Contact Center Applications market in Southeast Asia to grow to US$ 119.5 Million in 2025

The South-East Asian Contact Center Applications Market offers a plethora of opportunities for both the new-entrants and the existing players.

The Cloud-based Contact Center Applications segment is emerging as the new pocket of investment and will provide lucrative opportunities for the market players.

The region is witnessing growth due to the emergence of the region as a Contact Center Hub in the global market.

Definition / Scope
Market Overview
Market Risks
Top Market Opportunities
Market Trends
Industry Challenges
Technology Trends
Pricing Trends
Regulatory Trends
Other Key Market Trends
Market Size and Forecast
Market Outlook
Technology Roadmap
Competitive Landscape
Competitive Factors
Key Market Players
Strategic Conclusion
References
Appendix

Definition / Scope

Apps, social media, and Internet technology developments have put the global marketplace just a click away from consumers, leading to increased customer churns. Moreover, the launch of mobile app stores in 2008 has further intensified competition with new age digital startups making their mark through disruptive innovation. The advancement of Contact Center technology has changed the manner in which companies deal with potential clients.

The rapid technological innovation and the rivalry among companies across the globe have led organizations to focus on the overall value of customer life by offering enhanced customer service. Intelligent communication that provides an ubiquitous working environment for customer-centered businesses has become the essential necessity.

Contact Centers, being one of the customers’ key touchpoints, are increasingly changing from conventional call centers to omnichannel Contact Centers. The Contact Center applications empower organizations to effectively communicate and collaborate through multiple channels like voice, video, web, and social media.

Contact Center Applications helps companies simplify their operations, both inbound and outbound. This, in turn, helps to boost the overall productivity of organizations. Additionally, it helps organizations with various capacities from a centralized platform, including call monitoring, analysis, and reporting.

The Contact Center applications make it easier for companies to efficiently answer inbound requests and handle outbound calls for serving or acquiring customers. New Contact Center solutions are equipped with the latest tools, such as intelligent virtual assistants, analytics, intelligent call routing, Automatic Call Distribution (ACD), dialers, Interactive Voice Response (IVR), and workforce optimization.

These tools allow companies to improve the value proposition for customers. The Contact Center provides customers the opportunity to contact organizations not only via telephone calls but also via various other channels such as social media, web, chat, mobile apps, instant messaging and video conferencing.

The Contact Center applications are gaining traction in various verticals across the South-East Asia region. The Banking, Financial Services, and Insurance (BFSI) vertical is expected to dominate the market with the largest market share during the forecast period. The consumer goods and retail vertical is projected to grow at the highest. Compound Annual Growth Rate (CAGR).

Furthermore, owing to the surge in cloud-based deployments among Small and Medium-sized Enterprises (SMEs) and large enterprises, the market for cloud-based Contact Center applications is expected to gain traction in the next 5 years.

Market Overview

The Contact Center Applications Market in South-East Asia is valued at around US$ 92.85 Million in 2019 and is poised to grow at a CAGR of 4.3% to reach US$ 119.5 Million in 2025.

The Contact Centers and unified communication applications are gradually offering consumers flexibility and multimedia, thereby increasing customer satisfaction and fostering brand loyalty.

The applications increase performance and profitability, thereby helping to minimize operational costs; thereby increasing adoption in end-use industries. In addition, this program is widely used in the retail sector due to the increasing need among businesses to ensure their customer satisfaction and resolve the difficulties involved in customer retention processes.

The Contact Center Applications Market in the South-East Asian region is an emerging sector in the region and offers service providers lucrative opportunities due to the rise in incoming service requests from established regions such as North America and Europe, the rise is due to the reduced costs provided by these service providers to provide customized applications based on business needs.

South-East Asian Contact Center Applications Market is expected to witness significant growth due to the presence of large players in the region and pouring investments into the region, the growth of Philippines as a major force in the region is due to the regulatory support in the region.

