Cloud-based Contact Center Market

Cloud-based Contact Center Market Size

Cloud-based Contact Center Market to surpass USD 38.9 billion by 2030 from USD 12.7 billion in 2019 at a CAGR of 25.26% throughout the forecast period, i.e., 2020-30.

A cloud-based contact center provides software, toolset, and cloud-hosted services including automated call routing, multiple communication platforms, agent management, and analytics. It provides and enables businesses to use the cloud-based data generated. It plays a crucial role in adapting and enhancing efficiency to the systemic approach of companies. As a deployment type that enables companies to swarm their contact center in a far-off, third-party data center, a cloud-based contact center can be separate. An important aspect of customer administration is reporting and review. Reporting solutions and call center monitoring keep track of the operation and appearance of agents in the contact center. This solution is considered very versatile and easy to use and allows the association, via the customizable control panel, to monitor real-time administration metrics so that they can make good business decisions. On the other hand, dialers have automatic dialing when representing.

Market Highlights

Cloud-based Contact Center Market is expected to project a notable CAGR of 25.26% in 2030.

Cloud-based Contact Center Market to surpass USD 38.9 billion by 2030 from USD 12.7 billion in 2019 at a CAGR of 25.26% throughout the forecast period, i.e., 2020-30. Market growth is projected to boost due to the growing user base and high adoption rate of cloud-based services, social media, and mobile analytics among different industry sectors. It is also anticipated that the demand for enhanced omnichannel experiences and technological developments in communication services will drive market development. Growing demand from SMEs for cloud-based contact centers to boost sales, the emergence of the need for cloud enforcement is driving the market growth. Also, enhanced flexibility, reduced implementation time and expense, and improved scalability are some of the benefits that contribute to the growth of the market.

Cloud-based Contact Center Market: Segments

Solution segment to grow with the highest CAGR during 2020-30

Cloud-based Contact Center Market is segmented by components as solutions and services. The solutions segment is further bifurcated into consulting and training. Due to the large-scale demand for the implementation of new contact center software and the integration of new systems with existing ones in the workplace, the higher market share in 2018 was accounted for by the solution, which is expected to drive segment growth. Enterprises use cloud-based solutions and services by outsourcing complete contact center operations to cloud-based contact center vendors to reduce the total cost of ownership and increase business agility and productivity. The scalability and agility of operations have increased with increasing demand and awareness among public and private organizations, which is one of the main reasons expected to drive the growth of the cloud-based contact center market. Besides, the availability, with new capabilities, of customized cloud-based contact center solutions at low prices is another prime reason for greater adoption.

BFSI sector to grow with the highest CAGR during 2020-30

Cloud-based Contact Center Market is segmented by vertical into BFSI, retail, IT & telecom, education, healthcare, government, manufacturing, and others. The retail segment is expected to hold the largest market share and has witnessed a very high demand over the forecast years as this software is widely used in the retail industry owing to the increasing need among enterprises to ensure the satisfaction of their customers and overcome challenges involved in customer retention processes. It is expected that the BFSI sector will see significant growth in cloud-based contact centers. To make facilities convenient, many financial institutions are adopting cloud-based solutions. The banking industry, with the increased adoption of cloud platforms, is becoming digital. Banks and other financial institutions are very sensitive to customer interactions. It requires sophisticated software for customer interaction that helps to efficiently and cost-effectively store, process, and analyze the data.

Cloud-based Contact Center Market: Market Dynamics

Drivers

Increasing Demand for Cloud-based Solutions

Contact centers are rapidly evolving from primary models that deploy operations in a single channel to multi-channel, multi-function units to manage customer relationship management. Inbound and outbound calls, emails, web queries, and chats are managed worldwide by modern-age contact centers. Modern contact centers focus on providing skills such as communication as a service, social media capabilities to handle social media queries, smartphone access to provide appropriate real-time information to contact center agents, video enabling them to participate in face-to-face video calls, virtual contact centers to reduce costs and complexities, and advanced analytics

Reduced Capital Expenses and Faster Deployment of Cloud Contact Center

The economic advantage of influencing expenses from capital expenditures to operating expenditures, avoiding costly infrastructure, is a dominant feature that drives the growth of this market. Industries can avoid open ventures in vendor licenses and infrastructure by organizing cloud-based contact centers, and can select a practice-based expense model. As services are provided over the Internet, a cloud-based contact center is easy and quick to organize. When evaluated at on-site centers, cloud call centers can also benefit from limitless scalability and flexibility. The need for cloud-based solutions has a vast scale and is satisfied throughout the verticals. The simplicity of cloud deployment and small primary investments contribute to market development and are better recognized by companies of all sizes.

