth rate of 9.2% by 2032, reaching US$ 1.6 Billion from US$ 650 Million in 2022. As of 2021, the market worth of outbound call tracking software was US$ 595.3 Million, expected to surge at a Y-o-Y rate of 9.2% in 2022.
“A growing market for monitoring and analyzing customer calls will flourish in the future, in an attempt to assess customer intelligence and track the ROI of businesses in the market, leading to increase in the number of call centers, providing major traction to growth"
| Attributes | Details |
|---|---|
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Outbound Call Tracking Software Market CAGR (2022-2032) |
9.2% |
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Outbound Call Tracking Software Market Value (2022) |
US$ 650 Million |
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Outbound Call Tracking Software Market Value (2032) |
US$ 1.6 Billion |
As companies become increasingly worried about losing potential customers due to misrouted calls, the demand for call tracking software increases in the market. Monitoring call traffic provides managers with actionable data that is helpful when deriving information about customers and improving call campaigns in the market.
Modern marketing is driven by digital marketing, advertising, inbound and outbound marketing, and call tracking software as a valuable tool for optimizing business marketing efforts. By using call tracking software, it is possible to do both analytics and attribution in just a few clicks, with accurate performance data provided in an easy fashion.
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The COVID-19 pandemic compelled businesses to reorient business priorities to meet the new reality. Need for faster and more active communication with clients, suppliers, and colleagues increased deployment of outbound call tracking software solutions. An increase in the number of online shoppers was a direct result of the COVID-19 pandemic. Digital platforms have increased their efforts to increase consumer and business engagement. They have also expanded their marketing efforts.
As a result of COVID-19's sudden emergence, brands were forced to move at unprecedented speed in order to meet their customers' expectations while supporting their employees compassionately. In order to support the increasing volume of contact center activity, brands reevaluated customer service, employee training, work environments, and ways to improve efficiency. To maintain and earn customer trust, contact center leaders made swift, insight-based decisions.
Call centers pushed communications over telephone channels to the next evolutionary level in order to survive in a world after COVID-19. In order to achieve these goals, they adopted a system that is highly scalable, automated, highly secure, and fully compatible with human operators. In past years, many organizations considered innovation to be an added bonus. However, this is now considered a necessity in the market.
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Get a Customized VersionAs artificial intelligence is being implemented into businesses and companies become more digitalized, the demand for outbound call tracking software will continue to grow in the future. A growing number of SMEs and large enterprises alike is using call tracking software, which has contributed to the growth of this market.
The market for outbound call tracking software is gaining a great deal of sales as small and medium sized enterprises are increasingly using the solutions provided by players in the global outbound call tracking software market. With the help of call tracking companies, customer service departments are able to analyze the methods for converting their customers into brand advocates. In addition, supervisors can also assist or assist the agents on live calls and assess the areas in which they must pay attention to improve conversions.
By providing customers with more details about their interactions and by capturing text and speech, customer service departments can tailor their approach in order to maximize their satisfaction levels. Supervisors may disable or pause the call recording during ongoing calls containing sensitive information to ensure personal information is protected. A call tracking system can help organizations anticipate peak call times. By combining the information captured by the businesses, businesses are able to determine the peak hours and days during which calls are received and can act accordingly. Transferring customers from one agent or department to another causes a lot of frustration for them.
| Attributes | Outbound Call Tracking Software Market |
|---|---|
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CAGR (2022-2032) |
9.2% |
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Growth Factor |
A rise in sales, online marketing, and the need to record client calls and prospect data is likely to drive demand for outbound call tracking software. |
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Opportunity |
With this software, marketing campaigns can be expanded to cater to on-demand communication across multiple countries, where they manage buyers in addition to routing algorithms, financial policies, and capping functions. |
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Key Trends |
With live dashboards, market growth will be ensured through real-time insights, team performance statistics, and the ability to track agent availability, audit a call in progress, and monitor service levels by different firms. |
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| Attributes | Inbound Call Tracking Software Market |
|---|---|
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CAGR (2022-2032) |
11.6% |
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Growth Factor |
A growing number of call centers and online businesses around the world are generating increased demand for inbound call tracking software in the market. |
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Opportunity |
An increasing number of online sales activities is generating strong potential growth for the inbound call tracking software due to increased number of online sales activities in the market. |
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Key Trends |
Growing adoption of artificial intelligence-based inbound call tracking and chat software with advanced analytics, as well as technology that emulates human interaction. These tools provide real-time customer service in the market. |
| Attributes | Call Tracking Software Market |
|---|---|
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CAGR (2022-2032) |
8.4% |
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Growth Factor |
Factors such as an increase in business competition, the movement towards a data-driven management strategy, and technological advancements have bolstered the growth of the call tracking software market. |
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Opportunity |
A call tracking solution is an effective sales tool for SMEs, enabling them to track their leads and convert them into sales opportunities. In addition to that, they might use it if they need help setting up an outbound mailing campaign or entering CRM data. |
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Key Trends |
Small and medium sized companies as well as large businesses utilize these solutions in the global market for call tracking software to identify various customer trends and patterns across all channels of communication with customers and businesses in the market. |
Most outbound call tracking vendors have outsourced the services to the cloud, which allows the user to store the necessary data to access the service anywhere, anytime, regardless of location, thus reducing the associated costs of maintaining the data on premises. Over the forecast period, businesses are likely to become more interested in and adopt outbound call tracking software as a result of increasing data breaches.