While growth bottlenecks exist in the form of concerns related to the slow adoption of cloud-based technologies, the prevalence of high attrition rates and the complexity of integration with legacy systems, the opportunities for growth remain intact due to advances in technologies such as artificial intelligence and analytics, and the surge in the use of social media by clients.

The growth potential that the sector provides is substantial and therefore offers plenty of opportunities for new entrants due to the lower entry barrier. The companies with a flair for innovation with the focus to invest on R&D activities are expected to dominate the South-East Asian Contact Center Applications Market.

Market Risks

Stringent Compliance Requirements

In South-East Asia, data protection regulations make it difficult for businesses to perform their business operations. New data privacy and regulatory regulations such as the Data Privacy Act in Philippines requires stringent compliance with handling of sensitive customer information, and they must be integrated into the everyday functioning of businesses.

Contact Centers include systems using data from different sources such as internal databases. Such data may contain sensitive user information; thus, to comply with these regulations, extra care should be exercised when integrating data from various sources.

Preferential contracts

Buyers are exploring opportunities to engage only with their list of preferred service providers for their Contact Center requirements, consolidate their Contact Center spending for different locations and engage in strategic partnerships.

This enables them to negotiate discounts, as the volume of business is higher with the shortlisted pool of service providers, thereby affecting the profitability of the other service providers and also acts as a barrier for new entrants.

Top Market Opportunities

Advances in technologies such as artificial intelligence and analytics

Adoption of artificial intelligence and analytics on the Contact Center market has opened up new areas of opportunities for the vendors to provide seamless customer experience.

Enterprises have access to knowledge and perspectives that can guide business decisions by making good use of such technologies. Artificial intelligence is used to create bots and automated messaging, and this has had a beneficial impact on the Contact Centers operational performance.

Analytics provides enterprises with both customer and employee insights, and can use this information to address customer experience or employee performance issues. Contact Centers have recognized the benefits and opportunities of implementing these technologies and began to incorporate them into their systems.

Surge in the usage of Social Media by Customers

The last few years have seen rapid growth in the usage of mobile devices and the internet. This has contributed to a huge rise in the number of social media users. Social media has wider reach than any other channel.

Therefore, as opposed to other platforms such as email or voice, customers prefer to share their views and complaints regarding the services they are provided over social media.

Enterprises’ swift response to consumer complaints via social media has a positive effect on brand identity and customer experience. Organizations have discovered that social media is a very powerful customer service tool and have started to integrate it into their daily operations.

Market Trends

Surging need for personalized services

The cost of retaining a customer is 70% lower than the amount spent on acquiring a new one; 67% of customers are lost due to bad experiences. Customer experience is also one of the reasons expected to further increase the usage of Contact Center apps, as companies try to retain their existing customers.

Another factor that could further increase the demand in the Contact Center Applications market is the surging need for personalized services.

According to Accenture, a leading Applications provider on the global market, more than 75% of the customers are more likely to purchase from a vendor that recognizes them by name or from a vendor suggested on the basis of a previous purchase.

Growth in Omni Channel Communication

Customers connect and collaborate with companies through a number of channels, including email, text, voice, mobile or social media. Omnichannel Contact Center solutions allow organizations to give customer experiences a personal touch, while providing their support and services.

Businesses need a solution that offers centralized control over all the different channels of service delivery; hence, enterprises have started using omnichannel solutions that combine all channels and provide consistent customer experience.

Surging Demand in BFSI sector to propel growth

The Banking, Financial Services, and Insurance (BFSI) sector, which is the major contributor to the South-East Asian economy is increasingly demanding automated or Contact Center solutions as their customer base, widens.

Rising number of online financial transactions and the increasing rate of fraudulent activities in the BFSI sector has heightened the need for quick responses to customer needs and concerns.

This augurs well for the South-East Asian Contact Center Applications Market as it offers efficient, effective, and economic solutions for such technology-related problems.

Fierce Competition among Contact Center applications providers

With the competition growing up over the years, it has become important for companies to maintain stable and reliable customer relationships and ensure customer loyalty.