Restraint

Security Concerns Regarding Cloud-based Solutions

Access to critical information has led to several challenges in today's digital world. One of these challenges is that cybercriminals have become a major target for businesses storing sensitive data. Contact centers, which normally handle a lot of valuable customer information, are unfortunately no exception. A huge amount of customer information that attracts cybercriminals to target these contact centers is regularly collected and stored by contact centers. A new cloud security report has recently been released by the SANS Institute, based on a survey of several hundred companies across the US, Asia, Europe, and Canada.

Cloud-based Contact Center Market:

Key Players

• Avaya Contact Center (Ayaya Group)

              (Company Overview, Business Strategy, Key Product Offerings, Financial Performance,       Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, and           SWOT Analysis.)

• RingCentral Inc.
• Genesys Telecommunications Laboratories Inc.
• 3CLogic Inc.
• Connect First Inc.
• Five9 Inc.
• Mitel Networks Corporation
• Aspect Software Parent Inc.
• 8X8 Inc.
• Avaya Holdings Corp.
• NICE inContact
• Teleforge Corporation
• 1Stream Inc.

Cloud-based Contact Center Market: Regions

The cloud-based Contact Center Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC, and MENA.

Cloud-based Contact Center Market in North America held the largest market share of XX.X% in the year 2018 and it is expected to continue its market dominance in the future. The presence in North America of a large number of contact center software providers has led to increased awareness of this software among local organizations. Several suppliers in the region focus on providing efficient and simple self-service IVR options to save customer effort and time for customer queries, thus creating growth opportunities for the region's software adoption. A large number of companies are also migrating to cloud storage, creating growth opportunities for the regional market, while the rapid growth of cloud-based contact center adoption in APAC is mainly driven by the dramatic growth of data center business, increasing numbers of start-ups and the willingness of customers to adopt new technologies are driving the growth of cloud-based contact center market.

Competitive Landscape:

Cloud-based Contact Center market, which is highly competitive, consists of several major players such as Oracle (US), 8x8, Inc. (the US), Five9, Inc. (the US), Cisco Systems (US), Genesys (US), NICE Systems Ltd. (Israel), NewVoiceMedia (UK), 3CLogic.com. The US) holds a substantial market share in the Cloud-based Contact Center market. Other players analyzed in this report are RingCentral, Inc., Aspect Software (US), (US), Empirix (US), InVision Software, Inc., Intelenet Global Services, VitalPBX, Aircall, Arbeit Software. (USA), 3CX, Atos SE (Germany), Vocalcom (France), and Huawei Cloud among others.

The market competition has been stepped up by the availability of many players offering Cloud-based Contact centers. For Instance, In February 2019, Vector Capital announced the successful completion of its acquisition of Aspect Software, Inc., after this acquisition company focused on looking forward to supporting management on the tremendous opportunity in the growing customer engagement and call center space.

Cloud-based Contact Center Market is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – the United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
• APAC Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and the Rest of APAC
• MENA Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA

Cloud-based Contact Center Market report also contains analysis on:

Cloud-based Contact Center Market Segments:

• By Component:
  • Solutions
  • Services
• By Deployment Model:
  • Public Cloud
  • Private Cloud
• By Organization Size:
  • Large Enterprises
  • Small and Medium-sized Enterprises (SMEs)
• By Vertical:
  • BFSI
  • Telecommunications
  • IT and ITeS
  • Government and Public Sector
  • Retail and Consumer Goods
  • Manufacturing
  • Energy and Utilities
  • Media and Entertainment
  • Healthcare and Life Sciences
  • Others
• Cloud-based Contact Center Market Dynamics
• Cloud-based Contact Center Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints