Cloud-based contact center market- Industry Sizing, Growth, Trend, Opportunity, and Forecast (2020–2025)

 

Cloud-based contact center market has significant growth scope and is expected to reach USD 24.1 billion by 2025. The reports forecast the cloud-based contact center market by solution, service, deployment model, organization size, application, industry, and region.

 

Description

 

Cloud-Based Contact Center Market: by Solution, by Solution (Automatic Call Distribution (ACD), Agent Performance Optimization (APO), Interactive Voice Response (IVR), Dialers, Computer Telephony Integration (CTI), Reporting & Analytics, Security, and Others), by Service, by Deployment Model, by Organization Size, by Application, by Industry, and by Region– Global Industry Sizing, Growth, Trend, Opportunity, and Forecast (2020–2025)

 

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The cloud-based contact center market report covers a thorough analysis of the market dynamics, business models, segmental/regional analysis, and respective market shares and strategies adopted by the key market players operating in the global market. It entails an in-depth analysis of the factors influencing the global market and market statistics indicating region wise and segment-wise market share/growth analysis. The study of the report will outlook one of the most exhaustive analyses of the market, capturing all the aspects of the cloud-based contact center industry. Also, the report identifies and highlights the COVID-19 impact on the cloud-based contact center market.

 

Cloud-Based Contact Center Market Introduction

 

A cloud-based contact center is a central point in an organization hosted on an Internet server that manages both customer's inbound and outbound communications. Cloud contact centers make the interactions available virtually through voice, email, social media, and the Internet. Consumers in the industries aim to modernize the contact center and raise their use of digital channels to communicate with other businesses. For zero-up front capital investment implemented in minutes, a cloud contact center allows the company to deliver state-of-the-art technologies that turn your legacy contact center into a modernized contact center.

 

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Cloud-Based Contact Center Market Dynamics

 

Cloud-based technologies help companies achieve greater efficiency and scalability, which is essential to business agility and the primary drivers for business growth. Scalability leads businesses to overcome infrastructure problems by having sufficient infrastructure resources to formulate contact centers at varying traffic levels. The cloud model helps businesses make quicker and cost-effective capacity decisions based on data traffic and business needs. The cloud also enables rapid response to growth or crisis, assisting companies to take advantage of new opportunities and respond to market volatility without investing in infrastructure beyond their need.

 

A dominant factor driving this business growth is the economic benefit of impacting spending from capital expenditure to operating expenditure, reducing costly infrastructures. Industries can prevent open projects in vendor licenses and support by managing cloud-based contact centers; and can pick a cost model based on the experience. A cloud-based contact center is easy and convenient to control as the services are distributed over the Internet. Cloud call centers will also benefit from limitless scalability and versatility when tested at on-premise centers. For instance, the cloud-based contact center industry has experienced rapid growth across a variety of verticals. Such factors are expected to enhance the demand for the cloud-based contact center in the global market during the forecast period.

 

Considering the current market trend, industries such as BFSI, IT, telecom, media, entertainment, and retail are primarily contributing to the cloud-based contact center's demand worldwide. Moreover, global businesses understand that cloud-based contact centers are a cost-effective approach by setting up their centers in an environment that offers low-cost skilled labor. The influx of service providers providing complete suites of contact center software is increasingly growing with the cloud's rising growth. 

 

However, the risk of information loss and maintaining integration levels and the poor IT infrastructure are the main challenging factors for the cloud-based contact center market's growth.

 

Cloud-Based Contact Center Market: Scope of the Research Report

 

The report outlines the cloud-based contact center market study based on solution, service, deployment model, organization size, application, and industry. 

 

The Cloud-Based Contact Center Market by Solution include –

 

·         Automatic Call Distribution (ACD)

·         Agent Performance Optimization (APO)

·         Dialers

·         Interactive Voice Response (IVR)

·         Computer Telephony Integration (CTI)

·         Reporting & Analytics

·         Security

·         Others 

 

The Cloud-Based Contact Center Market by Service includes –

 

·         Professional Service

·         Managed Service

 

The Cloud-Based Contact Center Market by Deployment Model include –

 

·         Public Cloud

·         Private Cloud

·         Hybrid Cloud

 

The Cloud-Based Contact Center Market by Organization Size include –

 

·         Small & Medium-sized Enterprises (SMEs)

·         Large Enterprises

 

The Cloud-Based Contact Center Market by Application include –

 

·         Call Routing and Queuing

·         Data Integration & Recording

·         Chat Quality & Monitoring

·         Real-Time Decision-Making

·         Workforce Optimization (WFO)

 

The Cloud-Based Contact Center Market by Industry include –

 

·         Banking, Financial Services, & Insurance (BFSI)

·         Consumer Goods and Retail

·         Government & Public Sector

·         Healthcare and Life Sciences

·         Manufacturing

·         Media & Entertainment

·         Telecommunication & Information Technology Enabled Services (ITES)

·         Others  

 

Cloud-Based Contact Center Market: Regional Outlook

 

From a geographical viewpoint, the cloud-based contact center market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa (MEA). In 2019, North America was estimated to account for the largest share in the global cloud-based contact center market. The region is expected to lead the global market during the forecast period owing to the higher Internet penetration rate and rapid change from remote networks to cloud in the province. Also, the large presence of several IT companies in the US and the fast acceptance of cloud-based solutions are further strengthened their market position in the global market during the forecast period. 

 

In the coming years, Asia Pacific is projected to grow at its peak pace. The main drivers in this province are increasing awareness of cloud-based applications, innovative innovations such as IoT integration in the big data, and versatility. Also, the rapid economic growth and cheap skilled labor availability are the factors behind the cloud-based contact center market's highest growth rate in the market during the forecast period.

 

Competitive Landscape

 

The leading cloud-based contact center service provider in the global market includes 8x8 Inc., Cisco Systems, Genesys, Oracle, and Five9.

 

Other cloud-based contact center service providers include NewVoiceMedia, Connect First, Aspect Software, NICE Ltd, and 3CLogic. Competitive market pressure is intense with the emergence of major cloud companies, such as Amazon Web Services, among the providers of pureplay contact center solutions, such as Genesys Telecommunications Laboratories Inc. The competition is marked by R&D spending and continuous software updates. Many global players depend on mergers, acquisitions, and alliances to survive in the cloud-based contact center's competitive climate. 

 

·         In September 2017, 8x8, Inc. partnered with Atlassian Corporation Plc to develop contact centers, automated digital communications, team collaboration, and collaborative solutions. 

·         In July 2017, 8x8, Inc. partnered with Ingram Micro Inc. to improve Ingram Micro's product range by adding 8x8 Virtual Office and 8x8 Virtual Contact Center to its UCC portfolios.

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