Numerous organizations are widely implementing Contact Center technologies to boost levels of customer satisfaction and their experience over the call for inquiry. Customer support executives are finding it easier to develop a deeper relationship with consumers with the aid of Contact Center Applications, which helps bring long-term value to the business thus, driving the growth of the segment.

Concerns attributing to slow adoption of cloud-based technologies

Cloud-based Contact Center applications have their share of disadvantages as well. For instance, a study by interactive intelligence revealed that enterprises had concerns regarding security, outsourced call centers and lack of on-site human contact as some of the reservations hindering them from adopting cloud-based Applications.

These factors can affect the growth of the South-East Asian Contact Center Applications Market.

Issues associated with Applications

Various factors such as security issues, loss of service quality, cost issues with on-premise Contact Center Applications and restricted customization options and frequent upgradation in the case of hosted Contact Center Applications are some of the factors that restrict the Contact Center Applications market.

Industry Challenges

High Spending on training due to prevalence of high attrition rate

To make the best possible use of the Contact Center Applications, employees must be properly trained. Contact Center agents are the ones who communicate with customers and manage their issues and queries.

Untrained employees can lead to a reduction in operational efficiency and have a negative effect on the customer experience. Contact Centers have the issue of burnout, and this leads to a high employee attrition rate. Training new employees incurs both time and money to Contact Centers.

According to a report by Statista, the attrition rate in professional services is the highest in the South-East Asia Region clocking almost 14.5% in 2019, indicating the issue of burnout among the Contact Center professionals in the region, which acts as a burden for the growth of the Contact Center applications market in South-East Asia.

Complexities in integrating with legacy systems

In recent years, Contact Centers have undergone a great deal of modernization to keep up with the rapid pace of technical advances.

However, many legacy systems are in use in Contact Centers, and integration of Contact Center Applications solutions with these legacy systems is crucial. The legacy systems may have significant shortcomings, such as lack of clearly specified interface and documentation.

With integrations such as these, the possibility of errors due to incorrect or inadequate data increases multiples, as the legacy systems sometimes lack well-defined interfaces.

Additionally, traditional systems cannot always be compliant with third party Applications, leading to errors. End-users refuse to push their conventional legacy systems towards new age solutions in order to prevent loss of information.

Therefore, instead of introducing new technology approaches, they tend to use their existing legacy systems to avoid system incoherence and large financial overhead for migrating their old systems to new technology. This is a major restraining factor in the wide-scale adoption of for the Contact Center Applications.

Technology Trends

Modern Contact Centers are dependent on various technologies to direct agent calls. Such tools show their potential several times over as more workers work remotely in 2020. Some of which include

Robotic process automation (RPA) will possibly be a critical part of the Contact Center applications market over the forecast period. RPA helps reduce errors and improve the work quality of agents. RPA also facilitates the integration of various systems that assist different agents in keeping the process track on a particular issue.

Organizations are searching for solutions that allow managers and agents in the Customer Relationship Management department to spend their time in analytical activities and organizational development decision-making and rely on robotics for routine tasks.

Call analytics enables companies to provide workforce management, which improves the customer experience. Today’s tools uncover insight into natural language and speech analytics. Using Call Analytics Managers can forecast call volume, call metrics, and route calls based on real data and it can help track business performance.

Pricing Trends

Some vendors offer free trials of their Contact Center Applications. The paid versions are typically subscription based. Basic cloud-based packages typically start at US$ 10 – US$ 20 per agent per month, with more extensive plans ranging between US$ 50 – US$ 200 per month.

On-premise Contact Center products usually include a one-time licensing fee and subsequent Applications upgrade and maintenance costs. Most on-premise Contact Center Applications vendors do not openly disclose their prices but offer a quote upon request.

Regulatory Trends

The Contact Center Applications Market in South-East Asia is strictly regulated with need to comply to protect access and use of sensitive private information of customers with each country enforcing its own version of the data privacy act. The regulations overlooking compliance for the Contact Center applications market of the Southeast Asian countries include:

Data Privacy Act (Philippines)

Republic Act No. 10173, otherwise known as the Data Privacy Act is a law that seeks to protect all forms of information, be it private, personal, or sensitive. It is meant to cover both natural and juridical persons involved in the processing of personal information.