In the study conducted by persistence market research, companies with large outbound call tracking systems reaped the greatest benefits. It is common for CRM software to integrate with other systems, typically when storing prospect information or notes regarding phone calls.
Technology has revolutionized the banking industry. Businesses today recognize the importance of marketing analytics and robust tracking tools. As a result, they invest in technology that makes it possible to measure performance at the highest level. Technological advancements are transforming the banking industry into a company that offers many benefits to customers. Banking is becoming more ambitious in the digital era as they seek to secure customer data, passwords, and transaction details to ensure their position in the digital future. As a result, they're accelerating the banking industry's transition into a digital economy.
As cloud technology continues to grow, commercially available outbound call tracking software offers highly reliable, secure, and flexible solutions for storing sensitive information and confidential data. Using call tracking software, companies can optimize their calling campaigns and support strategies based on the gathered data. It is possible to increase the number of inbound calls while simultaneously maintaining the quality with call tracking software. Scheduling and delivery can be customized to increase the number of calls received.
Sales of Cloud-based Outbound Call Tracking Software to Surge
By deployment, the market is segmented into cloud and on-premises market. The market for cloud-based outbound call tracking software is expected to grow by 9.6% between 2022 and 2032. Small and mid-sized businesses are taking advantage of cloud-based call tracking software to improve connectivity, contact rates, and call volumes.
As the cloud market grows, there has been a proliferation of applications resulting in the development of a single tool that can be used to initiate any outbound call or message without incurring any expenses. There has been an increase in the number of companies applying the hybrid work and work at home ideas after the pandemic.
Demand to be Maximum across the Aerospace & Defense Sector
By vertical, the most lucrative end use segment is aerospace and defense market. As a result of its strong growth rate, this segment is projected to maintain its prominence during the forecast period. The market is projected to grow at a CAGR of 8.8% by end of forecast period.
This vertical is experiencing a significant amount of growth in the market as a result of the introduction of software updates and technological advancements in the market. The market demand for outbound call tracking systems has been greatly influenced by an increasing need to track records and review calls from a central dashboard, preserving recorded messages, calls, and unexpected events for further investigation to all add to the growth of outbound call tracking software market.
How will the U.S generate Growth Prospects for the Industry?
With a growth rate of 9% CAGR from 2022 to 2032, the United States is expected to hold the largest market for outbound call tracking software. By the end of 2032, the region is expected to generate a market revenue of US$ 543.9 Million.
With the growing demand for customer service industries and call centers in this region is growing demand for outbound call tracking software market. Growing IT services and e-commerce businesses are expected to grow market demand for outbound call tracking software systems in the market.
Will Asia Pacific and Europe emerge as Significant Market Disruptors?
Asia Pacific is predicted to grow the fastest in terms of outbound call tracking software. China’s outbound call tracking software market is expected to grow at a significant CAGR of 8.7%, over the forecast period. A growing digitization trend in developing countries such as India and China has propelled market growth for the outbound call tracking software sector.
In Europe, the U.K market is expected to grow fastest in the outbound call tracking software market. This region is likely to hold US$ 65.7 Million by the end of 2032 with a CAGR of 8.2% between 2022- 2032. Due to the growing presence of major market players in this region, it is predicted that the market demand for outbound call tracking applications will continue to grow in this region.
| Regions | CAGR (2022-2032) |
|---|---|
|
United States |
9% |
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United Kingdom |
8.2% |
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China |
8.7% |
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Japan |
7.7% |
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South Korea |
7.1% |
Market competition for outbound call tracking software is dynamic, but competitors have limited opportunities in the market. The competitors are involved in mergers and collaborations.
As a result of these mergers, companies expand their distribution channels and gain market share in new regions. The outbound call tracking software market in general will reap the benefits of new generation technologies like AI in the near future.
Recent Developments in the Outbound Call Tracking Software Market
| Attributes | Details |
|---|---|
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Forecast Period |
2022-2032 |
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Historical Data Available for |
2015-2021 |
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Market Analysis |
USD Billion for Value |
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Key Countries Covered |
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By Market Segments |
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Key Companies Profiled |
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Pricing |
Available Upon Request |
Outbound Call Tracking Software Market by Deployment
Outbound Call Tracking Software Market by Industry
Outbound Call Tracking Software Market by Region
The outbound call tracking software market is set to grow at a CAGR of 9.2% during the forecast period.
The U.S is a prominent player, expected to register a CAGR of 9% during the forecast period.
Cloud outbound call tracking software is the leading segment with a CAGR of 9.1% to the end of the forecast period.
The outbound call tracking software market is set to reach US$ 1.6 Billion by 2032.
According to PMR, the outbound call tracking software market experienced a CAGR of 9.8% from 2015 to 2021.
PMR expects the market for outbound call tracking software in the U.K to reach US$ 65.7 Million by 2032.
China is anticipated to document a value CAGR worth 8.7% in the outbound call tracking software domain until 2032.