Personal Data Protection Act 2012 (Singapore)

The PDPA establishes a data protection law that comprises various rules governing the collection, use, disclosure and care of personal data. It recognizes both the rights of individuals to protect their personal data, including rights of access and correction, and the needs of organizations to collect, use or disclose personal data for legitimate and reasonable purposes.

The PDPA provides for the establishment of a national Do Not Call (DNC) Registry. The DNC Registry allows individuals to register their Singapore telephone numbers to opt out of receiving marketing phone calls, mobile text messages such as SMS or MMS, and faxes from organizations.

Personal Data Protection Act (Malaysia)

Personal Data Protection Department (PDPD) is an agency under the Ministry of Communications and Multimedia Commission (MCMC) was established on May 16, 2011 after the Parliament passed the bill relating to the Personal Data Protection Act 2010 (PDPA) of Act 709.

The main responsibility of this department is to oversee the processing of personal data of individuals involved in commercial transactions by User Data that is not misused and misapplied by the parties concerned.

Users need to be protected to prevent any form of abuse against the storage or processing of personal data of individuals, public and private sectors in Malaysia for commercial transactions is stipulated under the PDPA.

Cybersecurity Law (Vietnam)

There is not a single comprehensive data protection law in Vietnam. Instead, regulations on data protection & privacy can be found in various legal instruments.

The most important Vietnamese legal document regulating data protection is the Cybersecurity Law. However, it is worthy to note that unlike cybersecurity laws in other jurisdictions that were inspired by the GDPR of the EU, the Cybersecurity Law of Vietnam shares similarities with China’s Cybersecurity Law enacted in 2017.

Such Law focuses on providing the government with the ability to control the flow of information, instead of enforcing data privacy rights for individual data subjects.

Personal Data Protection Act (Thailand)

The Personal Data Protection Act B.E. 2562 (2019) (PDPA) was published on 27 May 2019 in Thailand’s Government Gazette and became effective the following day.

The PDPA applies to the collection, usage and disclosure by a data controller or a data processor located in Thailand, even if the collection, usage and disclosure of the Personal Data is undertaken outside of Thailand.

The law states that In order to collect, use, disclose and/or transfer personal data, the data controller has to rely on legal basis, which could be consent or other exemptions (e.g., vital interest, public interest, legal obligations, and legitimate interest).

Electronic Information and Transactions Law (Indonesia)

In Indonesia, as of the date of this publication there is no general law on data protection. However, there are certain regulations concerning the use of electronic data. The primary sources of the management of electronic information and transactions are Law No. 11 of 2008 regarding Electronic Information and Transactions (“EIT Law”).

The Law No. 11 of 2008 on Electronic Information and Transactions (“EIT Law”) stipulates that individuals whose rights have been violated can file lawsuits to the relevant courts.

Other Key Market Trends

Some of the Key Industry trends that brings in a paradigm shift in the South-East Asian Contact Center Applications Market include

Buyers change their focus from cost savings to value-added services to create strategic partnerships in which both parties contribute to mutual success

Service providers are also improving their supply capacity by expanding delivery locations and incorporating customer analytics and omni-channel solutions to their portfolios in order to give customers greater value over long-term contracts

Contact Center buyers concentrate on delivering a better customer experience rather than considering it as simply an opportunity to save costs. The customers expect service providers to manage changing customer needs successfully.

Market Size and Forecast

The South-East Asian Contact Center Applications Market is valued at US$ 92.85 Million in 2019 and is poised to grow at 4.3% in the forecast period (2019 – 2025) to reach a market size of US$ 119.5 Million in 2025.

The South-East Asian Contact Center Applications Market is driven by factors such as surging need for personalized services, Growth in Omni Channel Communication, Surging Demand in BFSI sector to propel growth, Fierce Competition among Contact Center applications providers.

Market Size based on Application Segment

The Interactive Voice Response (IVR) sub-segment dominates the Application Segment accounting for 27% of the market share and US$ 25 Million in market size in 2019 and is projected to grow at a CAGR of 4.1% to reach US$ 31.8 Million in 2025.

Inbound Call Routing (ICR) sub-segment constitutes 19% of the market share and US$ 17.6 Million in market size in 2019 and is expected to grow at a CAGR of 4.3% to reach US$ 22.66 Million in 2025.

Outbound Dialer (OBD) sub-segment is the fastest growing sub-segment and accounts for 17% of the market share of the Application segment and is poised to reach market size of US$ 21.16 Million in 2025 from US$ 15.7 Million in 2019 growing at a CAGR of 5.1% in the forecast period (2019 – 2025).

Quality Monitoring (QM) sub-segment constitutes 13% of the market share and estimated to be worth US$ 12 Million in 2019 and is poised to grow at a CAGR of 4.1% to reach US$ 15.27 Million in 2025

Workforce Management sub-segment accounts for 11% of the market share and market size of US$ 10.2 Million in 2019 and is expected to reach US$ 13.1 Million in 2025 growing at 4.3% in the forecast period.

Analytics Applications sub-segment is witnessing significant growth rate of 4.9% and it accounted for 13% of the market share and market size of US$ 12 Million in 2019 and is expected to reach US$ 16 Million in 2025.

Regional Analysis

Philippines dominates the South-East Asian Contact Center Applications Market accounting for 24.4% of the market share and US$ 22.7 Million in market size in 2019 and is projected to grow at a CAGR of 4.7% to reach US$ 29.9 Million in 2025.

Singapore constitutes 17.4% of the market share and US$ 16.1 Million in market size in 2019 and is expected to witness growth slowdown of CAGR of -0.3% to reach US$ 15.81 Million in 2025.

Thailand is the fastest growing region and accounts for 21% of the market share and is poised to reach market size of US$ 25.7 Million in 2025 from US$ 19.5 Million in 2019 growing at a CAGR of 4.7% in the forecast period (2019 – 2025).

Indonesia constitutes 16.2% of the market share and estimated to be worth US$ 15.1 Million in 2019 and is poised to grow at a CAGR of 4.3% to reach US$ 19.5 Million in 2025

Malaysia accounts for 16.1% of the market share and market size of US$ 14.96 Million in 2019 and is expected to reach US$ 17.8 Million in 2025 growing at 3% in the forecast period.

Vietnam is witnessing significant growth rate of 4.7% and it accounted for 4.8% of the market share and market size of US$ 4.5 Million in 2019 and is expected to reach US$ 5.93 Million in 2025.

Market Outlook

The South-East Asian Contact Center Applications Market is estimated to be worth US$ 92.85 Million in 2019 and is expected to record market size of US$ 119.5 Million in 2025.

The BFSI vertical is expected to dominate during the forecast period

The Banking, Financial Services and Insurance (BFSI) vertical includes commercial banks, insurance companies, non-banking financial firms, stock brokerage firms and payment gateways providers.

The BFSI vertical deals with critical financial data and credit risks; thus, it is a strong contributor to the Applications industry of Contact Centers. Due of the ongoing shifts in the competitive environment, companies need to enhance their operational efficiencies and have customized user experience.

Contact Center Applications assists financial institutions in customer data mining, including transactions, customer activity through websites for banking and financial services, and customer inquiries through multiple channels.

In addition, Contact Center applications enables financial institutions to automate their business processes, thereby helping them reduce the service delivery time.

Interactive voice response (IVR) segment accounted for major revenue share in 2019

Owing to high demand for quick resolution of queries over calls, the Interactive Voice Response (IVR) accounted for major market share in 2019. Rather than relying on customer care representatives, IVR solutions allow customers to solve product-related issues themselves.

In addition, it is projected that innovative applications of IVR, such as marketing for customers, feedback surveys and payment processing, would fuel growth of the segment. Some of IVR’s services include call center forwarding, office calls routing, surveys, and polls.

Technology Roadmap

The emerging technologies in the area of Contact Center Applications include

Predictive analytics:

That’s the hottest tech subject of these days. The Einstein launch by Salesforce at Dreamforce ’16 took this concept into the enterprise mainstream. Einstein promises to enable capabilities for customer service reps, such as proactively recommending follow-up updates to sales reps and script responses.

Bots:

“Bot” is a catch-all term for Applications which through automation simplifies tasks, often repetitive ones. It typically applies to chatbots in the enterprise, a conversational interface that enables people to talk to machines.

The dynamic term is used to refer to anything from Amazon Echo integrations to Slack bots, which allows workers to perform small tasks without having to leave their office chat room, thereby providing ease of comfort for performing simple Contact Center tasks and repetitive tasks.

Machine intelligence:

IBM’s Watson is one of the first products available for commercial use in this space. Watson will listen to anyone, interpret the details, then check its database for an answer to a query that has already been answered elsewhere, at some point.

It cannot infer new ideas or answers. While machine learning predicts precisely that the customer’s energy bill will rise next month, machine intelligence predicts accurately that customer’s electric bill will rise next month and also tell why it will rise.

Competitive Landscape

The South-East Asian Contact Center Applications market is highly competitive and comprise of several major players. Many companies are increasing their market presence by investing to introduce new or improved solutions or by entering into strategic mergers and acquisitions.

The presence of rigid competition in the Contact Center Applications industry has resulted in the companies creating strategic business units. This has resulted in an growing focus on customer feedback and its implementation to streamline their operations and maximize customer satisfaction.

Several companies are also focusing on inorganic growth strategies. For instance, in January 2018, Avaya Holdings Corporation acquired Spoken Communications, a Contact Center as a Service (CCaaS) solutions provider.

This acquisition helped existing customers of Avaya Holdings to migrate from premise-based services to cloud service offerings at their respective pace.

Key Market Developments

June, 2019: 8×8, Inc. globally announced the accessibility of the 8×8 Contact Center, a full cloud Contact Center solution which provides the organization with services like ACD, IVR, omnichannel, dialer, reporting, customer journey analytics, quality management, speech analytics, surveys and knowledge database, on a single unified platform.

April 2019: Genesys extends google cloud Contact Center AI Integration across all three customer experience platforms namely PureEngage, PureConnect and PureCloud which supports an integrated end to end google cloud Contact Center AI solution for organizations both cloud and on premises deployments.

Competitive Factors

The key vendors in the market for Contact Center Applications include Alcatel-Lucent Enterprise; Avaya, Inc.; Cisco Systems, Inc.; Enghouse Interactive, Inc.; Five9, Inc.; Genesys; Microsoft Corporation; NEC Corporation; Mitel Corporation; SAP SE; Nice Systems Ltd.; and Huawei Technologies Co., Ltd. These companies develop and deploy Contact Center solutions for organizations that desire to streamline their customer experience processes.

Furthermore, these companies are also investing in R&D to offer innovative products and to enhance customer experience. For instance, the Avaya DevConnect program promotes the compliance-testing, development, and co-marketing of innovative products, which are developed by partner organizations and compatible with Avaya’s standard-based products.

Key Market Players

Some of the Key Players in the South-East Asian Contact Center Applications Market include:

Avaya Holdings Corp. (Avaya) is a provider of digital communications products, solutions and services for businesses. The Company operates through two segments: Products & Solutions and Services.

The Products & Solutions segment develops, markets and sells unified communications and Contact Center solutions, offered on premises, in the cloud, or as a hybrid solution.

Alcatel Lucent Teletas Telekomunikasyon AS, formerly Alcatel Teletas Telekomunikasyon Endustri Ticaret AS, is a Turkey-based communications services and equipment provider. The Company offers solutions, whether for simple telephone service or for complex multimedia networks.

Its portfolio includes a full line of products needed to build any type of communication network, with products ranging from fixed, mobile and converged broadband access to metro and core optical networking, third-generation mobile infrastructure to carrier and enterprise Internet Protocol (IP) technologies

Cisco Systems, Inc., is engaged in designing and selling a range of technologies across networking, security, collaboration, applications and the cloud. Its product and technologies includes infrastructure platforms; applications; security and other products.

Enghouse Systems Limited develops enterprise Applications solutions for a range of vertical markets. The Company operates through two segments: the Interactive Management Group and the Asset Management Group.

The Interactive Management Group specializes in customer interaction Applications and services that are designed to manage customer communications across the enterprise.

Its technologies include Contact Center, attendant console, voice response, dialers, agent performance optimization and analytics that support telephony environment, deployed on premise or in the cloud.

Five9 Inc. (Five9), incorporated on March 13, 2001, is a provider of cloud Applications for Contact Centers. The Company’s purpose-built Virtual Contact Center (VCC) cloud platform delivers a suite of applications that enable the breadth of Contact Center-related customer service, sales and marketing functions.

The Company’s solution, which consists of its VCC cloud platform and applications, allows simultaneous management and optimization of customer interactions across voice, chat, e-mail, Web, social media and mobile channels, either directly or through its application programming interfaces (APIs).

Genesys is a private enterprise and market leader providing cloud and on-site customer experience and Contact Center solutions. Genesys was recognized for its smart voice response system and applications for the modernisation of call centers.

It offers Genesys customer experience Platform allowing optimized consumer experiences through multiple touchpoints, channels, and interactions. The company also provides SIP Communications, allowing users to build virtual call and Contact Centers. Genesys serves clients in a range of sectors, including retail, healthcare, telecommunications, and media and telecom.

NEC Corporation is a Japan-based company mainly engaged in the provision of system integration and network services. The System Platform segment is engaged in the provision of hardware, Applications and corporate network products.

NICE Ltd., formerly NICE-Systems Ltd., incorporated on September 28, 1986, is a global enterprise Applications provider. The Company’s segments include Customer Interactions Solutions, and Financial Crime and Compliance Solutions.

The Customer Interactions Solutions segment provides data driven insights that enable businesses to deliver personalized experience to customers. The Financial Crime and Compliance Solutions segment provides real time and cross-channel fraud prevention, anti-money laundering, brokerage compliance and enterprise-wide case management.

The Company serves Contact Centers, back office operations and retail branches, covering various industries, including communications, banking, insurance, healthcare, business processes outsourcing (BPO), government, utilities, travel and entertainment.

Strategic Conclusion

The Contact Center Applications Market in the South-East Asian Region is an emerging sector in the region and it offers lucrative opportunities for the service providers due to the surge in incoming service requests from the developed regions such as North America and Europe, the surge is due to the reduced cost offered by these service providers for offering customized applications based on business needs and the high quality of service offered by the service providers.

Though growth bottlenecks exist in the form of Concerns related to slow adoption of cloud-based technologies, Prevalence of high attrition rate and Complexities in integrating with legacy systems, the growth opportunities remain intact due to the Advances in technologies such as artificial intelligence and analytics and Surge in the usage of Social Media by Customers.

The growth potential offered by the sector is significant and hence offers new entrants with plethora of opportunities due to the lower barrier for entry. The companies with a flair for innovation with the focus to invest on R&D activities are expected to dominate the South-East Asian Contact Center Applications Market.

References

Appendix

SMEs – Small & Medium Enterprises
R&D – Research & Development
AI – Artificial Intelligence
ML – Machine Learning
RPA – Robotic process automation
PDPD – Personal Data Protection Department
MCMC – Ministry of Communications and Multimedia Commission
EIT Law – Electronic Information and Transactions Law
IVR – Interactive Voice Response
ICR – Inbound Call Routing
OBD – Outbound Dialer
QM – Quality Monitoring
BFSI – Banking, Financial Services and Insurance